With a trade war now looming in the not-so-distant future, many people across the globe are concerned about their finances. And they should be. Luckily, cryptocurrency is offering a way for people to free themselves of the tethers that bind them to their government’s whims. However, there is still a lot of work that needs to be done before crypto can truly replace fiat currency for many. Here are five of the most important transformations that need to take place before the crypto takeover will be fully complete.
Go Above and Beyond the Internet
There’s a reason why a lot of people in the crypto community are talking about mesh networks. Allowing people to do business online without having their traffic pass through a governing authority, these networks could truly transform the way crypto is handled online. With recent ICO bans, the industry needs to reevaluate how they want to operate and with what networks.
Applications That Soar
Right now, the crypto world is still in its infancy. Clunky apps for currencies like Byteball remind us all that there is still a long way to go. Unfortunately, the average consumer is not going to put up with disorganized crypto apps. In order to progress, crypto apps will need to resemble—and even surpass—the sleekly designed apps for centralized banking systems.
A Change in Distribution Networks
Although crypto has already revolutionized the way the world does business, we still need a better means of distributing the currency to people. By using some of the same methods that the centralized banking system has used, we in the crypto community have put ourselves at a disadvantage. The next-generation cryptocurrencies will need to address this issue.
Getting Rid of So-Called Choke Points
Mining, which requires vast resources, has proven itself to be a difficult part of the system. Exchanges, which are a necessary evil, often encourage hackers. We need a way to ameliorate these systems.
In order to truly thrive in the modern world, crypto needs to become scalable. Ethereum has been trying to address this issue, as have many other projects. Those who truly believe in crypto believe that one shouldn’t have to sacrifice scalability for security. There should be a way to have both. And when this finally occurs, it may provide an avenue for cryptocurrency to finally have its day in the sun, thus changing the world.