Crypto — Don’t Believe the Hype
You may have possibly seen the post I put out last night on our company social media pages about taking on the approach of building a product that provides value rather than hype. It’s crazy to think how so many newly launched crypto businesses take the latter approach which is the reason for the slowdown in money raised in ICO’s due to lack of trust.
If you want to see my post from last night click here.
What puzzles me, is how a company like Electroneum can raise $40million and yet not be able to develop and launch with a working wallet. My attack isn’t on them personally, but on all ICO’s that raise large sums of money for their concept, but then when it comes to delivering actual products they’re either not working at all or are so badly made its embarrassing. Understandably when launching a product there will be bugs and things to fix, i’m not naive to expect perfect working final products on launch, but with multi millions in raised capital I would definitely expect something close.
The problem is due to people launching ICO’s purely for the ‘free money’ or launching not with the aim to provide value but instead to make money, hyping their concepts, coins/tokens in the attempt to raise the price of their coin whilst the actual value they should be providing isn’t being raised. Vitalik Buterin the founder of Ethereum has shared a similar opinion on the matter, this is a tweet he put out on 27th December 2017;
Blockchain technology has the ability to change many systems that have been manipulated and centralized to control the masses. It provides the opportunity for people world wide to build new systems that are fairer, more secure and trustworthy. But yet, instead of using this opportunity to provide value wordwide to improve our way of life and solve many of the worlds problems, it is abused and made to look bad by the constant scam ICO’s giving crypto a bad name.
As you may know, our goal at Agent Not Needed is to change the way property is transacted worldwide, by using blockchain technology to make the process more secure, faster, cheaper and give the transaction power back to the individual rather than having to give your money and trust to estate agents and solicitors who charge extortionate fees because the public don’t have secure and working alternatives. We are going to solve a real world problem. The UK HM Land Registry realized there was a problem too and they are also going to use blockchain technology to solve the conveyance problem as frequently there are registry errors due to human error.
My cousin was actually one of those people effected by the land registry error. When he and his wife decided to re-mortgage their house to free up some funds, they were told that their solicitor, who they paid a lot of money for by the way, had not completed the legal documents correctly so they didn’t even own their house! It’s lucky they decided to re-mortgage or they might have never known! Problems like that are solved with blockchain technology, so I solute the UK HM Land Registry for taking the opportunity to solve that problem and provide value by making land registry faster and more secure.
I hope to see more value adding business in the industry not only presenting a great concept but also a great product. Recently I heard of Cardano. Being skeptical of new crypto launches and ICO’s due to the over saturated non value adding mass of them in the crypto space, I believed it to be just the new hype train passing by collecting passengers who are building hype all around them yet have no clue who owns the train, what the train is for or its destination, the usual. But as I did my research I was beautifully surprised. The rumors I had been hearing were true. Their team is great and definitely capable of delivering on their concept based on previous achievements. Their strategy is well planned out, they concept straightforward and solving the real problem the Ethereum network, blockchain and crypto industry is facing with scalability and sustainability. Aside from their well designed and researched solution and product, I was overjoyed to see that they have the clear aim of providing value to the crypto space rather than over hyping an idea in the attempt to raise money or push up their coin price. This is clear in their approach to carrying out detailed studies and working on all the complexities of their concept and model to ensure it works, filling any gaps in their system demonstrating that they have thought out the whole process and actually have the intention of following through.
You can watch the video of Charles Hoskinson the Founder and CEO of IOHK which is one of the contributing organisations to the Cardano project explaining in depth what Cardano is in the video below;
In summary, I hope to see new crypto launches taking the approach of providing value rather than hype for personal gain. I’d like to see more prototypes at least or some sort of work towards achieving a goal rather than just selling a concept. We aim to lead by example at Agent Not Needed so expect our beta version out soon. Let’s change the world together and make it better for everyone. Value trumps hype!
Once released you can view our Peer to Peer Property Platform BETA version here: https://www.AgentNotNeeded.com
Sources (All Accessed on day of article publication 9th January 2018).
- Electroneum Money Raised: https://electroneum.com/
2. UK HM Land Registry Business Strategy Document: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/662811/HM_Land_Registry_Business_strategy_2017_to_2022.pdf
3. Cardano Website: https://www.cardanohub.org/en/home/
