This has caused crypto financial products to outweigh for actual trading due to their past successes but the inferiority of the products and markets. Blockchain entrepreneurs do not serve arguably the most popular class of users and often deliver products that cannot be marketed.
The 2016-2017 era of crypto startups launched many companies promising blockchain-enabled products – blockchain social networks, telephony, logistics, legal technology, e-commerce technology, and more. Most of these projects fail for common reasons such as: B. A lack of product market fit or a lack of network effects that drive the traction of the product.
The winners of the first era of blockchain products were mainly financial products, which found their customers among the many in the hunt for wealth gain from converting currencies to currencies. Also, these are the only products that offer an interface that doesn’t force users to interact directly with the chain until they need to withdraw, and also millions of people store their assets on exchanges instead of themselves. Protect yourself with the Original wallet.
In fact, the blockchain’s focus on finance is so disproportionate that we have in a sense given up on a real economy. Most crypto products target the same finance-minded users. When you look at almost every well-funded product in this area, one way or another it focuses on providing solutions to speculators. Most industries compete for the exact same amount of attention.
Ahead of us we see the development and maturation of decentralized finance – for example, the emergence of unusable tokens and the growth of decentralized exchanges. From a product point of view, it is extremely important to follow the development of the industry. Cryptocurrencies need to evolve into an efficient marketplace where one can easily use cryptocurrencies to buy services and products. that is, to use them as a means of payment for a wide range of products and services that are simple and intuitive to use, not just for financial speculation.
Related: Understand the systematic change from digitization to encryption of financial services
Until we make crypto accessible to everyone for investment purposes, market growth threatens to stall. The market is currently saturated with products aimed at the same user group. If we want to grow our portfolio and grow the market, we have to start by putting cryptocurrencies in the hands of people who are not investors or speculators.
Blockchain-enabled products have been growing at a rapid pace for more than a decade, but the most successful companies in the industry and their products focus almost exclusively on strengthening the financial sector. The biggest opportunities in this area are those aimed at using cryptocurrencies as a medium of exchange and placing them in the hands of non-technicians who want to do business with the use of non-government currencies. El Salvador, for example, is pioneering this approach.
Related: What is really behind El Salvador’s “Bitcoin Law”? Experts answer
Today’s winners, the companies that process trillions of dollars in daily transactions, are the result of the “age of financial products” and building the next generation of companies and products depends on us. The survivors’ bias might suggest that the best and brightest minds in the industry need to work on next-generation CeFi and DeFi platforms. In fact, now is the time to implement products that use cryptocurrencies and blockchain-backed assets and deploy them the way they are meant to be used – like peer-to-peer currencies that power the exchange of goods and services.
This is because, as Survival Bias suggests, the most discerning minds and product designers in the blockchain space have focused on what has proven itself – products. This opens up a great opportunity in areas where people do not pay their attention to developing other products to solve a different problem.
Anderson McCutcheon is the founder and CEO of Chains, an operating system for the crypto-powered economy. Anderson is building a full crypto economy that includes a marketplace, a freelance platform, and a crypto exchange. He is also an investor and entrepreneur with an interdisciplinary technology and marketing background and has a long history in the crypto space. A blockchain industry pioneer and 8200 alum, he founded Unicoin, Synereo (later HyperSpace) and currently runs Chains.com and the Nemesis Capital litigation fund.
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