There has been a huge debate on what could be the best approach to bringing the first billion mainstream cryptocurrencies. Expert opinions indicate that this move will require more than mere beginner-friendly applications. Sources say the current user onboarding process is the core of the problem, as users have complained of complicated onboarding with friction points. Experts, such as Chintan Turakhia, senior director of engineering at Coinbase Consumer Apps, believe this is the main issue for mass adoption.
At EthCC, Turakhia said:
“If our goal is to bring in the next billion users — and let’s start with just 100 million — we have to take all those friction points out.”
Key Friction Points
Experts have identified key friction points that limit the mass adoption of coins like Bitcoin (BTC) and Ethereum (ETH); some of these points include the complicated setup required for the wallets’ seed phase. Paying charges and transaction fees and purchasing blockchain-native coins to transact on a network are also limitations that hinder the massive adoption of mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Coinbase Consumer apps aim to solve these issues by simplifying the user experience and removing obstacles to entry.
Coinbase Consumer Apps – Role in Simplifying Crypto
Coinbase Consumer apps make up part of the world’s second-largest centralized crypto update by market volume, trading a whopping $1.86 billion. This is a crucial step in making transactions easier for users. Once these problems are addressed, users will seamlessly onboard and participate in blockchain activities with ease.
Coinbase Consumer Apps: Smart Wallet
Coinbase, in an attempt to rally mass adoption, Coinbase Consumer apps launch a smart wallet that takes a more beginner-friendly approach by integrating features that allow for a more simple onboarding. The new wallet introduces nuances that replace the complex seed phases that were part of the earlier sign-in options, such as passwords and account names. Turakhia mentioned:
“Things that many of us who have been in the industry have become used to — paying for gas, having a native token… That’s not a normal sort of logic when you’re trying to pay for a cup of coffee.”
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To facilitate the onboarding process, Coinbase Consumer apps cover the gas fees on the new wallet. The wallet can be secured on the Ethereum (ETH) mainnet and is available on all blockchains compatible with the Ethereum Virtual Machine (EVM). The wallet’s availability is also a major factor that may lead to massive adoption.
The Path to Mass Adoption
The final goal of Coinbase Consumer Apps is to create an app with daily usage potential with improved blockchain technology with better utility and functionality. The attempt to build a user-friendly wallet goes beyond just the interface; it concerns accessibility and security as well. Turakhia explained
“The path to mass adoption is consumer apps… Something fun, something that doesn’t feel technical or crypto-like, but actually fun.”
Example of Successful Adoption
The latest crypto news has captured that apart from Coinbase consumer apps, other platforms have taken an approach to rally massive support from users. One such example is the mass adoption of crypto on Telegram. Telegram-based mini-game Hamster Kombat has garnered a whopping 239 million users in the span of 81 days. The telegram-based app has a daily traffic rate of at least 4 million–5 million new users. This has become one of the fastest-growing crypto platforms in the world. The support from Pavel Durov and the recent announcements made on YouTube have led to an increased level of activity.
Conclusion
Coinbase Consumer apps have attempted to make things easier for users. This is an essential step that will lead to a massive adoption of mainstream crypto like Bitcoin (BTC). With the Telegram-based crypto game Hamster Kombat gaining a massive user following, the number of crypto users is expected to increase dramatically soon, leading to massive adoption. Stay informed with The Bit Journal for expert analysis and insights on these pivotal events.
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Excellent article. Trust is the number one concern and hurdle for mass adoption. And that comes from the mouths of the 25-35 year old crowds. Thank you for this article.