In a recent interview, two Coinbase Board of Directors members claimed that crypto hasn’t yet “had its iPhone moment”.
Chris Dixon and Fred Wilson informed crypto enthusiasts of the new developments in the blockchain space and what lies ahead for the fintech Industry as a whole.
They also discussed how the gaming industry stands to aid mainstream crypto adoption.
What The Gaming Industry Offers
Fred Wilson talked of how the software field has many degrees of freedom—allowing any random person to play a significant role in the startup ecosystem. Adding that the initial coin offering process is very complicated for the average person and only individuals with the technical know-how can partake in the field.
Dixon chipped in by saying it’s not fair that creators of technological products have no role to play in the state of a product after its launch. He added that this is the great tragedy of the tech industry. Users have enormous power to trash the product no matter how good it is.
The two also discuss how there is a distinct parallel between the tech industry and the crypto industry. They add that in the mainstream tech industry, the outlook of the product determines the state of mind of the company officials.
It can sometimes lead to infighting and falling out of officials within the same company. However, if technologies like Bitcoin and other cryptocurrencies had existed back in 2005, there would have been a more efficient alignment between the core protocol and the applications that arise from them.
They also discuss how the gaming sector has the potential to give the fintech industry a boost towards mainstream adoption. Furthering the discussion by basing it on the argument that “the industry has not created a way to replicate digital goods in real life.”
Wilson adds that what plagues the crypto industry now is slow processing speeds and limitations of broadband networks.
“As of right now, there is a lot of potential for crypto to grow, but we have not had our iPhone moment yet. I can’t wait for it to happen.”
They end the interview by saying that even though bitcoin is currently at a low point, its value has only risen since inception.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology