Cardano can unleash the potential of blockchain
Scalability and utility are the main prerequisites to use blockchain technologies for economic and social activities. The main focus is put on decentralization and security but users take it for granted and above all, they require fast and useful services.
The network effect is the key to success
Would it be an email service useful if only you could use it and nobody else had no idea what that is? Definitely not and you would not probably care much about it as well. If you could write an email to your friends and family then the utility of the service would be significantly better. What if you could write to whomever you wish? Then the email service would become one of the most important services in the world. As you probably know, it happened. To exchange information quickly and cheaply on longer distances is a commonality nowadays but it was a revolution a few decades ago. People started to use electronic email communication and basically left the traditional mailing services that became slow, unreliable, and expensive.
Is email the predominant service today? Hard to say. The email service has a lot of competitors like chat services or social networks. Some people are daily on Facebook or Twitter but check their inbox once a week. It can be faster to send a direct message via a messenger than to send an email. People can choose from many different services based on their preferences. There is no ultimate winner. Evolution is the mother of progress. There will probably never be a single winner for a longer period of time.
Once we mastered sending information via many different protocols and added security features to ensure private communication between counterparties, we were able to transfer value in a digital manner as well. Money was digitized, or in the jargon of cryptocurrencies, tokenized. We do not need to use physical banknotes or coins. We are able to pay electronically. Hence, we can exchange digital value for physical goods. We have digitized not only money but many other assets. You can own gold digitally. In the case you trust a third party you can own and spend gold or Tesla shares via the Internet.
Adoption of technologies takes time. Users must trust new technology and they need to learn how to use…