Making blockchain more consumable: 4 challenges that will limit blockchain mainstream adoption
How can we make blockchain more consumable? First, we need to identify and deal with the challenges that limit blockchain mainstream adoption. We talked to Matthew Spoke, CEO of Nuco and a founding member of the Enterprise Ethereum Foundation about the dangers of blockchain fragmentation, how Aion may help bridge these gaps in the industry, and how we can bring blockchain into the mainstream.
JAXenter: A lot of people say that blockchain is quite difficult to understand and that might be one of the reasons why not many developers are interested in cultivating this skill. How can we make this technology more digestible?
Matthew Spoke: The challenge for core blockchain infrastructure companies is making the technology more consumable. This is our main focus at Nuco, with both our current product line, and with Aion. If we want mainstream developers to adopt blockchain technology in their solutions and designs, we need to make it more user-friendly. This is similar to trends in modern databases and cloud computing. The easier it became for developers to interact with these systems, the more they did.
JAXenter: What is Nuco and how did it come to being?
Matthew Spoke: Nuco is one of the world’s leading blockchain infrastructure companies. Our primary focus is to mature the core infrastructures that blockchains rely on so that eventual users can achieve the necessary scale and security to build new business models.
Nuco was founded in early 2016 with a broad focus on enabling enterprise requirements within blockchain architectures. This focus began with enabling networks of enterprises to implement customized blockchain systems and has now broadened to the design of a protocol intended for blockchain interoperability and inter-chain communication.
JAXenter: How important is it to create standards? Could this be the answer to worldwide blockchain adoption?
Matthew Spoke: I view blockchains as a series of global experiments. Without forcing the topic of standards, one (or a few) will emerge based on maturity and user adoption. Our focus with Aion is to propose a mature design for a system that we hope can solve many of the unsolved challenges in the industry, and maybe be positioned as a standard.
JAXenter: How can Aion allow blockchains to communicate with one another? What is the end result?
Matthew Spoke: Aion is set of decentralized protocols designed to facilitate the communication and value exchange needed between heterogeneous blockchain networks. At a high level, Aion accomplishes this with three primary architectural features in its design; first, a new public blockchain called Aion-1; second, a decentralized “bridge” protocol that allows groups of nodes to connect any blockchain to Aion-1, and to transmit transactional data between those blockchains; and third, customizable “participating blockchains” that can be built and connected through bridges to Aion-1.
A core concept in Aion is the use of an economic system to underpin the network, such that a free market can be developed to validate the network, build bridges, and monetize on inter-chain transactions.
JAXenter: What are the challenges to blockchain adoption and how can we solve them?
Matthew Spoke: The blockchain ecosystem today is extremely fragmented. There are a small number of large public blockchains, followed by a very long tail of smaller ones. These include both private and other public blockchains. Over time, we envision this number of chains to grow into the millions.
With that in mind, we anticipate four primary challenges that will limit mainstream adoption:
- Blockchain isolation
- Application scalability
- Transaction performance
- Transaction / data privacy
Aion’s core design addresses each of these challenges. A common inter-chain protocol will allow multiple blockchains to communicate with each other, thereby allowing applications to be built atop more than one blockchain. Using the Aion-1 blockchain to build complex inter-chain applications will fundamentally change the design and scale limitations of applications. Transaction throughput can be broken across many chains, rather than expecting one blockchain to solve this challenge for all applications. Finally, the unique ability within Aion to connect customized blockchains will allow for more control over transaction and data privacy on these various chains.
JAXenter: Nuco’s advisors include bigs names such as Vitalik Buterin and Alex Tapscott. What is expected of them? How can they help enterprise blockchains realize their potential?
Matthew Spoke: Our team of advisors at Nuco and the growing team of advisors joining us on Aion are extremely critical to our long-term success. Nuco set out to solve some unique challenges in very complex industries, and a deep understanding of the technology is integral to achieving these goals. Along with the support and guidance of Vitalik and others, we were able to set the tone for the first discussions and implementation of enterprise Ethereum blockchains; which eventually led to the creation of the Enterprise Ethereum Alliance.
Each of our advisors brings a unique skillset to the table that will enable us to accomplish our objective, and manage our execution responsibly. With Aion, we’re building for the future, and we’re putting together a team that will help shepherd Aion to success and mainstream adoption.
JAXenter: Why is Aion better than other blockchain frameworks?
Matthew Spoke: Aion is solving a set of problems that have only recently emerged in the industry. Given our unique experience at the intersection of the blockchain and enterprise markets, we’re uniquely positioned to create a solution that broadly captures all of the necessary requirements to achieve the long term potential of blockchain systems.
Aion’s design introduces the most efficient and future-proof system for blockchain interoperability, and our disciplined engineering approach will result in a more mature and complete solution in the market before others.
JAXenter: What is the biggest misconception about blockchain?
Matthew Spoke: Blockchains are significantly more important than simply a means of exchanging value peer to peer. The applicability of this technology will touch every global industry and geography. With that scale of potential in mind, it’s critical that Aion be built to enable the world to modernize with this new backbone in place.
If you’d like to learn more about blockchain and meet the top movers and shakers in the global blockchain scene, join us in London next month.