What Bitcoin started is metamorphosing into something bigger: a 'crypto-tech'-driven economy with its own value creation, not unlike the Web's own economy. Welcome to the cryptoconomy.
Study how to write smart contracts, which is the basic unit of programming a blockchain for business purposes. It is the equivalent of being taught HTML and Java during the early Internet days. And master how to create assets or tokenize existing ones on a blockchain.
The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.
I am very excited about the prospect of using cryptocurrency, not just as a money equivalent, but using it as a way to earn something as a result of doing some type of work.
The blockchain is an asset normalization platform that can enable a new liquidity in transactions, hence creating large networks of usage and value effects with benefits in speed, cost, quality, or outcomes.
As we prepare to enter the cryptoconomy, undoubtedly it looks fuzzy, foggy, risky, buggy, uncertain and unproven, but so did the Internet in 1995.
Big companies do not want to disrupt themselves. All they want to do is improve themselves. They see the blockchain as another IT project. It's going to save money; it's going improve a process here and there. It's not going to change their business.
Until there are tangible metrics for quantifying the real value of a token's utility, the gap between value and valuation will continue to defy conventional wisdom and conventional valuation methods.
If blockchain technologies ignore the eventuality of standards, we are going to see less adoption. Maybe we should think of the blockchain as a public-good utility and encourage an evolution that is not unlike the Internet's in terms of openness and neutrality of access.
Tokens should not be listed before the start of the operations on the network, platform, or application. This is where many ICO's seem to have lost their ways, and that's risky.
The blockchain is custom-made for decentralizing trust and exchanging assets without central intermediaries. With the decentralization of trust, we will be able to exchange anything we own and challenge existing trusted authorities and custodians that typically held the keys to accessing our assets or verifying their authenticity.
In the increasingly digital world, data is a valuable currency, yet as consumers, we control and own little of it. As consumers, we must ask what big companies do with our data, a question directed to both the online and traditional ones.
The world is preoccupied with dissecting, analyzing and prognosticating on the blockchain's future; technologists, entrepreneurs, and enterprises are wondering if it is to be considered vitamin or poison.
Crowdsourced funding via cryptocurrencies is a viable practice. A lot of good ideas and innovative companies are coming out of it. This segment is creating thousands of jobs and companies all over the world.