Future of finance: Crypto is set to skyrocket driven by strong enthusiasm of young adults. However, blockchain’s bandwidth is already overwhelmed. The poll results question whether current offerings can meet demand.
Future of Finance: More than half of Americans are convinced that cryptocurrency is the future of finance. This is according to a new survey, conducted by OnePoll, commissioned by StarkWare.
53% of people surveyed subscribed to this view of the future. The 25 to 34 age group, however, were very convinced, at 68%. Among 35 to 44-year-olds, 61% were believers.
17% of respondents said they have invested in cryptocurrency. Among the 25 to 34 demographic, the proportion rises to 28%.
Future of finance: Constantly checking
Those who have invested in cryptocurrencies are constantly checking and adjusting their assets. 82% have at least one crypto tracker on their phone. 50% say they fiddle with their holdings daily. 27% of crypto investors do so several times a day. 14% of people surveyed with active crypto holdings chill. They let a week pass without making changes.
Eli Ben-Sasson, is the co-founder of StarkWare Industries, which commissioned the research. “This poll shows how widespread crypto has become while indicating just how huge it will soon become. We see that young Americans, those who will soon shape the economy, are especially tuned in to crypto. It’s an important insight that they are investing in large numbers, and overwhelmingly convinced crypto will be the future.”
StarkWare commissioned the poll to publicize the launch of the new StarkNet platform. They say it aims to make it easy and cost-effective for developers to build blockchain apps. “It is a key requirement to make crypto part of everyday life for the general public. Until now, crypto app rollout has been slow because a crisis surrounding blockchain’s bandwidth has acted as a deterrent.”
Future of finance and the blockchain
Uri Kolodny is the CEO of StarkWare. “We wanted to research public opinion as we launch StarkNet, to get a sense of how much the general public expects to use crypto over the coming years. The results are exciting, but also unsettling. They highlight huge enthusiasm for crypto, and show that blockchain is creaking under the weight of current use. Unless we start to work smarter, blockchain simply won’t be able to cope with growing demand.”
The company say that StarkNet is a platform for developers to create crypto apps, due to be fully decentralized.
“StarkNet uses an advanced math-based compression system so that apps can be fully secured by the Ethereum blockchain while only a fraction of their information is actually added to the chain. In blockchain jargon it is known as a Layer 2. Transaction fees, which rise based on a supply-and-demand formula as blockchain use increases, are sharply reduced. These fees have prevented the development of crypto apps for many everyday uses.”
Kolodny predicts that crypto apps will soon be as widespread as smartphone apps.
As for sustainability, the poll showed that environmental concerns are widespread. 34% said that reducing the carbon footprint of crypto is important. In the 25 to 34 and 35 to 44 age groups, the figure is 49% and 39% respectively.
As for NFTs, 38% of respondents said they would be “excited” to use them… If they were sustainable. 52% of respondents aged 35 to 44, were excited by the prospect of sustainable NFTs.
Says Kolodny, “We expected to detect concern over crypto’s carbon footprint per transaction, and enthusiasm for reducing it – but not to the massive levels we found. We were pleasantly surprised that people seem to understand the environmental challenge of crypto.”
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