The recent downward shift in the cryptocurrency has got everybody having an opinion of their own and their is a re-ignited debate on the use cases and probability whether the space would ever be able to fulfill its potential. While many believe it is due to the inevitability of timing that we find ourselves in, others have more logical reasons behind the cluttering crypto-economy. One such voice is of Charles Hoskinson. The founder of Cardano and chief operating officer at Input Output Hong Kong believes that the space is facing a rather earthbound period due to massive cluttering of the eco-system.
He was talking to EAK TV at the recently concluded Malta Blockchain Summit, BlockPublisher’s exclusive media partners. He shared his views as:
Many of these projects are unlikely to survive when the market turns and the sentiment shifts. The teams getting funded without a viable product, go-to-market strategy, and value proposition will get washed out, but the strong people will survive and will go on to become the Amazons and the Facebooks and the Googles of the future.
He also believes that the projects in the space should offer complete value propositions to the users, something that the internet era was able to take advantage of. in the past. He compared the two genres as:
The dotcom boom and bust didn’t mean the internet was a scam, or that all of these companies like Amazon and Google have no value, What it did was make it clear that if you’re going to invest and build things you can’t divorce yourself from reality and basic business principles. If you have no product and you have no strategy for acquiring customers and producing value, you shouldn’t be worth anything.
The Cardano founder made profound remarks, which further establish grounds that many of the projects in the space as of now are only there because of the hype of it and will run out of steam once the competition kicks in and main adoption takes place. The real virtue of all the work being done is to create real value, which will be the only substance the space will stand on, if and when it does so.