Professional Documents
Culture Documents
Conference Preparation
Conference Preparation
Conference Preparation
1. What is real world adoption actually? What definition are we talking here?
Willem:
Currently we see consumers / investors use crypto for speculative reasons (store
of value), rather than real adoption (Medium of Exchange)
Willem:
▪ The cryptocurrency space in general has a long way to gain a certain level of
trust in order to reach a worldwide level of acceptance and/or adoption. Think
about all these ico’s raising millions and ran away, or never going to deliver,
advisors creating pump and dump mechanisms and bad behaviours like VC’s.
▪ Everyone within the space wants adoption, but people don’t realize that
Bitcoin for example is still used for speculative reasons. A medium of
exchange function for Bitcoin as a payment method is still difficult and there
are many reasons for it. Think volatility, user experience but also acceptance.
▪ Complying with current tax laws is still an issue. Sell/buy actions could result
in tax results based on the gain at the time of transaction
▪ Simple, practical, efficient and convenient use could thrive the use as a
medium of exchange. Still this user experience takes time to implement
5. What initiative / steps would support adoption in the future?
Willem:
▪ With Telegram, Facebook and many other popular messaging apps, looking to
cryptocurrency as a payment method — this may very well be the catalyst for
worldwide adoption.
▪ In 2019 and beyond, we will see a clear split between projects / movements
that were based on either 1] Hype or 2] reality. The result will be a shakeout of
bad behaviours and/or no added value projects/solutions to improve future
trust
▪ Projects that are able to apply/implement strategic change, and who adapt to
an ever changing environment will be the first to provide real product market fit
use cases and support adoption, therefore will survive. They need to start
thinking outside in
▪ It should be their goal in the first place right. There are so many examples, lets
give me a small selection:
▪
o Bitcoin payment lock-in real time exchange rates
o Allow settlement in either crypto or fiat
o Dual token system (difference between medium of exchange and store
of value / network utility). Touch Salamantex/PundiX competitor
o User experience (outside in rather than inside out / tech. focused). I
know a company, Privatix which is almost on mainnet. They have a
really cool idea of a decentralized VPN and I mean, fully decentralized.
The tech is there, now its up to them to survive and provide a UI which
is simple and easy to use (consumer centricity). It should be their main
priority and focus.
o Real product market fit / think Kudi exchange in South Africa
Orion:
▪ A: I see ease of adoption as four different difficulty and time levels. One, an
idea that can implemented and start being used with one year, two, an idea
where the infrastructure won't be ready for at least 5 years, 3 an idea where
the infrastructure won't be ready for 10, and lastly pure sci fi speculation
▪ C: At this point in time, so many possible uses cases for block chain sound
cool, but are impractical, that doesn't block chain can't be implemented
Willem:
▪ A: Do you see differences or are there overarching adoption elements that are
applicable to each and every time level?
▪ B: I partly agree with this, and this could be a really interesting topic for further
discussion. I think that for several use cases/projects a token design is highly
correlated with real world adoption actually.
▪ C: Very true! These use cases are cool and sometimes exiting, but most of
them lack the properties for real world adoption. In the end they could survive
right? Does that mean that they did not have the right product/market fit at that
early time? Or does this "practical" issue that you are referring to means that
the management team lacks the perspective of user experience?
Orion:
▪ Yes, I think the elements are over reaching and I think that if idea is good, with
time it'll become easier to implement as 1. the end users become more
comfortable with the idea because of many attempts and prototypes of the
idea. 2. The technological / legal infrastructure improves, reducing friction
involved in implementimg the idea.
Willem:
▪ On the other hand, uses cases should be developed when the market is ready
somehow right? i mean, the economic costs are just too high, and the
negative impact on many aspects are just too high when there is no market at
that particular time. I would argue that a more comprehensive market analysis
by crypto companies is needed, and crypto companies start developing uses
cases which are ready for adoption
Orion:
▪ I'm thinking of the topic abstractly, but if we're giving practical advise. The
issue with waiting till market is clearly fertile Is the risk of loosing the first
mover advantage. Kinda like making a trade once the trend is clear, safe, but
you don't get the most profit.maybey advise would be to design the team so
that it's flexible, and focus on a broad theme you want to approach, and then
find specific niches within that theme you can create mvps for. Then you adopt
according to user response
Willem:
▪ Yep, i agree with this, its all about STRATEGIC CHANGE as the crypto
environment is opposes to a relatively high environmental risk
▪ With this, they could go for first mover advantage, but still being relevant to the
current market opportunities...
▪ The risk projects are taking right now, is first mover advantages, while not
being relevant and the result is a slow death without a proper management
strategy
Orion:
Willem:
▪ So the real practical advice to projects in the panel discussion on the micro
level, is to stay relevant in the short term while aiming big in the long run
▪ And then we can make a bridge to the team.. Teams nowadays consist of
highly dev. focused expertise without proper knowledge about marketing and
real strategy and innovation..
▪ There is where highly reputable advisors kick in.. They should trust them and
listen to their advice (of course not to the dump/pump strategies) but real
strategic advice
▪ Teams are of a relatively low quality nowadays, but that will become stronger
over time when the markets gets more mature
Orion:
▪ Yup
Willem:
▪ If projects dont listen, thats fine... They will be shaken out over time, with the
so called strategic advisors.. In the end the crypto market gets more mature
and the overall confidence in this particular market will grow... Resulting in a
better basis for real world adoption
Orion:
▪ Nice!
▪ If they can come up with a us ecase thats a trial/error pahse for their long term
play, they will be relevant in the short, while aiming for this longer play..
▪ the only thing they need to do, is just keep on changing and innovating
▪ What do you think about "real world adoption" in general from an overall
perspective? Whats the definition? Do we need to differentiate? Interested to
hear your thought:)
Orion:
What do you think when you hear them term real world adoption related to
blockchain
Willem:
▪ When i hear that, i ask myself, what adoption? Well, in the current
market we see adoption rising slowly, with unfortunately to less
emphasis on user experience. What we discussed earlier, there is
just no focus on user experience and many of these adoption
waves will dy slowly.
▪ The definition in itself, is from an (outside in approach) when users
and/or businesses are adopting these relevant use cases, while
they know / don’t know that blockchain technology is being used.
▪ These consumers/businesses should be convinced about the
positives/pro's of the technology, but that should be all. A UI for
example should be intervened with all this blockchain shit (think
wallets, transfers, etc..)
Orion: