Cryptocurrencies and blockchain technology are currently working through the technology adoption life cycle. This life cycle dictates, generally speaking, how a novel technology is adopted by society as time goes on. There are five different periods of technology adoption. Those are innovators, early adopters, early majority, late majority, and lastly laggards. These five periods are separated into two different stages: the early market and the main market. This is shown in the graphic below:
The innovators are the creators, inventors, visionaries, and revolutionists who bring about new technologies to the market. For cryptocurrencies and blockchain technology, this can be referred to as any of the existing founders of major protocols including Bitcoin, Ethereum, and so on. The early adopters are the first group to enter this new space and utilize the new technologies. The early adopters are a lot of the current traders, holders, investors, and others that actively participate in the crypto community today.
The Early Market & Crossing the Chasm
As new technologies grow and continue through the technology adoption life cycle, there is a phenomenon known as the chasm, a gap between the early market and mainstream market that the novel technology must successfully cross for widespread adoption. Cryptocurrency is in the process of crossing this chasm. It is called the chasm because this is the point in development in which a technology is either accepted and adopted into society or it is rejected and never goes mainstream.
For cryptocurrencies, blockchain technology, and decentralized finance to be successful, it must cross the chasm to the majority of people. This is precisely why everyone that is currently a part of this crypto space should also serve as an ambassador for decentralized finance. The rapid progression of technology creates barriers to entry and as technology evolves at an exponential rate, this barrier grows taller and taller. To keep people from falling behind, everyone participating in crypto can help to inform and educate those around them about it. The more people that begin to understand cryptocurrencies and how decentralized finance works, the quicker it will start to catch on with the majority of people. This is definitely in the process of happening already with cryptocurrencies. It is important to not let slip the monumental changes this technology could bring to how society operates today.
Being an Ambassador: What You Can Do
Every member of the PUBLISH0X community that is choosing to use this platform already has a means to promote cryptocurrency and blockchain technology. The first thing any of us can do to better adopt this technology is to use it. Operate financially in the decentralized markets, write content on platforms such as this one, and tell everyone you know about what you are doing, why you are doing it, and the benefits it can bring as a whole to society.
The financial system runs society. It dictates governance, what gets funded, how society operates, and more. By helping cryptocurrencies cross the chasm to the mainstream market, and by getting more people to enter the crypto space, slowly over time more and more financial power moves to decentralized markets instead of current, centralized power sources. With enough momentum, the crypto communities could choose to start funding their own initiatives like helping to stop climate change, improving the human condition, and helping society evolve and get better. It all starts with us.
