Cointelegraph reported on Facebook’s Libra coin project. The article examined the impact of Libra upon the overall cryptocurrency market. The findings were profound.
Advancing the Cryptocurrency Industry
One of the most notable aspects of the response Libra received was how the public perceived it. Through intense government scrutiny, many people began to realize that crypto is a serious topic. Of all the things that are needed for adoption, public awareness is considered a critical component.
Important Use Cases
Another important aspect for the mass adoption of cryptocurrency is actual use cases. While it is untrue that cryptocurrencies only exist as speculative assets, this perception discourages many from entering the market. This is why so many experts emphasize that blockchains like Bitcoin must be used to exchange and purchase items in use every day.
Paving the Way for Libra
What most people do not realize is that established companies like IBM and Amazon are already using blockchain technology. While they have manipulated the technology to work without cryptocurrencies as a measure of value, their employment of blockchain is a step forward. In fact, Facebook would have been unlikely to move forward with the Libra project without the success of corporate applications of blockchain.
What Experts Agree is Needed Moving Forward
Cryptocurrency experts agree that perception and practical use cases are needed for the crypto market to take the next step. Perception remains a challenge as regulators decide on what path to take. Cryptocurrencies already have practical uses. However, most of the use cases involve software applications.
Dapps
Unfortunately, up until recently, most of the crypto applications have targeted tech savvy individuals and developers. This is changing, and it is occurring rapidly. You may have heard of smart contracts. These crypto programs are paving the way for the lesser-known and easy-to-use decentralized applications (Dapps).
Conclusion
The average person will download quite a few apps over the course of a year. What if, for every Dapp there was a reward system like frequent flyer miles? Libra’s network would profoundly advance such tokenization. And, what if those rewards could be transferred seamless so that users could match their compensation to the products and services they need the most? This is a significant benefit of crypto which it achieves securely.
