This article was first published on ostdotcom - Medium
From exhilarating all-time market highs to unexpected and excruciating lows, 2018 has been a rollercoaster year for emerging blockchain technologies and cryptocurrencies.
The silver lining: The recent market downturn will force-focus the industry on delivering results and 2019 will be the year real mass-market blockchain use cases begin to emerge.
I am confident that OST is best positioned to lead this charge.
The recent crypto market downturn has provided a healthy wake-up call and reality check for a nascent industry that has all-too-often leaned on hype and speculation in absence of real results and usage.
Make no mistake: blockchain will be one of the most transformative technologies of our lifetime. It will empower new economies, disrupt and reinvent long-standing institutions, and unleash massive improvements and step-changes in customer experiences.
But, it will take time for these benefits to materialize. And it will especially require focus on delivering blockchain solutions that meet the real needs of businesses and consumers.
In 2017 and 2018 many of the most interesting blockchain projects often felt more like science experiments than businesses. When the market was hot and teams were flush with funny money there was patience for building technology in search of future use cases. Now that the market has cooled, it’s time to get serious. Playtime is over.
Several lessons for this next phase of crypto can be gleaned from the burst of the dotcom bubble in 2001: Easy-money goes away, hangeroners stop hanging, and weaker projects will stagnate or die off. Meanwhile, true long-term builders keep building, actual usage & revenue growth rules the day, and smart projects will shift from technology in search of use cases to use cases in need of technology.
The hype phase of crypto is over. The usage phase of crypto is ready to begin.
As one of the leaders of OST...
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