Blockchain’s lack of accessibility will limit its potential

Right now, most people think that the blockchain industry is simply about cryptocurrencies without realizing the enormous value the underlying technology has to offer. Adoption of blockchain technology is growing significantly, as businesses and enterprises begin to recognize its disruptive and transformational potential. This growth shows no signs of stopping, with the global blockchain market projected to increase from US$7.18 billion in 2022 to US$163.83 billion by 2029.

For the industry to continue to grow at this rapid pace, there is a need for new talent. The total number of blockchain developers in 2018 was estimated at around 105,000, with over 34,000 new developers entering the space to work on open source Web 3.0 projects in 2021, the highest number of new developers in history. The latest reports also showed that as many as 3,000 new developers are joining Web3 every month towards the end of 2021. However, considering that there are approximately 18 million software developers globally, there is still a lot of potential to bring in even more new developers.

While blockchain is positioned as the solution to many complex problems and ultimately simplifies legacy procedures, the underlying technology is far from accessible to mainstream developers and users. For the full potential of this technology to be realized, the industry as a whole needs to come together and address its technical barriers and misconceptions held by the wider public.

Simplifies blockchain onboarding

Blockchain, like all emerging technologies, has initial barriers to entry. These barriers are usually caused by a lack of knowledge and understanding of the technology. Right now there are almost 14 million JavaScript developers in the world. But in most cases, when moving to Web3, developers are required to learn new coding languages ​​specific to each blockchain. This process takes time and money for developers who are new to the space and transfers their knowledge to a particular blockchain, preventing them from using the technology created on other protocols.

To streamline adoption, we need to give developers a springboard to build new and exciting decentralized applications without worrying about learning multiple coding languages. Take the beginning of the internet for example. We surf the web expecting simplicity and efficiency, with everything well connected. However, this was not always the case. Each web file was originally an island unto itself, similar to individual blockchains today. Processes that we take for granted today, such as sending email and searching for information online, were virtually impossible.

It was not until the introduction of a universal programming language that the web took the form of the Internet as we know it today. HyperText Markup Language (HTML) was used to bridge these islands of web files and became the foundation of web development.

The same is needed in blockchain to encourage mass adoption. If we want to inspire developers to build on blockchain, we need to make the onboarding process easier for them. Accessibility to Web3 can be increased by allowing developers to leverage universal coding languages ​​with which they are already familiar. Popular coding languages ​​like JavaScript may be to Web3 what HTML was to Web2.

The movement towards seamless communication across chains

Further barriers to access to Web3 come in the form of a lack of confidence in the technology’s viability. This is counterintuitive to the very design of Web3, built to eliminate the need for trust and central to its appeal, as Satoshi Nakamoto, the pseudonymous creator of Bitcoin, wrote in 2009: “The root problem with conventional currency is all the trust required to make it function.”

However, businesses in particular have been slow to adopt blockchain-based systems as they fear that future government regulations could undermine any blockchain investment made today. As such, we must not only emphasize the trustless nature of the technology itself, but also build trust in the security and future of the industry that has emerged around it. One way to do this is through interoperability.

Right now, Web3 is made up of hundreds of blockchain networks, all of which speak their own language and process only the transactions performed on their individual systems. Unfortunately, there are still no standards for how these blockchains should interact with each other. Lack of interoperability results in low asset liquidity, slower transaction speeds and higher costs due to network congestion. This not only hinders innovation and growth, but also prevents budding developers from building on blockchain.

If we go back to our previous example of HTML, we can see the importance of having an interconnected ecosystem that enables seamless communication between separate technologies. HTML created this environment for the internet and interoperability can achieve the same for blockchain. As an example, consider the network congestion that Ethereum users have experienced for several years due to the network’s lack of scalability and interoperability. While gas fees on the Ethereum network have decreased in recent weeks due to market conditions and the network’s planned development will address scalability, Ethereum gas fees are expected to increase another 500% over the next two years.

This is a common theme throughout the industry as individual blockchains become more confused than ever, leaving developers and users confused as to where to begin their journey and which blockchain they belong to. By linking chains together, they can process transactions at higher speeds and lower gas fees as queues become a thing of the past. This means developers no longer have to choose between two separate entities and instead reap the benefits of a fully functional, fluid blockchain world. Allowing these communities to collaborate, share liquidity and grow together is the only way we can build an entirely new decentralized financial system and realize the goal of Web3 to make blockchain accessible to everyone.

Build with accessibility to the eye

If Web3 is to be globally disruptive, it must be accessible. Every day, new innovations are created on blockchain networks, allowing us to work, socialize, use and trade in a shared, decentralized digital space. The most popular blockchains in the world are now worth millions of dollars. Our industry is growing rapidly, making it important that those building the underlying infrastructure match this pace with accessibility features for newcomers.

If we continue to build and expand the blockchain industry with accessibility in mind, we will be one step closer to mainstream adoption. By educating the world around us and building tools to tackle these challenges, the industry will have the power to successfully launch real-world applications that drive growth and encapsulate the true potential blockchain has to offer the world. After all, isn’t that the whole point?