Reaching widespread adoption is now the largest obstacle facing the cryptocurrency sector. Rob Nelson, the host of the roundtable, and Rebecca Chow, the head of investment research at ViaBTC Capital, recently discussed the crucial elements that may propel cryptocurrencies’ broad adoption.
Rob Nelson emphasized that creating technology, goods, and services that truly address utility needs is essential to achieving widespread acceptance. He stressed the significance of developing applications that people find vital, drawing a comparison to the introduction of email. Nelson proposed that email’s success stemmed from its capacity to satisfy a demand that users were unaware they had until the technology became widely used.
Rebecca Chow pointed to the bitcoin ecosystem as a prime example of efforts to drive mass adoption. She noted that bitcoin’s Lightning Network enables fast, low-cost payments at stores, demonstrating the potential for blockchain technology to enhance everyday transactions. However, Chow emphasized that the TON ecosystem, the blockchain for Telegram, might have an even greater potential. With hundreds of millions of existing users, Telegram offers a built-in community that most crypto projects struggle to develop from scratch.
Powerful crypto venture firms, like Pantera Capital, have recently invested heavily in TON, buying up millions of dollars worth of the coin.
According to Chow, most cryptocurrency ventures begin with a concept and work toward creating a community around it. On the other hand, TON gains by having a large and established user base already. This innovative method puts TON in a position to increase adoption by utilizing its community-first philosophy. She said, “The most difficult part for a crypto project is to establish a regular, large user base, but Telegram already has that.”