However, it has to execute the rollout of certified DApps to perfection, or it could damage Cardano’s credibility, but on the surface, I like everything about its two-pronged integrated approach to bringing DApps (decentralized applications) to the masses.
The recent blog post from IOHK head of product Shruti Appiah is well written, relatively jargon-free, and hits on the major benefits of bringing certified DApps to Cardano through the Plutus dAppStore.
As with any change, there are going to be people who worry about the future, but I think Cardano has some justified confidence here, as Appiah pointed out.
Naturally, if you read the comments at the end of Appiah’s post, there are many doubting Thomases.
“As an ADA holder and developer, this is a very scary and unexpected post. Let’s be absolutely clear: this is centralization akin to any tech giant’s iteration of it,” writes someone who goes by the handle Kye J.
Kye J misses the entire point.
Without things like the Plutus dAppStore, Cardano and every other blockchain platform will remain hidden from most of the population, thereby severely eroding their value to society.
You might not like it, but at some point, Cardano and everyone else hoping to make a name in blockchain have got to come out from the woods and face real scrutiny.
If you’re somehow delusional enough to believe that regulation from central governments isn’t coming, you’re sadly mistaken.
The only way DApps become mainstream is by letting every segment of society inspect and use them. The average person understands the “store” concept. Making people jump through hoops like an Easter egg hunt to find DApps is silly and unprofessional.
I applaud Cardano for bringing DApps to the masses while ensuring that they are safe to use. However, I’m not naive enough to think there won’t be problems with the certification process because there will.
This is but another step on the road to mainstreaming blockchain technology.
Regulation and Cardano
While I don’t subscribe to The New York Times, I get Andrew Ross Sorkin’s Dealbook daily email newsletter. The most recent version discussed how the crypto rules are coming.
It provided an appropriate quote from one-time Joe Biden aide Tomicah Tillemann, who currently works for the venture capital firm, Andreessen Horowitz.
“If we think back on the 2oth century, first you had key innovations like aviation or automobiles,” Tillemann was reported to have said. “And then you have investments in regulatory frameworks that helped to bring the benefits of those technologies to larger numbers of people.”
Here in Canada, securities regulators are moving to reduce the amount of hyperbolic advertising and marketing amongst cryptocurrency-related investments, platforms and companies.
“Misleading advertisements and improper marketing strategies may encourage investors to take on risks they would normally avoid, and not respecting the requirements under securities law and IIROC rules may raise concerns about a crypto trading platform’s fitness for registration,” siad Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers in a joint press release with several other Canadian securities regulators
So, you have regulators on both sides of the border moving to control the crypto narrative. While there are plenty of arguments to be made on both sides, ultimately, regulation will win out.
If not, the Cardanos of the world will fail to gain global acceptance.
So, by offering the Plutus dAppStore, Cardano is effectively saying that it wants to do what it takes to mainstream its blockchain technology platform.
What’s not to like?
The Bottom Line
As I said in my last article about Cardano, if it wants to become part of the mainstream, it “should adopt language that is more friendly to the average consumer. Otherwise, they risk staying in the periphery of financial technology.”
The Sept. 21 blog post from IOHK and its head of product do that.
I have yet to take the crypto plunge. But when I do, it will be moments like this that make a difference in what I buy.
I look forward to hearing more about the Plutus dAppStore in the days and weeks ahead.
On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities.