Solana Founder Discusses Major Hurdle Limiting Crypto Adoption

• • Solana co-founder Yakavenko sees the long way ahead when it comes to the adoption of crypto.
  • He terms self custody of crypto assets as the “biggest bottleneck” in crypto.

Anatoly Yakovenko, Solana co-founder says that that self-custody problems remain the main impediment to mainstream adoption. In a recent interview, referring to full possession of crypto assets, he said;

I honestly think it’s gonna be kind of slow because of this mental barrier to self custody. We don’t know what those breakout applications are going to be that makes that shift. But something needs to give.

Crypto offers the luxury of permission less money, but this also comes with concerns of plenty responsibilities to safe storage including other security issues. This refers to the holding of your digital assets and only you has the access to them, with the help of hard wallets or hot wallets. It is quite hectic to store your crypto’s and this is why many users tend to leave their tokens on exchanges despite the fact that it nullifies the whole point of crypto.

Yakovenko believes that cryptocurrencies will not be able to reach mainstream acceptance provided that there is no user-friendly solution for self-custody. Security issues remain one of the main hurdles for mainstream adoption, according to the Solana founder.

Solana stole the show last year by becoming a possible alternative to Ethereum in the world of decentralized finance and non-fungible tokens. Despite its several power outages, Solana is known as an alternative to Ethereum. This is due to its commendable features of smart contracts, or collections of code that execute a set of instructions on-chain, that underpin NFTs and various applications in the DeFi realm.

Yakovenko recently predicted that Ethereum’s overrated upgrade will not be a big deal for crypto due to the fact that there is a mass of proof-of-stake blockchains in operation. He pointed out to the fact that the upgrade did not actually improve Ethereum’s scalability. But at the same time, he did recognize the Merge as a positive development for the sector.

Last week, the Solana founder hinted that NFTs could form a major entertainment franchise of the likes of Disney. With a bit of irony, Yakavenko mentioned that IRL experiences may help people get accustomed to Web3, the alleged decentralized iteration of the internet.