BTC

$61579.168

-1.58%

ETH

$3003.161

-0.48%

BNB

$595.35

1.73%

XRP

$0.522

0.00%

Glossary

Adoption Curve

November 21, 2023 - Around 2 mins mins to read

Understanding the Adoption Curve

The Adoption Curve is a representation of the different stages through which the adoption of a technological innovation progresses in a market.

When a new product or concept enters the market, such as a new car model or a technological tool, it is not immediately embraced by everyone. Initially, only a small group of people are willing to try it out before it gains popularity among the masses.

For example, let’s consider the case of cell phones. As the use cases for cell phones increased, so did the support network for them. As more people started adopting cell phones, each generation of adopters contributed to the improvement of the technology.

This process of adoption can be observed across various markets, where different sectors of the market embrace a new product or technology at different stages and for different reasons.

An excellent illustration of the adoption curve is blockchain technology. Cryptographically secured chains of blocks were introduced in the early 1990s, but it was in 2008 when Satoshi Nakamoto published a whitepaper outlining the model for a blockchain. In 2009, the first genesis chain was mined.

Since then, blockchain technology has been gradually adopted. Currently, over 80% of all Bitcoins have been mined, and more than 5,000 cryptocurrencies have been launched on blockchains following the release of the inaugural BTC.

Author: First Digital Trust

Gunnar Jaerv, the chief operating officer of First Digital Trust, is a technology entrepreneur with a background in founding tech startups such as Peak Digital in Hong Kong and Elements Global Enterprises in Singapore.

Avatar of Coincu

Author

Coincu

Glossary

Adoption Curve

Understanding the Adoption Curve

The Adoption Curve is a representation of the different stages through which the adoption of a technological innovation progresses in a market.

When a new product or concept enters the market, such as a new car model or a technological tool, it is not immediately embraced by everyone. Initially, only a small group of people are willing to try it out before it gains popularity among the masses.

For example, let’s consider the case of cell phones. As the use cases for cell phones increased, so did the support network for them. As more people started adopting cell phones, each generation of adopters contributed to the improvement of the technology.

This process of adoption can be observed across various markets, where different sectors of the market embrace a new product or technology at different stages and for different reasons.

An excellent illustration of the adoption curve is blockchain technology. Cryptographically secured chains of blocks were introduced in the early 1990s, but it was in 2008 when Satoshi Nakamoto published a whitepaper outlining the model for a blockchain. In 2009, the first genesis chain was mined.

Since then, blockchain technology has been gradually adopted. Currently, over 80% of all Bitcoins have been mined, and more than 5,000 cryptocurrencies have been launched on blockchains following the release of the inaugural BTC.

Author: First Digital Trust

Gunnar Jaerv, the chief operating officer of First Digital Trust, is a technology entrepreneur with a background in founding tech startups such as Peak Digital in Hong Kong and Elements Global Enterprises in Singapore.

Visited 97 times, 1 visit(s) today

Leave a Reply