We Need These 3 Things to See True Crypto Adoption

Steve Stanfield
Sep 7, 2018 · 2 min read

In our last article, we covered how crypto speculators are hindering the true adoption of crypto by hodling rather than transacting. This dichotomy has created a rather interesting paradox because we actually need both in order to realize the mass adoption that we want to see happen.

Yes, crypto, in general, will only really advance when people are using it for actual transactions, but we also realize that traders are an integral piece of this equation. They go hand-in-hand and must co-exist symbiotically in order for crypto to take off.

Traders are important because they provide the liquidity and volume that the market needs, which is also required for our merchant platform, but there is another critical element that cannot be overlooked: we need people to stake their coins in order to power our Proof-of-Stake network.

Decentralization is a key component that drives the overall success of crypto. People like to feel that they have control over all aspects of their lives, and the general lack of control over their money is something that has helped to skyrocket the growth of crypto (which unfortunately has been stagnating in this bear market).

At TokenPay, we heavily believe in decentralization, and you should have control over your own assets, whether hard or digital. That is a contributing factor in why we chose to use Proof-of Stake to power our network, rather than the horribly inefficient Proof-of-Work process. Proof-of-Work relies on the mining mafias that have created a monopoly, effectively controlling everything. This is a rather amusing hypocrisy because the very essence of crypto is built on decentralization.

Because Proof-of-Stake is decentralized, it shifts the power back to the people. This is ideal because it prevents the majority from ruling all, but in order for it to work, people have to stake their coins, at least a portion of them.

This crypto dichotomy has to be carefully balanced between everyday users, traders, and stakers. Just as with fiat, this balance is an integral piece of the entire crypto ecosystem. That is the idea behind why we have staking rewards, and why we are offering the EFIN coin distribution rewards (and possibly other coins in the future).

It has been difficult to accurately measure where crypto truly stands because existing sites such as CoinMarketCap just track overall usage, rather than the specific breakdown that we really want to see. We are working on a metric that will track actual real-life crypto transactions while filtering out trading activity.

In retrospect, it’s not entirely an absolute truth that we just need people spending their cryptos in everyday normal transactions (rather than just speculating and hodling); we actually do need people trading and staking as well.

TokenPay

TokenPay is a decentralized self-verifying merchant payment platform. Based entirely on mathematics it is designed to enable secure transactions between multiple parties.

Steve Stanfield

Written by

TokenPay

TokenPay

TokenPay is a decentralized self-verifying merchant payment platform. Based entirely on mathematics it is designed to enable secure transactions between multiple parties.

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