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Tron’s Justin Sun cites lack of clarity on cryptocurrencies as reason behind stagnating crypto-adoption

Biraajmaan Tamuly



Cryptocurrencies and Adoption: Crypto proponents and Analyst give their take on the current barriers
Source: Pixabay

The cryptocurrency era began back in 2009 and the virtual asset ecosystem has since faced a lot of ups and downs. Over the last decade, the adoption of crypto-assets has been one of the biggest discussions in the space.

Longhash interviewed some of the most influential proponents in the industry and queried them on the “biggest barriers” affecting the adoption of cryptos.

Justin Sun, the CEO of Tron, suggested that one of the major reasons behind stagnated adoption was that people still lacked clarity regarding the idea of cryptocurrencies. User experience for users was not good enough and he suggested that people had to understand crypto from a fundamental perspective first.

However, notable crypto-analyst, Tone Vays, stated that the barriers formed around crypto-adoption had weakened over the last few years as users had started to understand the importance of Bitcoin [BTC]. He said,

“I think the usability of Bitcoin could be better, the wallets, the friendliness, the interfaces need to get a little bit better, and Bitcoin security needs to get simpler and better, and that will evolve over time, but the biggest barrier at the moment is misinformation.”

Erik Voorhees, the CEO of ShapeShift, suggested that hurdles from a regulatory point of view remained as well. He believed that big financial institutions were “all very hesitant” because there was still a lot of uncertainty and doubt in the market. He said,

“I think that’s been globally the biggest barrier so far.”

Finally, Tyler Spalding, the CEO of Flexa, suggested that worldwide adoption had a lot to do with price speculation and functionality. He said,

“So the bigger question is how do you make is usable by regular people, so that they can benefit from it? So it’s not an investment and it’s not speculative, those things will be out there, but what are the other projects that are building something meaningful to the average person? That’s really the barrier, it’s figuring out what some of those pieces are.”

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report




Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.

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