Why the mass adoption trifecta is essential for blockchain ecosystems
Why the mass adoption trifecta is essential for blockchain ecosystems
The introduction of cryptocurrencies has undoubtedly increased in recent years, both with regard to retail and institutional use.
But now, after a year in which the market has decreased considerably and many people have gone, it seems that much of it was mainly driven by speculation. In this regard, the industry still has a long way to go.
What prevents crypto from achieving a mass acceptance?
The development of decentralized applications (DAPPS) has increased steadily, but with the exception of a few less, not many have experienced a mass acceptance in the conventional sense.
One of the challenges is the long -term sustainability of ecosystems in industry. Many of the projects have tokenomics that are struggling to create a positive cycle of supply and demand or even an inner value.
In addition, the recent top -class collapse of opaque and centralized units in the cryptosphere not only thrown back the mass acceptance by years, but also emphasized the urgent need for crypto to return to his roots of trustlessness and decentralization.
The mass adoption trifecta
In view of these problems, the team from Klaytn-a leading open source blockchain from South Korea-was able to identify what they call the trifecta of mass adoption: sustainability, verifiability and collectivity. However, the team strives for the so -called Mass adoption Trifecta.
Without giving up his long -term vision, the team was able to create an effective roadmap for 2023, which includes three goals and 18 initiatives that would accelerate their goal of reaching the trifecta.
These goals include:
sustainability
The achievement of the sustainability of the ecosystem in the context of a blockchain project requires a strong technological basis and a well-designed tokenomics system.
To address these problems, the Klaytn Foundation has submitted a proposal to optimize its tokenomics in order to establish its native Klay tokens as deflationary well and at the same time to promote safe, sustainable and verifiable token economy.
The proposal provides for initially burning 5.28 billion Klay of the 7.48 billion Klay that are not in circulation. The remaining 2 billion are burned after 3 years if the cooperation with the Governance Council (GC) of the protocol is not found.
In addition, the proposal provides for the merging of the Klaytn Growth Fund and the Klaytn Improvement Reserve as well as its restructuring into a Klaytn Community Fund and a Klaytn Foundation Fund. The GC and the municipality would take the leadership in relation to the decision -making and use of the funds.
Ultimately, the aim of the proposal is to establish Klay as a safe, sustainable and deflationary asset and at the same time to strengthen confidence in the Klaytn ecosystem.
checkability
The achievement of trustlessness is an essential challenge with which many blockchain-based systems have to continue to deal, and the latest developments in the industry have only underlined their importance.
In order to improve transparency and governance in the Klaytn ecosystem, the project improves its governance portal Klaytn Square and introduces new measures to increase the participation and transparency of the community.
One of the most important steps to achieve this goal is to increase governance transparency by disclosing the on-chain-voting and status of the Governance Council (GC) in real time via Klaytn Square, which was introduced in November 2022 and is officially to go into operation.
In addition, the Klaytn Foundation plans to accelerate the transition to a permission -free blockchain, a decision that the GC approved in December 2022. This step is intended to make the decentralization process further easier and enable the opening of the block verification process until 2024.
collectivity
It goes without saying that the community is the striking heart of every blockchain ecosystem. The promotion of an active participation of the community is of crucial importance, and it is just as important for developers to enable seamless onboarding and to provide tools and SDKs for easy creation.
Klaytn plans to build more local ecosystem services, such as B. a trustworthy bridge and an oracle to make it easier for the builders, but also to increase the demand for Klay (by calculating oracle fees in Klay). Klaytn also wants to set up "Proof of Hodl" communication touch point on Klaytn-Platz. This should offer participants who directly make a contribution to participating in governance, e.g. B. the possibility of recruiting and down GC members and much more.
graduation
Although there are still many miles away, the fact that blockchain technology had such an impact on the modern technology world that the demand and necessity are real.
However, a lot of work is required to bring us there. And while the events of the recent past may have left a dent between users and the broader industry, the true values of the blockchain have never been estimated.Klaytn strives to achieve the mass acceptance trilemma by consistently maintaining exactly these values.