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Blockchain Providers Need to Do Better
A New Solution
Recently, cryptocurrency and blockchains have achieved widespread recognition. It is estimated that over 300 million people worldwide use crypto and 10.2% of global internet users own at least one cryptocurrency. CNBC reported in June 2022 that more than 19,000 cryptocurrencies and several dozen blockchains currently exist. The percentage of Americans who own crypto (56%) is almost equal to the number of people in the U.S. who own stock (58%). However, sentiments are widely varied. Some see cryptocurrency as a creator of wealth and stability in their community. Others see it as incomprehensible or lack the understanding to actively and safely trade. While many other people still see crypto and blockchain technology as exceedingly risky, and are unwilling to participate due to concerns about accessibility, transparency, absent utility options, or a lack of comprehensive regulation. At present, virtually all blockchain ecosystems are fraught with scams and extreme volatility. This has resulted in widespread skepticism, casting doubt on the cryptosphere as a whole. Recently, a group of human rights advocates from 20 countries wrote an open letter calling for responsible crypto policy. Even though the issues at hand have been widely acknowledged, the solutions proposed are lacking, slow to implement, or ambiguous at best. Even if laws are passed in specific countries, widespread blockchain regulations would be difficult (if not impossible) to enforce at a global level. Though the situation may seem bleak, there is an answer. It must be up to blockchain providers to find better ways to moderate their ecosystems and enforce ethical practices, rather than waiting for a regulatory force to step in. These solutions may seem lofty when you look at the existing infrastructure in this sector. For those that have directed the growth of blockchain technology, completely overhauling their systems would be an expensive and dramatic undertaking.
This is why a new solution is being introduced: The Gauss Ecosystem is a curated layer-1 blockchain designed to change the global perception of blockchain technology. Gauss recognizes the importance of cryptocurrency as it exists today and its untapped potential and addresses three prevalent issues with crypto: