The current crypto bear market has left behind it a trail of devastation, with many cryptocurrency supporters questioning if they had made a mistake believing that crypto was the future. Yes, there are some crypto projects that have slowed down or even stopped work. However, those that press on and work hard through the tough times are more likely to make hay when the sun is shining.
Building a decentralized world is one thing, but the world actually adopting cryptocurrencies is another thing entirely.
Crypto Adoption: What’s Really At Stake?
Many of the World’s problems are inextricably linked to human development issues. People limited with options, particularly when faced with banking challenges, are more likely to exploit the natural environment around them or turn to crime in order to provide for themselves and their family in the short term. Which is why the idea of exploring this real world impact potential beyond the speculative value of cryptocurrency is so important states Team Nimiq.
Many of you are probably aware of the hyperinflation, people face living in countries like Venezuela and Argentina. The truth is that there are many people in the world who clearly let down the current fiat currency system. The cost of this tragedy is in dollars or local fiat currencies as well as in human lives.
Nimiq, a crypto payment system and the first browser-based blockchain, has sponsored the creation of an ambitious academic plan in collaboration with Total Crypto, that aims to bring crypto adoption to the world. The question Nimiq is trying to answer is:
“Can cryptocurrency power a scalable, inspiring solution to provide a new way forward for communities most let down by their current fiat economy?”
There Are Other Adoption Efforts – What Makes The Plan ‘New’?
There is no doubt that other crypto projects like Dash are doing fantastic work to help promote crypto adoption in Venezuela right now. What these efforts may lack are scientific methods and the backing of the academic, entrepreneurial and charitable communities.
The truth is that many academics, in fields like economics and business, struggle to find or lack the resources to develop and deploy real-world case studies to study or test their theories. This new academic plan proposes to do exactly that. Thus adopting a case study approach and collaborating with the academic community.
That’s not the only way the plan differs from existing crypto adoption efforts. The proposed plan aims to go beyond crypto adoption and actually proposes ways to help grow the local economy of these troubled communities.
The human development problem is something that traditional charities and governments have struggled to tackle effectively. That’s why a successful solution, could be one of the greatest gifts to come out of this space. Naturally, such ambition will likely attract the attention of academics, entrepreneurs and charities alike. Indeed, the way we think about charity today is completely disrupted. That’s why the lofty goals of this ambitious adoption plan matters. Also why it has the potential to get more people from other sectors interested in crypto and potentially collaborating on the proposal.
Features of the Proposed System
An exceptionally interesting feature of the proposed adoption effort is that it remains true to the open-sourced ideology of cryptocurrency. Instead of Nimiq evaluating it internally, the team has decided to make the proposed plan entirely open-sourced. Thus allowing other crypto projects to build upon this research if they wish. Furthermore, Nimiq has called upon the entire crypto community to help with the evaluation and optimization of the plan proposal. This collaborative framework could certainly yield some incredible results and is certainly a new approach to addressing the problem of wider cryptocurrency adoption.
One fair criticism of this adoption plan is that it proposes to deploy efforts in a single area. It aims to focus efforts, rather than spread them out across a whole country. However, the truth is that no roadmap or process currently exists for cryptocurrency adoption. The goal of this new academic plan is to create repeatable processes. These processes can be scaled successfully across many different case study locations. In other words, to create a roadmap that other crypto projects can use in their own adoption efforts. Instead of Nimiq, the plan is all about a wider contribution to the cryptocurrency community.
What Are The Proposed Steps?
The academic plan is a complete guide and we recommend that you read the full document. In a nutshell, this case study comprises of three components:
- An Incubator: Aiming to stimulate local economic growth by supporting locals with the tools and ‘know how’ to create their own online businesses and participate in the wider global economy. This is the core mechanism that the plan proposes to enable new value to enter the case study. Also allows it to trickle down to the entire community.
- A Real-World Crypto Airdrop: It’s proposed that gifting the case study population with crypto will empower locals and help sow the seeds of free enterprise. Another way of looking at it is that it’s essentially a local stimulus package for the case study community.
- A Local Crypto-To-Fiat Exchange: The plan outlines the necessity of a local crypto exchange in the case study area. It is so that this should also serve as a cryptocurrency education center.
The different phases of this plan comprises of three sections:
- Additional research and analysis to identify a suitable case study location, academics, and local charity help.
- Official partnership formation with entrepreneurs, academics and charities.
- Case study deployment and execution.
Only time will tell whether this new academic plan gains support from the crypto community or gets off the ground. The proposed methodology is certainly something new and it is interesting to see if cryptocurrency supports it and if the vision becomes a reality.
Regardless of its success, the main value of this new academic plan is putting forward a different way that crypto could achieve adoption. Some methods will be dead ends and others could succeed. However, there is certainly value in exploring the real world impact and potential of cryptocurrency. After all, the wider adoption of crypto is a bridge that cryptocurrency projects will need to cross at some point in the future. Why not explore the possibilities now?
Disclosure: The author holds some NIM in their portfolio and is compensated in a long-term independent consulting capacity by Nimiq. This article must not be construed as investment advice. Always do your own research.