CEO BLOG | The challenges of Crypto
In the last few weeks, I've been going a lot more to events in the crypto community.
In this post I'll tell you about my insights into the current market.
This week highlighted tool will help you translate your texts and emails faster with fewer mistakes.
Current challenges of cryptocurrencies
Cryptocurrencies and blockchain have been part of my interests for many years. Lately, thanks to the EZYcount TaaL project, I've been closer to the crypto community. For example, I participated in the HUBB event in Bern hosted by PwC with presentations from Head of blockchain PwC and Marketing Manager at SmartContainers.
Over the past years, I was able to see different blockchain projects. In general, I see the following challenges as major blocks on the road.
Blockchain tends to grow as the users do. This means that every node on the system needs to keep track of these changes. Data need to flow and servers/computers need to be able to follow in terms of computing power but also bandwidth.
At the moment, blockchain solutions do not have the scalability to be used worldwide with millions of transactions per minutes.
This has been highlighted recently by the crypto kitty congestion on the ethereum network where thousands of transactions were waiting to get processed. The network was too slow to process all transactions, which as a result pilled up.
However, this is a technical problem and I'm hoping the crypto community will find a solution in the short future. (on-chain/off-chain, sharding, multi-layers,...)
2) Technology acceptance
Blockchain technology and cryptocurrencies are not yet understood by the masses. This means that there is a huge education work which will be done before we see a massive adoption of this innovative technology.
Tokens have been created since ancient time to represent a specific value. You can think of casino chips or voucher cards.
Now they can be created on the blockchain giving owners the freedom to store, transfer or sell the tokens as they please. It is easy for a potential buyer to check if a token has the expected value. For example, one would be able to check a voucher card value without having to call and ask the specific store.
Tokenization offer freedom for asset holders. This is why we at EZYcount, are creating EZYcount TaaL. We are tokenizing lifelong (99years) software licenses. EZYcount TaaL gives more value and freedom to token holders than owning a standard software license.
I also believe that we will see in the future more software companies creating TaaL such as Microsoft TaaL, Adobe TaaL or even SAP TaaL.
The biggest benefit I see is accountability.
To put it in a short sentence: You don't need to trust what someone tells you, you can verify it yourself.
Example with payments:
Now: When someone tells me he wired the money for the payment and I will receive it in two days, he sends me a copy of the banking screen.
Future: I'll check on the blockchain the transaction number and see if the money has been wired to my account.
🔨 The tool of the week - Deepl.com
Deepl.com is a free online translation software. Similar to Google translate or Leo.org, Deepl translates quickly your text in another language.
Why do I use it
I've switched from Leo to Deepl in the last months as I felt the level of accuracy given by Deepl was a lot better when translating in our main three languages: English, French, and German.
Furthermore, when a word seems wrong in the translation, by clicking on it, Deepl provides other possibilities.
I've been translating pages of text for the blog or EZYcount website at a faster rate thanks to Deepl.com
I am still looking for a better solution where I can trust the translation without having to always re-read, but for now, Deepl is definitely the best option.
The list of supported languages is small compared to the competition but the main ones for Swiss-based companies are covered: English, French, German, Spanish, Italian, Dutch and Polish.
Try it yourself here: https://www.deepl.com/translator
I'm using it to translate the English version into the French and German version correcting the obvious mistakes.
Have a great week!
Vivien, CEO EZYcount