Blockchain technology has brought about significant advancements in the digital age, but its practical utility is yet to be fully realized. The early enthusiasm of web3 adopters has created both opportunities and challenges. Developers have often focused on catering to crypto-savvy individuals, leading to a neglect of usability for non-technical consumers.
From 2016 to 2022, there has been a substantial increase in the number of active crypto wallets, but the daily transaction count shows a more modest growth. Research indicates that a majority of respondents are interested in blockchain but find the effort required to use it excessive. The average user satisfaction with blockchain-based applications, when compared to non-blockchain alternatives, is also lower.
For widespread crypto adoption, it is crucial for developers to prioritize consumer-centric approaches, delivering better user experiences, seamless interfaces, and a gentler learning curve, akin to web2 applications. This shift needs to be a strategic focus for the blockchain industry, particularly in the context of NFTs and crypto.
The consumer-centric approach aims to align products, services, and experiences with the needs and requirements of consumers, establishing user-friendliness, intuitive design, streamlined processes, and minimal effort as its core tenets.
Despite advancements in blockchain solutions, they often lack user-friendly interfaces and transparent onboarding processes for newcomers, leading to high disengagement rates. There are also issues related to accessibility and complex interactions, hidden costs like gas fees, and slow transaction speeds. These factors impede widespread adoption and negate the potential of blockchain technology.
It’s essential to realize that technology, including blockchain, should serve as the means to an end, not the end itself. The introduction of Layer-2 solutions has mitigated some of the frictions of Layer-1 blockchains, but a more consumer-centric approach can further bridge the gap. This will only be effective if it is backed by resilient technological support. A consensus between security, fairness, and speed of execution can be achieved through a combination of rollups, decentralized sequencers, and a modular approach.
Cecilia Hsueh, co-founder and CEO at Morph, a consumer-centric blockchain Layer-2 platform, emphasizes the importance of a consumer-centric shift in the blockchain industry. With over a decade of entrepreneurial experience and a strong background in web3 projects, Cecilia advocates for a user-first approach in the development and adoption of blockchain technology.
