The adoption rate of blockchain networks is significantly slower than that of social media networks. Since the launch of Bitcoin in 2009, the number of cryptocurrency users has reached approximately 560 million as of today. In contrast, TikTok and Facebook each reached 1 billion users in just 5 and 8 years, respectively.
Decentralized systems are inherently more complex than centralized systems. In the multi-chain world we are in, there are multiple decentralized systems, and from the perspective of end-users, the complexity increases exponentially. Improving the user interface/user experience (UI/UX) of blockchain and cross-chain interoperability is the next step in attracting the masses (both institutional and retail).
Today, many blockchain projects focus on creating decentralized alternatives to existing centralized products and services. The DeFi summer of 2020 provided the basic building blocks for on-chain financial systems. To gain significant market share from their centralized counterparts, decentralized applications (“dApps”) must be at least as convenient, user-friendly, and easy to use, if not better.
This report examines three categories of users in the future: institutional users, retail investors, and crypto skeptics. The report will analyze the various infrastructure-related obstacles faced by each group in adopting decentralized systems and delve into how some notable projects address the pain points of these users. These infrastructures are the basic building blocks on the path to a billion blockchain users.