This is the second post of our Spreading Crypto series where we take a deep dive into what it’ll take to help this technology reach broader adoption.submitted by mickhagen to genesisblockhq [link] [comments]
Mick exploring the state of apps in crypto
Our previous post explored the history of protocols and how they only become widely adopted when a compelling application makes them more accessible and easier to use.
Crypto will be no different. Blockchain technology today is mostly all low-level protocols. As with the numerous protocols that came before, these new, decentralized protocols need killer applications.
So, how’s that going? Where is crypto’s killer application? What’s the state of application development within our industry? Today we’ll try to answer those questions. We’ll also take a close look at decentralized applications — as that’s where a lot of the developer energy and focus currently is. Let’s dive in.
Popular Crypto ApplicationsThe most popular crypto applications today are exchanges like Coinbase and Binance — each with tens of millions of users. Other popular crypto exchanges include Kraken, Bitstamp, Gemini, and Bitfinex. In recent years, new derivatives platforms have emerged like FTX and Deribit.
Beyond the fact that the most popular crypto applications are all used for speculation, another common thread is that they are all centralized.A centralized application means that ultimate power and control rests with a centralized party (the company who built it). For example, if Coinbase or Binance wants to block you from withdrawing your funds for whatever reason (maybe for suspicious activity or fraud), they can do that. They have control of their servers so they have control of your funds.
Most popular applications that we all use daily are centralized (Netflix, Facebook, Youtube, etc). That’s the standard for modern, world-class applications today.
Decentralized ApplicationsEven though the most popular crypto applications are all centralized, most of the developer energy and focus in our industry is with decentralized applications (dApps) and non-custodial products.
These are products where only the user can touch or move funds. Not even the company or developer who built the application can access or control or stop funds from being moved. Only the user has control.
These applications allow users to truly become their own bank and have absolute control of their money.They also allow users to perform blockchain transactions and interact directly with decentralized protocols. Some of the most popular non-custodial products include Ledger, MetaMask, and MyCrypto (#ProudInvestor).
While the benefits of this type of application are obvious (user has full control of their funds), it comes with a lot of tradeoffs. We will cover that later in this post.
Libertarianism + CryptoIf the most popular applications tend to be centralized (inside and out of crypto), why is so much of our community focused on building decentralized applications (dApps)? For the casual observer, that’s a reasonable, valid question.
“Not your keys, not your coins.”This meme is endlessly repeated among longtime crypto hodlers. If you’re not in complete control of your crypto (i.e. using non-custodial wallets or dApps), then it’s not really your crypto.
Engrained in the early culture of Bitcoin has always been a strong distrust for centralized authority and power — including the too-big-to-fail government-backed financial system. In the midst of the Financial Crisis, Satoshi Nakamoto included this headline in Bitcoin’s genesis block: “Chancellor on brink of second bailout for banks.” There has always been a close connection between libertarianism & cryptocurrency.
So it’s no surprise that much of the crypto developer community is spending their time building applications that are non-custodial or decentralized. It’s part of the DNA, the soul, the essence of our community.
Personal ExperienceWhen I was at Mainframe, we built Mainframe OS — a platform that developers use to build and launch decentralized applications (dApps). I’m deeply familiar with what’s possible and what’s not in the world of dApps. I have the battle scars and gray hair to prove it. We’ve hosted panels around the various challenges. We’ve even produced videos poking fun at how complicated it is for end-users to interact with.
After having spent three years in the trenches of this non-custodial world, I no longer believe that decentralized applications are capable of bringing crypto to the masses.While I totally understand and appreciate the ethos of self-sovereignty, independence, and liberty… I think it’s a terrible mistake that as a community we are spending most of our time in this area of application development. Decentralized applications will not take crypto to the masses.
Overwhelming FrictionThe user friction that comes with decentralized applications is just too overwhelming. Let’s go through a few of the bigger points:
What Our Industry Has WrongDecentralized applications will always have a place in the market — especially among the most hardcore crypto people and parts of the world where these tools are essential. I’m personally an active user of many non-custodial products. I’m a blockchain early-adopter, I like to hold my own money, and I’m very forgiving of suboptimal UX.
However, I’m not afraid to say the poop stinks. Decentralized applications simply cannot produce the type of product experience that mainstream consumers expect.If the goal is growth and adoption, as a community I believe we’re barking up the wrong tree. We are trying to make fetch happen. It isn’t gonna happen. Our Netscape Moment is unlikely to arrive as long as we’re focused on decentralized applications.
\"Mean Girls\" movie
There’s a reason why the most popular consumer applications are centralized (Spotify, Amazon, Instagram, etc). There’s a reason why the most popular crypto applications are centralized (Coinbase, Binance, etc).
The frameworks, tooling, infrastructure, and services to support these modern, centralized applications are mature and well-established. It’s easier to build apps that are fast & performant. It’s easier to launch apps that are convenient and on all form-factors (especially mobile). It’s easier to distribute and promote via all the major app store channels (iOS/Android). It’s easier to patch, update, and upgrade. It’s easier to experiment and iterate.
It’s easier to design, build, and launch a world-class application when it is centralized! It is why we’ve chosen this path for Genesis Block.---
Other Ways to Consume This Content:
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
Perfect! You have secured your account with Binance through 2FA. 3. Verify your Binance account. After securing 2FA on your Binance account, the next step is to get verified. This means, submitting necessary documents to validate your identity. Before doing so, confirm the Security Risk Notice and click on “continue.” Our real time Binance Coin Bitcoin Binance converter will enable you to convert your amount from BNB to BTC. All prices are in real time. A U.S. congressman from Arizona has introduced the Cryptocurrency Act of 2020 while under coronavirus quarantine. The bill clarifies which federal agencies regulate which type of crypto assets. Binance has taken it upon themselves to partner with a RegTech firm to ensure FATF regulation in the hopes to set an industry-wide standard on regulation. Talk of bitcoin passwords being encoded and stored in synthetic DNA is not new, but in a recent development scientists have announced that DNA-encoded Binance is taken into account as a centralized cryptocurrency change dealer because it deals with solely crypto-based mostly assets corresponding to Bitcoin, altcoins or ICO tokens. Users can rapidly Silver as an investment change their cryptos with out even submitting any documentation to confirm their account. Unverified accounts however have ... "DNA is the only thing that won't become obsolete," said Bhuyan. "So the way I look at it, this is a trust or 401(k) that you can allocate some of your assets to and keep for a very, very long period of time." How to save a file as DNA Converting a data file into DNA is a surprisingly simple concept. Data, when broken down into a basic binary ...
[index]          
Binance FIAT https: ... Tesla Model Y Long Range Will Surprise, Coronavirus Cases, China Rumors, Giga Texas + BMW iX3 - Duration: 13:10. Tesla Daily Recommended for you. New; 13:10. 5 Cheap Stocks ... How to transfer OGN BOUNTY TOKEN REWARDS GOING TO BINANCE EXCHANGE. GET ANOTHER FREE THIS MONTH, OFFICIAL LINK: https://bit.ly/OGNBounty2020 Join me on Ori... confirm unconfirmed bitcoin transaction Solution not more stuck and Missing btc transactions best Bitcoin Transaction Accelerator : https://bitcointransactionaccelerator... how long do bitcoin ... Bitcoin Technical Analysis & Bitcoin News Today: Should we change our Bybit short position into a Bybit long position? Is there a Bitcoin price bounce coming in the BTC chart? I'll use technical ... Binance to Re-open Withdraws and deposits early next week. Good for Alts? ----- Get Brave ad-free browser: https://brave.com/cry932 My ... Live Bitcoin Trading With Crypto Trading Robot DeriBot on Deribit DeriBot Alternative channel 945 watching Live now Mix Play all Mix - Altcoin Buzz YouTube confirmbtc.bid Bitcoin Transaction confirm 226 views 3:49 How transactions are verified in Bitcoin Blockchain - Longest chain rule explained - Duration: 5:08.