Of all the challenges currently facing the blockchain technology, the most important of them all is the issue of adoption into the mainstream. As a matter of fact, most innovations that are springing up around the ecosystem are channeled towards delivering blockchain based solutions to everyday problems, so that the common man can naturally implement the technology without any special concern.
Adoption is still very low
So far, only a very small percentage of the world population has an idea of what blockchain is. Among this set, it is an even smaller group that are actively involved in any aspect of the blockchain industry. For instance, there are less than 15 mln Bitcoin wallets currently in existence. Also, only less about 1.5 mln Ethereum wallets are signed up. These two represent the largest crypto communities, other altcoins have a much smaller number of registered wallets. Yet those numbers have numerous duplications. The real figures must be lower than that. This is a situation that must change for the novel technology to achieve its full potential.
A common challenge with every new technology is its ability to interact with the existing systems. For the knew to be known and accepted, no matter how wonderful it may appear and its potential to replace the old, there is always a place for “stooping to conquer”. Hence, the primary need for blockchain technology at this stage of its development is how to link up with existing mainstream systems.
The way forward
Today there are over two mln apps that have been written by about 300,000 developers. This was made possible by the App Store innovation which created a User Interface (UI) that permits the influx of developers and artists who have opened up the mobile commercial community and introduces an era of unimaginable opportunities and wealth creation.
Blockchain must also implement a User Interface that will accommodate its intended community in order to realize its full potential as a disruptive technology.
Fortunately, this moment of maturity is already upon us, as blockchain development platform, BLOCKv is introducing a shared protocol for the Blockchain developer stack to provide developers with the building blocks to design the experiential economy of the future and unlock new revenue generating opportunities for businesses within this growing ecosystem.
Founder of Genius Network and Advisor at BLOCKv, Joe Polish describes the product as something that will be chased after by big brands because of the value that it offers.
“As a marketer, BLOCKv is one of the most exciting and innovative companies that I have come across in years, and big brands are going to want to make creating smart digital objects on BLOCKv as part of the strategic, value-added services they provide for their clients.”
The BLOCKv platform will enable the creation of smart digital objects on Blockchains unlocking the potential to rapidly engage end-users, and traverse digital and real-world environments.
Peter Diamandis, co-founder of the Singularity University and an Advisor at BLOCKv describes the development as something that will finally make this exciting technology accessible to millions of consumers and developers.
“Every great exponential technology has an ‘interface moment’ when its potential to affect humanity is unleashed. I believe that BLOCKv has created the interface moment for blockchain and, in doing so, will usher in unprecedented consumer usage, business development and revenue-generating potential for the blockchain — similar to how the browser transformed the Internet”, says Diamandis.
This new development will empower already existing entities such as Bitcoin and Ethereum with an emotionally satisfying multimedia experience with will users can effectively identify with. This is made possible on the BLOCKv platform by the implementation of smart objects, called vAtoms (Virtual Atoms). These vAtoms combine code with multimedia elements and are dynamic, compelling digital goods that make a cryptocurrency come alive as an asset for developers, brands and end users. Therefore, cryptocurrencies are becoming empowered to adopt values in the form of collectibles, coupons, loyalty programs, gift cards e.t.c.
Powered by the blockchain
Being built on the blockchain implies that the BLOCKv platform is decentralized and not owned by any individual or group. Rather, the service is powered by its protocol coin, for and with the developer community.
The BLOCKv protocol coin ‘VEE’ is set to be offered to the public in an Initial Coin Offering that will be launched on Oct. 12, 2017, at 9 a.m. (EDT).
The new experiential economy that BLOCKv is creating will indeed permit owners to truly own, experience and maximize the value of their assets. The fundamental characteristics of the blockchain underlying this product will ensure the authenticity and personal control of assets.
The fact that this product is functional across any digital platform including all major devices and virtual and augmented reality systems implies that users can easily and physically exchange digital goods for physical ones, therefore eliminating the gap that exists between both worlds.
Some other Advisors who are bringing their wealth of experience and expertise into seeing to the success of the BLOCKv project include:
- Brock Pierce, Chairman of the Bitcoin Foundation, co-founder of Blockchain Capital, co-founder and Head of Strategy at Block.one and a founding board member of Mastercoin.
- Walter Kortschak, Executive Chairman and Managing member at SignalFire, senior Advisor and former Managing Partner of Summit Partners (a private equity and venture capital firm) and Producer and Principal at EndCue (a film production company).
- Xin Chung, the Technology Entrepreneur and VR pioneer. He is Founder of SofaVR and TrustCloud.