Mass adoption is one of the most pursued goals by the crypto community, especially for Bitcoin. Bitcoin Is believed to be the currency of the future that could possibly usurp fiat currency and of all the cryptos, is possibly the one being pushed the most.
One of the ways people have tried to push Bitcoin adoption is by finding the killer app. The killer app is the application that will apparently make Bitcoin mainstream and usable by the masses in the way social media apps such a twitter and Instagram have changed how we share information and what not.
After much searching within the community, a general consensus was reached that there was no killer app and that Bitcoin in itself was enough to drive adoption without the need for an app.
Now, a research panel from the Massachusetts Institute of Technology has spoken Out and said that they do not know how to predict the Bitcoin killer app.
A Peak Into the Future
The discussion surrounding this took place at an unmoderated panel at the 2019 MIT Bitcoin Expo and was brought up by MIT Digital Currency Initiative Research Scientist Tadge Dryja.
Other participants included Blockstream Software Engineer Christian Decker and ACINQ CTO Fabrice Drouin, who talked about the Lightning Network and how it has been touted as potentially being the killer app that Bitcoin needs.
The lightning network has gotten more popular in the last few months thanks to the Lightning torch challenge which was started over Twitter. The challenge involves a user sending the smallest, indivisible amount of Bitcoin to another user, having them add the same amount and then passing it along. Participants in the challenge include the CEO of Twitter and an octogenarian.
The panel discussed the possible use cases of the network but conceded that they didn’t really know.
“I’m not sure it’s our job to think of the use cases,” responded Drouin.
“Probably it isn’t,” added Decker. “Probably we can’t even come up with this.”
One possible application that the team did speak On was the use of the network to ensure that content creators get paid for their creations.
“Every single company out there that is doing something with the web currently has [this plan]: acquire some users, then become popular, and then show them ads. Or create profiles for the users and then show them targeted ads because you can charge more for that,” said Decker.
It was also stated that the lighting network could create a new payment system that would ensure that those who are a creating team some monetary benefits without so many middlemen.
“That’s a really poor state of affairs,” said Decker,.
“I would really like to have a system where we can fairly compensate people that created content that we consume without having them to go through all of these intermediaries, and these intermediaries just collecting a bunch of profiles to target us better. I mean, that’s sort of backwards. Isn’t it?”