We don’t need any economic background to identify the pain points we face as daily users of commerce instruments and cryptocurrencies which are the first step in recognizing the need for solutions.
The most important social pain points are:
- Volatility (Merchants won’t be changing prices on every crypto tick)
- Fractionality (Consumers won’t buy a loaf of bread for 0.00634512 ADAs)
- Convertibility (Consumers and merchants are resistant to make conversions from fiat to crypto)
The most important usability pain points are:
- Instant confirmation (Some cryptos excel at this)
- Vanity numbers (Sending money to 1-800-MYSHOP instead of 1a53380170f384699a45f09ed952edbed)
- Simplified wallet (Easy conversion from fiat to crypto)
The most important technical improvements:
- Scalable to millions of transactions per second (World commerce)
- Minerless (Energy conciousness)
- Low transaction fees (Pennies not dollars)
See, we should understand these pain points as users not as developers so the solutions come from ergonomics first and not from technology first, technology should facilitate the solution not impose it regardless of ergonomics or there will be high resistance in the adoption.
And that’s why a pegged crypto is the first step in that direction but nobody wants to face reality that everybody wants to get rich quick so currencies without profit are not even considered, and that sentiment comes from investors and programmers alike, while merchants and consumers (the real users) are ignored. And that’s why after a thousand cryptos nobody has cracked that nut yet, they’re all looking in the wrong direction. And that’s why the proposed solution implies the use of both a floating and a pegged currency, easily interchangeable, with a simple and powerful wallet every mere mortal can use and not just savvy geeks.
I firmly believe that’s the direction we should take in the crytpocurrency world whether it is Cardano or any other team. Cardano will provide the tools, we should provide the solutions.