Success is accompanied by survival disruption—the logical error of focusing on the people or things that caused them to pass the selection process while ignoring those who didn’t—as well as a potential superiority complex inherent in those who survived.

This has led to the dominance of financial products in cryptocurrency due to its successes so far, but the lack of products and markets for real trading. Blockchain entrepreneurs do not take into account what should be the most popular category of users, and those who do, often end up sending out products that fail to market.

Blockchain and Financial Economics
In the period 2016-2017 with the launch of crypto, many companies launched promising products based on the blockchain – social networks, telephones, logistics, legal technology, e-commerce technology and many others. Most of these projects fail for common reasons, such as a lack of adaptability to the product market or a lack of network power that drives the product.

The winners in the early blockchain product era were mostly financial products, which found their customers among the many who chased asset valuation as they transitioned from coin to currency. These were also the only products that offered interfaces that did not force the user to interact with the chain directly before they needed to make a withdrawal, and this also allowed millions to store their assets on exchanges instead of protecting themselves with original wallets.

In fact, the focus of blockchain on the financial economy was so disproportionate that we somehow left the real economy behind. Most cryptocurrencies target the same economic-minded user. If you practically look at a well-funded product in the room, it somehow focuses on providing solutions to speculators. Most of the industry is vying for exactly the same attention.

We envision our growth and maturity of decentralized finance – for example, the introduction of non-tradable tokens and the growth of decentralized exchanges. From a product perspective, it is very important to keep track of how the industry as a whole is developing. Cryptocurrency should develop into an efficient market where one can easily use cryptocurrency to purchase services and products; That is, using it also as a means of payment for a variety of easy-to-use and intuitive products and services, and not only for financial speculation.

Related Topics: Understanding the Systematic Transformation from Digitization to Tokenizing Financial Services

again and again
Until we provide cryptocurrency to people for non-investment purposes, market growth risks stagnating. The market in its current state is saturated with products that target the same group of users. If we want to grow the category and grow the market, we must start putting cryptocurrency into the hands of people who are not investors or speculators.

For more than a decade, products that support blockchain technology have developed at a rapid pace, but the most successful companies in the industry and their products are almost entirely focused on boosting the financial economy. The biggest remaining opportunities in this room are those that aim to target the use of cryptocurrency as a medium of exchange, and put it in the hands of non-technical people who want to do business with non-governmental currencies. El Salvador, for example, is the leader in this approach.

Related: What Exactly Is Behind El Salvador’s “Bitcoin Law”? Experts answer

Today’s winners, the companies that process trillions of dollars in daily transactions, are the result of the “age of financial products,” and it is up to us, the engineers and entrepreneurs, to build the next generation of companies and products. Survival bias may dictate that the best and brightest minds in the industry must work with the next generation of CeFi and DeFi platforms. Indeed, now is the time for us to start distributing products that will take assets based on cryptocurrencies and blockchains and use them the way they were meant to be used – as peer-to-peer currencies, which drive the exchange of commodities. and services.

This is because, as survival bias suggests, the most sophisticated minds and product designers in the blockchain space have focused on what has been proven to work – financial products. It opens up a great opportunity, in areas where people are not focusing their attention, to design a different set of products to solve another problem.

Source: CoinTelegraph