Cryptocurrency adoption is largely driven by speculation and the vision of getting rich quickly. This is unfortunate from a technology perspective, as the utility of blockchain networks may have little to do with high volatility and market sentiment. Tesla’s car features also do not change depending on the movement of the company’s stock value. It is important to get rid of unnecessary narratives of the past and start building new ones. Adoption Cardano needs narratives that will help it promote the project’s mission and raise people’s realistic expectations about the technological possibilities. You might think that most people want to speculate and not use cryptocurrencies. The reality is that a large portion of the population is not interested in speculating in one of the riskiest sectors of investing. If adoption is to increase, it is necessary to think about narratives associated with Cardano.
- Market capitalization tends to reflect utility and network effects. Communities promise high market capitalization and hope for higher adoption.
- The low usage of blockchain networks is not a problem for Cardano, but for the industry in general.
- Blockchain has not yet made its way into the activities people do every day.
- Only users can have an impact on the direct network effect.
- Consider that 15 years is not a long time from the inception of smart contracts to the first mass-deployable solution.