Is There a Blockchain App With 10 Million Users?

The blockchain is out there waiting to be used.

But how can you use it to, as the Ecomonist said in 2015, as “a way of making and preserving truths“? I like that definition.

The blockchain potentially offers something radically new because of its inherent ability to make and preserve truth between us at scale.

How do we use it, though? What’s stopping millions of people from using it right now?

Fred Ehrsam gave one very good reason why in April this year, which is the blockchain needs the right elements, or stack, to support the development of the applications that people can use.

His list of elements in this developer stack are computation, file storage, external data, monetization, and payments. He scored these elements in that post and concluded the stack was 20% ready in 2014 and 70% ready in April 2017.

Fred followed-up that post with a more detailed one on June 2017. His feeling is that the blockchain, specifically Ethereum, which is furthest along, is still “orders of magnitude  off from being able to support applications with millions of users”.

Yet, there is significant progress on scaling Ethereum, in his view, and we might see an app with up to 10 million users by the end of 2018.

One thing that will surely help this happen is the token aspect of the blockchain. Tokens mean incentives for eveyone.

Fred and Chris Dixon talk about why crypto tokens matter on a a16z podcast.

(Photo source.)