Slovenia to become one of the most desirable destinations for blockchain startups

Zenel Batagelj
Oct 13, 2017 · 3 min read

Translation of Slovenian blockchain community manifesto from May 2017 with some minor adaptations.

As the core of distributed economies, blockchain presents many issues for regulators worldwide who are trying to find a legitimate legal context for this revolutionary technology.

Usually, the first association that comes to mind with blockchain and the distributed economy is Bitcoin. However, Bitcoin is also a brand with many negative connotations, from money laundering to speculation. From this perspective, it’s perfectly understandable that decision-makers look at this world with extra caution. To add further context, we can compare Bitcoin’s reception to the world’s most disruptive services such as Uber and Airbnb. Caution and most probably, even fear of disruption are to be expected due to lack of understanding.

However, the distributed economy is also a venue of many opportunities which are not yet addressed nor exposed. The newly arising services go far beyond Bitcoin into the fields of banking, insurance, new models of creating and sharing content, and more, representing a globally-connected ecosystem of supercomputers and a market valuation already in excess of $170 billion USD.

The number of services, users and companies grows bigger every day. Step by step, the distributed economy is becoming the true alternative to centralized systems. The first concrete steps in this direction can already be seen in banking and financial services (Fintech) and soon blockchain technology will spread into all fields of the economy.

All previous technology revolutions were led primarily by the United States, but this time will be different. For the first time, the rest of the world can equally participate. Every revolutionary technology has it’s own business development model — if the internet is based on startups blockchain is based on ICOs. Blockchain enables a new better world in which all people can equally participate, regardless of their sex, age, skin and geographical background. The distributed economy provides a definitive answer to the question of brain drain.

Slovenia is welcoming the new technology with open arms. Three already established brands, Bitstamp and ICONOMI, are paving the way to new, revolutionary standards for safe transactions and investments in digital services while Cofound.it is building an alternative to the existing VC startup ecosystem. All these companies have one thing in common: their vision to target billion dollar markets, become world leading companies in their verticals and the next EU “unicorns”.

The problem with the new economy is uncertainty. Therefore, companies built for the distributed world are looking for the most progressive and future-looking countries that are working hard to regulate legal frameworks. At the moment, these are Switzerland, Malta, Gibraltar and Estonia. The most successful amongst them will have realistic prospects of becoming what Delaware is for startups today. We are talking about hundreds of companies today, thousands tomorrow and possibly millions in the near future.

By making some wise and future-driven strategic decisions, Slovenia can become one of the most desirable destinations for global blockchain startup companies.

Zenel Batagelj

True believer in distributed economy and disruptive power smart-contracts. Datafund & Iconomi advisor on business model development, strategy and branding.

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