Removing the boundaries to crypto adoption

There are various things that could break down the barriers to widespread Crypto adoption.

And this might just be one of them....

If I were to stop 100 people in the street tomorrow and ask them what comes to mind when they think about the Crypto industry - and aside from ignoring their confusion and wariness about being stopped by a random stranger in the street - I would bet you big money that most would mention hacking and theft. (I'm not endorsing gambling, just bear with me here...)

We know that exploits and theft through hacking are a massive problem in the industry, and arguably a significant barrier to wider adoption - along with the well-known matter of lack of intuitive and simple user experience.

Well, we're not going to solve that one overnight, but we may well be seeing the beginnings of a solution to the hacking problem.

Let me set the scene..

We're in Singapore. It's October 2023.

It's scorching yet humid outside but we're in an unusually pristine and well air-conditioned courtroom. There is an ineffectual and borderline clichéd ceiling fan spinning round and round, seemingly making no difference at all.

There is silence.

We are a team of British Blockchain analysts who don't function at all well in a hot climate, and the silence is broken as we're being told by the attending Singaporean court officials that we are legally permitted to add Soulbound NFTs to wallets that have been identified to be related to theft by hacking.

Those Soulbound NFTs contain a legal document that publicly identifies and warns that the wallet has been implicated in hacking - and anyone thinking to interact with that wallet can visibly see that NFT warning.

Those NFTs are permanently associated with those criminal wallets forever and cannot be removed.

Sounds crazy, right?

Well saddle up and get ready for the future!

This has all just happened (minus my artistic license to provide a dramatically over-the-top and somewhat questionable description), and the Blockchain company - Intelligent Sanctuary - has been granted the legal right to do just that by the aforementioned Singaporean courts.

This means that those who choose to nefariously steal what doesn't belong to them in the Crypto sector can be called out publicly by having warning NFTs attached to their wallets. They have no choice, and they cannot remove them.

This could be an absolute game-changer in making the Crypto space a safer place and give users some peace of mind in who they are dealing with.

Over time it could even possibly discourage and reduce hacking.

What an amazing way to fight back against hacker thieves and allow the Crypto industry to reach wider audiences and increase adoption.

And does it also solve the little matter that the average person finds Crypto far too complex to use?

Yes!!!

Sorry, I meant no.

No, it doesn't solve that.

If anything, it might make things sound more complicated.

But nevertheless, it's still a massive step forward in the development of the Crypto space, and one less barrier to wider global adoption by non-technical folks.

Now we just need to solve the whole 'average person has no idea what private keys are' thing, and then we're really making steam!

One step at a time. We'll get there at some point. Bring on the future!

Thanks for reading.