One of the reasons for the Internet’s success was the creation of the Domain Name System where numerical IP addresses were replaced with easy to remember names suitable for non-technical people. So instead of 17,254.0.91. Which is nothing compared to the complexity of a Bitcoin address, which is an alphanumeric string three to four times longer. Then keep in mind that a wrong letter or number will forever send BTC into the void – or maybe a random stranger – and obviously something needs to change before the average person accepts crypto every day.

This is not the only problem. In May, a study by the New York Digital Investment Group found that 75% of respondents said they would be open to using cryptocurrency if they understood it better.

Here, Changelly Exchange and Changelly PRO CEO Eric Benz and FIO Protocol CEO Luke Stokes explain why NFT, which converts a cryptographic hash into something like an email address, is both possible and necessary.

1. Is Cryptocurrency Ready for Mass Adoption?
Eric Benz: The cryptocurrency market is undoubtedly very volatile – and right now that’s one of the things that attracts people to cryptocurrency, and the ability to make money quickly and easily. But volatility is a double-edged sword. On the other hand, it encourages people to check out cryptocurrency, which makes many people fall in love with it after looking for benefits. On the other hand, this prevents cryptocurrency from being a reliable alternative to fiat currency.

Luke Stokes: I think cryptocurrencies are growing so fast that many exchanges and products are facing these adaptation challenges right now, they are keeping their heads above water. Ease of use is often overlooked. But I think it is very important that you have a good user experience. We’ve all heard horror stories about hundreds of thousands of dollars being put in the wrong place – to the wrong wallet address, Bitcoin being sent to a Bitcoin Cash address.

2. What is needed to stimulate mass adoption of cryptocurrencies?
Benz: This should be crossed out. Yes, cryptocurrencies should be easy to use, but they should also be easy to understand. Users need to know where their money is going and how to access it. Everything from how the funds are secured to how the funds are moved should be clear and transparent.

Stokes: I really want to focus on people who don’t use cryptocurrency. This is the largest market available. We now have innovators, and we have first followers. So if you’re looking for your biggest potential market, it’s not the people in cryptocurrency today. This is a company with hundreds of millions of customers who want to give that crazy long cannabis long haul, fun.

Benz: I totally agree. For mass adoption, it is very important to ensure that the entire cryptocurrency experience, starting from buying coins and converting your first wallet to trading, is not only easy, but also enjoyable.

3. What is Changelly doing to encourage mass adoption?
Benz: We’re very excited about mass adoption, so many of our decisions are made with that in mind. We strive to make our interface as easy to use as possible, offer 24/7 support, work hard to increase transaction speed and lower fees, publish lots of educational content and keep in touch with our users to improve our platform.

In addition, we also collaborate on exciting and innovative projects that we believe will boost cryptocurrency and move the industry forward. This is one of the reasons we worked with FIO – customization and ease of use are two of the most important components of getting customers to use the product. The more people love to use cryptocurrencies on a daily basis, the more crypto curves become integrated into their daily routine.

4. How can FIO lead mass adoption?
Luke Stokes: The idea behind the FIO protocol is to make cryptocurrency easier for everyone. We do this with three main functions. The first is a human-readable address. We’ll also deal with value routing – it’s not just about naming wallets because other solution providers do.

We want to focus on making it easier to send and receive cryptocurrencies. We do this with decentralized payment requests – we call them FIO requests – so you can request money from someone the same way you would with PayPal or Venmo. And in this order, you can specify the token string, the token token, and the amount.

Source: CoinTelegraph