The Blockchain is a technology that is still seeking adoption into the mainstream finance. Existing storage systems (wallets) for cryptocurrencies and the setup of the currently available exchanges makes it a bit cumbersome to operate within the ecosystem.
These limitations are not going unnoticed within the industry, according to Jeremy Epstein, CEO of Never Stop Marketing, one of the critical and necessary developments that will reduce the complexity of digital asset management will involve the creation of trusted multisig wallets.
Epstein explains that outside of individual use cases, we have to think about corporate governance. If a company takes payment for a good or a service in crypto, those coins need to be protected and not held in one person’s account. This is a big barrier to mainstream adoption.
There are improved systems already that are making it easier for users to transact across different communities. This is necessary because most centralized exchanges are designed to take advantage of retail investors. Nearly 90% of the trades on these platforms are done by the “house” in order to manipulate the price so that retail investors get taken advantage of. However, decentralized exchanges like Bancor, for example, is already doing over $10million per day in volume. Services like Radar Relay, built on top of the 0x protocol is removing the risk associated with open order books. Also, blockchain interoperability platforms like ARK with their SmartBridge and Encoded Listeners are going to help people conduct relatively friction-free commerce across blockchains without holding the coins of the other network.
The usability of these class of exchanges is not popular yet, neither is their speed. However, the momentum being generated among them is growing in significance. Emerging platforms like Alttex are also creating decentralized, multi-currency trading platforms.
When dealing with practical implementation of cryptocurrencies and ease of application, the main subject is usually the end user. As a matter of fact, all is well as long as the end user is satisfied.