Russian Blockchain Week 2018 — the Funeral or New Hope?
Darin Oliver, president and founder of Blockdraw and a guest star speaking at Russian Blockchain Week, continues to invest in blockchain development.
On November 21–22, during Russian Blockchain Week, crowds gathered in Moscow. People wore wide smiles, acting as if the sun was shining, oblivious to the cold.
Among the participants, those introducing outstanding new mining hardware were among the most interesting. This multi-billion-dollar industry has almost disappeared, leaving past achievements to function as nothing more than decoration for Marvel movies.
In fact, many of the visitors lost more than 20% of their money due to the sudden drop of cryptomarkets in November. Many had a hard time staying optimistic.
“It’s a bit depressing! But I’m optimistic… I’ve seen shit like this before…” said Darin Oliver, entering the Event Hall Infospace in Moscow. After 30 years of experience in finance, working in senior institutional sales and trading roles with major international banks, he has witnessed countless fluctuations in both technology and financial markets.
And yet the question remains: Why does blockchain technology — the outstanding breakthrough of the 21st century — look even worse than the dot-com bubble in early 2000?
A few phrases from Darin Oliver’s speech offer some clarity:
· Some well-meaning but inexperienced developers focused too much on specific technologies (running on public blockchains). They should have been matching the best technologies with the best solutions! This resulted in the wrong sacrifices being made.
· Many blockchain ideas ignored decades of learned industry experience.
· The industry created tokens that distracted from the end product and had no practical use; they even developed tokens around “protocols” that will be worthless in months or years.
· Fraudulent or incompetent ICOs promised us big changes but instead have left a trail of unfinished and worthless tokens, products, or protocols in their wake.
· And finally, too many early-stage products did not solve real problems; even worse, we are now saddled with tokens that no one wants, creating real reputational damage, along with potential legal or regulatory challenges if their creators choose to abandon them.
Announcing a New Hope at the Place of Force, a name that Russian Blockchain Week has coined for itself, Darin Oliver stated:
“Easy ICO money created undisciplined business opportunities — meaning even some of the better ideas risk never being developed. [Things are] changing now — [there are] good opportunities for real projects run by real businessmen.”
Blockdraw continues to invest in the development of blockchain technology, providing the real economy with commercial implementations of blockchains and DApps.
Mr. Oliver’s statements force the question: How do you cause this technology to mature? Using e-Casino as a testing place, Blockdraw is creating commercial blockchained solutions that aim to satisfy the requirements of any business, including finance, logistics, and governmental bodies, while creating more stability and accountability in the blockchain industry.
It is time for serious players to sort out the mess created by enthusiasts and cheaters in the blockchain world. The New Hope has been announced by Blockdraw.