Сoingeek’s author Patrick Thompson thinks that blockchain will never die. What arguments has he got?
While some big companies chiefs think that bitcoin itself is the biggest problem of blockchain, the crypto community is quite optimistic about the future of distributed ledger technologies.
Thus Сoingeek’s author Patrick Thompson writes that some blockchains won’t leave us for a long time.
He believes in three key arguments of a great blockchain lifespan: big bankrolls, community, and developer environments. Let’s try to see what is meant by these words.
“Some early Bitcoin investors made a lot of money from being one of the first to put funds in an experimental technology with an uncertain future. While some of these early investors left the market, others re-invested their newfound wealth into other early-stage projects, which made even more money”, – Thompson wrote.
Despite the fact that some blockchains use Ponzi schemes to develop, he believes massive amounts of wealth and deployable capital are already gathered in the most sustainable blockchain networks, such as bitcoin. This wealth, therefore, needs engineers, consumers, and finally community.
So the second argument – community.
Besides the millions of common crypto enthusiasts, last years a lot of celebrities have been endorsing blockchains and spreading info about it to their multimillions audience.
Look at Crypto.com brand ambassador Matt Damon, who became the crypto influencer for most Americans. Such people surely give confidence to crypto hamsters.
And the last reason – developers. “The easier it is for developers to build, the more developers that will want to build on the chain. The more developers that build attractive solutions using the protocol, the more investment dollars, speculators, and consumers will flow into the protocol; the more people there are on a protocol, the more significant the network effects will be, and the more resources the protocol has overall, whether that be money, developers, or consumers, the longer it can continue to live, no matter how technologically restrictive the protocol may be”, – concludes Thompson.