Next Stop: One Billion Users
For Web3 and Blockchain Builders, It’s Time to Retire This Expression
For Web3 and Blockchain Builders, It’s Time to Retire This Expression
Every company in #Web3 wants to onboard “the next billion people” into & onto the (many) #blockchains.
My advice: Stop saying this. You can’t do it alone.
Simplicity, consolidation, alliances are key… but first, first a common framework:
R&D: In the next 5 years, we need to focus on infrastructure. We’re further ahead on this than people realize, but bridges, security & Web2 integration are keys. As is investment in cross-chain #analytics (not just data) to improve existing roadblocks and overcome challenges in #scalability, #security & #connectivity.
UX: A good #userexperience is critical for widespread adoption: Designing user-friendly interfaces, providing tutorials, and implementing security measures to protect users data and assets.
Education: Messaging & awareness are key to promoting the blockchain benefits. Current overemphasis on #art and #crypto is inhibiting growth. Who’s focused on creating educational programs, incorporating blockchain into curricula, and raising public awareness through marketing campaigns?
Strategy: The biggest missing piece to all of this: Answering the “why?” The most common answer I’ve heard to this question is “Because it will be better.” But the value exchange for users must be significantly better for them. #Loyalty programs, #ticketing, token-gated commerce… none of the new Web3 solutions are measurably better than the current platforms, let’s be honest. At least not yet.
Common Language: Every one of us has a different definition for #Metaverse, #fungibility, #interoperability, #NFTs, #Web3, Web 2.5, AR/VR, AI, ABC, BBD, The East Coast Family…
Accessibility: To make this inclusive for all, we need to focus on simplicity & affordability. This includes providing affordable financial services to underbanked populations and designing solutions that cater to specific needs of different demographics. Also: wallet consolidation is key.
Externalize: The conferences and networking echo chamber have created an unrealistic sense of the broader challenges and opportunities. Of course, everyone at #NFTParis is bullish. But no one outside of NFT Paris has any idea WTF we’re talking about.
Collaboration: Partnerships with each other, with governments (yep), businesses, and other stakeholders to create safe, secure environments. Working with existing financial institutions, mobile operators, and technology companies will help reach new users.
Compliance: #Regulation plays a crucial role in the success of blockchain. And yes, some centralization is required. This includes implementing transparent regulations, ensuring compliance with international laws, and encouraging the adoption of industry-wide standards.
What am I missing? Maybe start with the next 100,000 before thinking about 1 billion.