Blockchain technology has been gaining momentum recently, with the rise of Bitcoin and Ethereum ETFs attracting more mainstream investors to the crypto space. Decentralized projects like DeFi are also experiencing growth in users and assets. Regulators in various jurisdictions are starting to show interest in working alongside blockchain technology rather than against it. This presents a unique opportunity for those involved in developing blockchain-based projects, but there is a risk of missing out on this potential opportunity.
The blockchain community has always been optimistic about the future, often saying “wait till next year” for significant developments. There is an expectation that once Ethereum transitions to proof-of-stake in 2022, scalability issues will be resolved, leading to widespread adoption. Similarly, many believe that clearer regulatory frameworks will attract institutions to enter the space on a large scale, ushering in a decentralized future. However, the industry may not achieve this vision if it continues on its current trajectory.
While blockchains are technical marvels, the focus on financialization has limited their potential. Most people outside the crypto space still associate blockchain technology primarily with digital money and financial platforms like bitcoin and dogecoin. This perception, coupled with the industry’s heavy emphasis on financial products, has created an exclusive ecosystem that has not gained widespread acceptance among regulators and the public.
To overcome these challenges, the blockchain community needs to refocus on the true purpose of blockchains: not money, but time. Fundamentally, a blockchain is a clock that records transactions in a transparent and tamper-proof manner. This chronological record serves as a universal source of truth in a world where trust is declining. By understanding this core function of blockchains, developers can unlock their transformative power and build products that offer significant advantages over traditional systems.
It is essential for the industry to move away from a narrow focus on financial products and embrace the broader potential of blockchain technology. By developing products that address real-world problems and resonate with a wider audience, the blockchain community can increase its relevance and impact. This shift in mindset requires a collective effort from developers, founders, investors, and advocates to rediscover the original ethos of decentralized infrastructure.
By leveraging blockchains as universal timekeepers, the industry can create essential products that benefit people from all walks of life. Unlike e-commerce sites or social media platforms, which have garnered widespread public support, crypto has largely remained irrelevant to the average person. To change this perception, the industry must move beyond financial opportunism and prioritize the development of products that truly matter to people.
In conclusion, it is crucial for the blockchain community to reevaluate its priorities and refocus on the core purpose of blockchains. By embracing the technology’s potential as a universal timekeeper, developers can create products that have a meaningful impact on society. This shift in perspective is necessary to move past the current state of financialization and insiderism, and build a future where blockchains are truly indispensable to people around the world.