Anthony Parker the blockchain strategist, and founder of Cuberoot64 recently shared his views regarding the new blockchain startups entering the space. The problem that he identified was related to saturation, the startups fail to identify if a particular problem should be solved using blockchain or can a centralized system cater the problem in a similar manner, which in turn saturates the space and the money isn’t put in the right place. ICOs are raised for projects with low use cases which blockchain can solve effectively. Talking to BlockPublisher on the subject, he stated,
It is fundamental that startups understand whether the use case needs a Blockchain solution at all…
The blockchain strategist also seemed to believe that the blockchain startups are the ones that would at the end trigger mass adoption of blockchain and crypto, so they have to be careful with their products that they launch and raise funds for. He said,
Blockchain startups can help crypto adoption if they utilize best practice when designing dapps and look to promoting user adoption.
The CSO of Storj also seemed to have similar views when he said that the people only cared about the use cases that the technology could offer and not the technology itself. Similarly, the founder of Karmaship, Alfa Warrior also believed that UI and UX were the factors which should be kept in mind while designing dApps. He said that these factors are ignored which is why the adoption rate is slow. He stated, “The adoption rate is slow because crypto is still pretty hard to use and understand.”
Anthony also had pieces of advice for the upcoming startups, he said that the startups need to identify their limitations and design their roadmaps accordingly. Anthony stated,
I see too many ICOs that don’t consider whether they will be classed as a security token under US SEC Law. Understanding this will dictate your market, your roadmap and adoption rates. It’s fundamental that startups understand potential limitations in geographical markets.
Conclusively, it can be said that the main things to be kept in mind for startups is that they should focus on the use cases, have better UI, Ux and make it easier to use for the general public. Additionally, they should identify their limitations and accordingly dictate their market, community and roadmaps as suggested by Anthony Parker.