Devcon 3: Independent Wisdom That Is Worth Something
Anytime a technology becomes so important that it holds a conference in some exotic location, you pretty much know it has reached a milestone. Ethereum developers have attained that milestone, and even more.
Last week Cancun Mexico was the site for Devcon 3. Cancun is a pretty exotic spot where Spanish wasn’t the only foreign language spoken. If you have ever spent much time in the company of two or more developers, it can be difficult to translate. They speak in terms that only another developer can understand. Believe me it is beyond Python.
After reading the translation of the event into layman English, I thought it was important to share some key findings. The motive is simple; help you make sound, informed decisions. We are big fans of the Ethereum platform. It forms the base for SilentNotary.com.
So by presenting you with the thoughts of independent experts you will have an unbiased picture. Off we go.
Ethereum: The Killer App
Ethereum has seen meteoric growth this year, in part, due to the success of ICOs for open-source project and startup funding. Etherscan CEO called ICOs Ethereum’s “killer app”. This man is right: more than 10,000 token projects launched to date — 13 of which have eclipsed $100 million in total market value.
But Killer Critics
Critics claim that too many “seem like a cash grab from people who are unable to raise money from venture capitalists.” That is a bona fide observation. Venture Capitalists won’t look at a company without some revenue traction and the need for at least $10-$25 million. ICOs are for early stage companies looking for the first funding; maybe as little as a few hundred thousand up to a couple million.
This first level funding is what gave crowdfunding it reason for being. ICOs or crowdsales are the very same approach. The risks are commensurate with the rewards but you still need to have a method to follow in order to be successful.
The loudest criticism seemed to be focused on the notion that many of today’s ICO projects collect even before they have a product. Ethereum developers largely believe that the individuals behind an ICO should have a prototype to prove their idea could theoretically work in practice.
That is a valuable requirement if Elon Musk were doing an ICO for SpaceX. Investors should be entitled to know if a spent rocket could safely be returned to earth by landing on a barge in the middle of the Atlantic. Unfortunately that prototype had to be funded with some major risk capital.
The idea of a prototype is fine if you are an early stage Roku with a small hardware device but in today’s world of cryptocurrencies, prototypes boil down mostly to software. In this regard, we suggest a different litmus test.
Does the company doing an ICO have the right game plan along with the developers to execute their plan? The ICO world is not short of ideas, but there is a shortage of developer expertise.
The Shoe Fits
Taking a hard look at some of the opinions coming from Devcon 3 reminds us how SilentNotary is positioned to shine amid even the heaviest critics of the fledgling ICO process.
SilentNotary.com is the worlds first blockchain notary company. Their mission is to build trust and verification in the world. This noble aim, however, is followed with real world blockchain applications.
In addition to creating easy to use mobile apps and chatbots, SN has developed Lightstamp, a patent pending technology that eliminates the possibility of data falsification.
With SilentNotary, documentation is as automatic as the click of a Send button
This is a powerful weapon in nurturing and restoring trust. And it clearly demonstrates that with SilentNotary, the product has come before the ICO.
SilentNotary has first mover advantage in an addressable market totaling in the billions.
The Customers Served
Everywhere trust and verification is required, there is a customer. Think Business to Business markets like Insurance, Artists, Contractors and Blockchain Land Registrations for governments and cities. In the Business to Consumer market we address 2.32 Billion Smart Phone users. Everything is streamlined with extensive use of mobile apps and chatbots.
The SN Team: Breadth Is Strength
The SN team totals 14 and growing. We are more than just code writing developers with another flashy new app. SN consist of financial and legal experts, product designers and marketing specialists. The team has the firepower to deliver.
Coming Up Next
The main ICO is scheduled for November 2017. The majority of the SNTR Tokens will be sold in the main ICO as the current Pre-Sale has successfully concluded.
We are most gratified and encouraged by the support we received starting with the Pre-Sale and now look to moving forward with the main ICO.
Please join the team at SilentNotary to restore trust and confidence: welcome aboard!
James Waggoner, SilentNotary PR & Communication
