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Problems of the market
The Crypto industry is on a rise with hundreds of new projects and pivot cases appearing on the market every day. But it seems that technology moves forward so quickly that other parts necessary for the successful conquest of the market are left behind.
We find that major things having an impact on progress are the absence of a unified legal basis for industry, the usability and scalability, data rights, and security.
Legal framework and understanding of the technology
In 2017 ICO boom took place with no real framework to protect investor rights, and exploded after leaving the whole industry to bear a tag of a bad reputation. Today the most popular DEFI niche is also seen by many as a potential repeat of ICO 2017 story. Despite the lessons of the past, crypto investors are often not investigating properly the products and projects but only follow the hype and fast profits promises when making decisions.
We as a company and one of the crypto players share this responsibility for the whole industry. We see educating the community about technology and products as a powerful tool to diminish this negativity. By doing this we hope to also reduce the risk of immature investors heading into unknown projects. So we start writing on what is the blockchain, how it works, what is a smart contract and how you can build your own protocol etc, and introducing simple step-by-step manuals explaining work on Credits’ blockchain.
Scalability and interoperability
Blockchain technology is an emerging one and is still immature in a business model where other options are widely spread and accepted. So it takes time to adapt the traditional system for its ability to utilize and exchange information via Blockchain protocols.
For us, as a business, it means sometimes that new interesting collaborations are taking longer than expected, as we have to pioneer and implement innovations in places for the first time. However, we see that recognition and adoption of blockchain are expanding which indicates that processes taking a long time now, will be completed quickly in the future.
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https://credits.com/news/131-credits-as-blockchain-with-great-potential-current-market-obstacles.html
