Centralized platforms often come bundled at launch with compelling apps: Facebook had its core socializing features and the iPhone had a number of key apps. Decentralized platforms, by contrast, often launch half-baked and without clear use cases. As a result, they need to go through two phases of product-market fit: 1) product-market fit between the platform and the developers/entrepreneurs who will finish the platform and build out the ecosystem, and 2) product-market fit between the platform/ecosystem and end users. This two-stage process is what causes many people — including sophisticated technologists — to consistently underestimate the potential of decentralized platforms.
… and opportunities — the companies that succeed don’t do so because they’ve built the best product. Having a great product is table stakes; you’ve still got to have a smart strategy to bring it to market. You’ve got to have the right connections and opportunities.
…d some very smart, very well-connected people who were making behind-the-scenes deals all the time. It wasn’t luck or merit; they were making partnerships through brute force sales and direct incentives, leveraging every relationship they had. Those partnerships would then lead, further down the line, to more organic user growth, once they had established a stronger reputation.