234 Interactions, 10 today
For years, the blockchain community has recognised that systemic hurdles must be removed before mass adoption can take place. Is there any movement?
For several years, the technical existence of blockchain has been one of the most important obstacles to its adoption. This technology makes it impossible for seasoned developers to create decentralised apps. Meanwhile, consumers that are inexperienced with tokens and crypto wallets often struggle with user interfaces that are much more clumsy than those offered by traditional platforms.
With cryptocurrencies piercing the mainstream consciousness as never before, it has never been more relevant for blockchain networks to capture the moment and deliver seamless, simple-to-understand goods and services that the masses can accept with minimum hassle. “If you build it, they will come,” as the old adage says.
Blockchain proponents recognise the technology’s promise, but one might argue that one of the most difficult challenges is communicating these benefits to the general public. DApps routinely have functionality that fiat-focused, centralised networks cannot — and their official websites are only understandable for those with a PhD in cryptography. (Although this may be an exaggeration, describing stuff clearly may be a weakness for certain projects.)
Until blockchain becomes a part of our daily lives, a few critical tests must be passed. Will these tools be as easy to use as the online banking? Can they really be as cheap and fast as the fiat payment rails that have been in place for decades? Is it possible to build an atmosphere in which people communicate with blockchains without even understanding it?
Behind the scenes, a great deal of care must be added. Top developers are currently turned off by blockchain due to the time and commitment needed to understand simple concepts. Decentralized applications can be difficult to build since they require a large number of lines of code in unfamiliar programming languages. Even if these two obstacles are solved, sky-high gas fees can make using some blockchains inefficient due to transaction costs.
This has repercussions in other areas. Companies who want to start using blockchain technologies soon discover that they are unable to do so due to a lack of skilled developers who can make it possible. This raises prices for all, which means that otherwise feasible ideas can fail to provide a healthy return on investment. Worse, these roadblocks will result in brilliant ideas that would help millions of people going unexplored.
A host of crypto efforts have now reached a point of no return. After years of debate and conversation, they have come to the conclusion that user interfaces must be streamlined, apps must be quicker and slicker, and a plug-and-play mindset must be promoted when it comes to blockchain growth. Back in the early 2000s, it was impossible to build new websites and blogs without any computer knowledge. Then came WordPress, with its visually appealing models and drag-and-drop modules that made the process simple. What does this mean for the blockchain industry?
Making the technology invisible
Hathor Network is one network that has put itself as the magic bullet for making blockchain technology easy and foolproof. According to the website, it provides a streamlined, risk-reduced sandbox in which everyone can incorporate blockchain, thereby improving our lives, industries, and apps. According to Hathor Network, it provides a familiar atmosphere for developers who are accustomed to doing brilliant stuff on Web 2.0, and its infrastructure produces end results that make the technology “invisible” to the soccer moms, grandparents, and technological novices who use it.
The project bills itself as the “WordPress of blockchain,” and it openly acknowledges that all Hathor Network does, Ethereum also does. But here’s the key point: Hathor Network provides a simplified suite for developers, ensuring a lower margin for error. Transaction costs are still much lower than on Ethereum, and scaling strategies are already in place. This network also promotes interoperability, which ensures that if a developer cannot locate the resources they need on Hathor Network, they can simply create a connection to another blockchain that does.
In addition to advocating for fast tokenization, which enables custom tokens to be generated in seconds, Hathor Network provides nano contracts — a faster, safer deployment of smart contracts that also support real-world data delivered by oracles. Nano contracts, which are pre-built and streamlined, can be developed using a battle-tested, drag-and-drop interface — and in the future, a platform will be formed to allow developers to easily incorporate existing nano contracts into their DApps.
And better, none of this comes at the cost of anonymity. Businesses who depend on anonymity while using blockchain technologies will benefit from their own side-DAGs. This adaptability applies to custom tokens, which can be easily melted and converted back into HTR tokens.
The growth of the Hathor Network will continue into 2021. Nano contracts will be applied for the first time, resulting in a slew of new usage cases. This network’s strengths would develop with each passing month, as will the blockchain’s throughput.
With a host of companies sharing excitement about how blockchain can change their processes — and the industry realising that networks must be able to communicate with one another in a fluid manner — Hathor Network hopes to demystify this technology once and for all, putting an end to years of speculation by getting things done.