I’ve worked in a blockchain startup for two months — this is what I’ve learned
By Kayleigh Petrie on ALTCOIN MAGAZINE
Blockchain. Cryptocurrency. Bitcoin. Ether. Ethereum. Ethereum classic. They’re all different things. And to use them you need a lot of patience and some specific software. To mine coins you need some technical understanding and a lot of processing power. To be an expert in this area requires something further beyond that; and probably also a unicorn.
After spending most of 2018 living in a tent while hiking the Pacific Crest Trail, the time came for me to get one of those job-things again — and I was nervous to say the least. Despite the gut wrenching realisation that I knew nothing about this field — the blockchain community has been an excellent place to acquaint myself with the (part-time) co-working week.
Back to the unicorn. Maybe the world of blockchain isn’t quite so technical for some people; but I have no experience in it so it seems pretty scientific to me. The good thing is that eventually most users of blockchain won’t be exclusively technical geniuses either. I am currently able to give a different perspective — that of a non-techie.
All unicorns aside, blockchain is complicated, but I’ve learnt that’s not just because it’s relatively new or even because it’s based in cryptography. It’s complex because blockchain has the potential to change the way we relate to and use technology — its influences extend beyond simple technical innovation and spread far and wide into socioeconomic problems of the modern era. It has already been applied to solve problems in insurance, healthcare and supply chains and has the potential to do much more once the technology becomes more accessible to real world** people and situations.
Did I mention the company I’m working for is blockchain based (alternative to) insurance and therefore I didn’t know anything about the other side of the business either? Anything beyond being a proud insurance policy holder (travel, contents and car — in case you were wondering), that is.
You might think that people have either a) heard of ‘that bitcoin thing’ or b) they could tell you about the cryptographic detail and a whole lot more about the coding. I, like most, lay somewhere in between the two. My first memory of this whole shebang is the infamous ‘I paid $80 million of bitcoin for two pizzas’ story — and at the time I thought, ‘great decision’*.
The main thing I have learnt is that blockchain technology is a tool and not a product. It enables wide access to new approaches to human coordination. Because these products promise trust, privacy, security and transparency, it means that certain things can be done in a new way. That means more people have access to better things. In the case of these farmers: the ability to insure their crops at affordable cost and with automatic payouts.
The blockchain community is just that; a community. And what it aims achieve seems very well intentioned. It would be hard to argue that there aren’t great benefits of working with others more openly and collaboratively, to reach a combined goal that’s better for everyone (except maybe the Man).
Imagine you made a product in which people spend their bitcoin to get a service. In order to test that product people would have to use, and potentially waste, their bitcoin. Nobody would want to test your product and you would be sad. This is a common problem, so some people have built platforms where you can obtain and use test bitcoin just as you would the real thing. All products can now be tested thoroughly and more developers will be able to test their products. They don’t make money from this platform directly and didn’t need to make it available for everyone, but they did it anyway because it’s better for everyone (including themselves) in the long run. This dazzlingly simple way of explaining test networks is just one example of community spirit in which people seemingly encourage betterment of themselves and others.
I don’t want to get too bogged down in the shiny-happy-peoples republic of the blockchain. Because it does have drawbacks and there are some downsides. And I’ve found a lot of the literature and discussions to be somewhat rose tinted. That’s not to say that blockchain doesn’t have the capacity to revolutionise technology and beyond, but we need to be conscious of its practical applications. Blockchain will operate in the real world, and for it to grow as much as the evangelists would have you believe it would have to, by definition, become mainstream. That requires a bridge between the current world of blockchain and the practical applications being developed for mass use. And that means acknowledging any potential flaws in security, or that it is still open to human error or that there are political and environmental considerations to be aware of.
As for the specific area I am working in — ‘insurance’ — I truly believe in the work that Nexus Mutual is doing. Mainly because I am a car-insurance-policy-holder scorned. I legally have to pay for car insurance. When someone else hit my parked car, admitted liability and paid to get it fixed, my premium still went up because the insurance company had statistics to prove that “a person who is involved in one incident is more likely to have a further incident, regardless of fault.” I’m not saying blockchain will magically solve my problems and I will leave the insurance expertise to the experts. But as a real-life user, I honestly would like to pay into a mutual with the security that my problem will be dealt with openly, transparently and by people who are invested in my personal outcome; rather than Mr Man at the top of Insurance Company A, who wants a better bonus.
I am a newcomer to the field and I’m sure there are a thousand different people with as many opinions on this technology and the surrounding community. While it is a complicated technology (perhaps there is some wizardry involved), its real world benefits could be great. Obviously I don’t know what will happen with its progress but I do hope that it will benefit people and I do believe in the fundamental changes it could bring to our society. Blockchain has been around for about 11 years now, so it’s easy to get caught up in predicting where it may or may not go. For context, the first modern computer was developed in 1936 and the concept of a home computer for a non technical user didn’t come about until 1977. We know technology growth is exponential but even so, we’ve probably got a little time to develop this one impactfully and appropriately given our current socio-political climate.
I’m going to AraCon next week and am really looking forward to understanding exactly how much I have yet to learn. I shall be tweeting from the only perspective I have — a new-to-the-scene, non-technical person with a love of learning. Feel free to join me on my journey, ask questions or help me learn things via the regular social medias or chat with me here.
Glossary: just kidding — there are about a thousand acronyms and terms that need explaining and I don’t know most of them myself, and/or they aren’t relevant to this.
Things that helped me, in the early days:
https://hackernoon.com/wtf-is-the-blockchain-1da89ba19348
https://podcastnotes.org/2018/11/20/naval-balaji/
https://www.bloomberg.com/features/2017-the-ether-thief/
If you want to feel equal parts inspired and bad about your own life choices: http://www.ananyac.com/
If you want to know what startup life is really like: https://medium.com/startup-grind/fuck-you-startup-world-ab6cc72fad0e
*I’m still in full support of people exchanging anything of any value for a good pizza and there were times last year (when I was hiking) at the peak of the crypto-rush that I would have done the same exact thing.
- * It turns out that you can also call real life ‘meatspace’ and that blew my mind hole.
Before moving on, make sure to press follow, leave a clap or 46, share today’s highlight and if you missed the last article, click here.
Read about the Altcoin Magazine Mastermind Event here.
Follow us on Twitter, InvestFeed, Facebook, Instagram, LinkedIn, and join our Discord and Telegram.
The purpose of ALTCOIN MAGAZINE is to educate the world on crypto and to bring it to the hands and the minds of the masses.
