Instead of starting with decentralization in your thinking and then trying to find value through that, start instead with de-institutionalization. The potential of crypto is not the individual currency but the network of currencies.
Our parents/grandparents invented the internet but didn't find ways to turn it into what it is today. Our generation invented the blockchain but it will be our kids who will end up turning it into valuable infrastructure. They will not be limited to understanding and applying it like we do but be able to think about it from a "born blockchain" perspective.
We keep trying to think how we can use it for things we already have solutions for which is of course not really going to do much. Instead we have to think about things that we don't have solutions for and which can't be done easily.
CryptoKitties is one of the best examples of how this can be used and if you think that is silly then you are right so are many other ideas that end up turning into amazing businesses.
So I say, let a million cryptocurrencies bloom it's the network itself that's the utility not the individual currency.
Repeating this over and over again doesn't make it true. Google, Amazon, and Ebay we're established in the first year of the eternal September, and immediately started changing people's lives. We're 10 years after Bitcoin, and still with nothing to show for it but money laundering and pump and dump schemes.
The blockchain is a protocol, not a company.
The TCP/IP protocol was decades old before it became useful to build companies on top of exactly because it required A LOT of networked connectivity, people to make various investments and critical mass from users.
Give it time.
We're currently sitting at around 8 networked devices for every human being, how many more do we need? 15? 20? What is holding blockchain back, since it is definitely not university membership?
I am saying that there aren't enough cryptocurrencies and thus the network is not pervasive enough to become infrastructure plus it's still mostly academic and you need to understand it conceptually to start making sense of it.
Most people don't even most of those who are involved in it.
Don’t get me wrong, the idea of decentralized anything is cool to me. I’d love for it to be an avenue for reclaiming sovereignty or privacy or whatever else. I just have yet to see it actually solve a new problem. And switching from the way things are to using blockchain “just cuz” isn’t really a step forward imho. It’s a step sideways, where now we have a different backend but in the end nothing has improved.
I’d be happy to hear novel solutions blockchain provides :)
I always think about the blockchain as TCP/IP with history. Plenty of value in that.
It is very early days, and it is quite complicated to build new products and businesses given that the tooling is poor, the crypto networks are slow, and many mainstream technologists take endless pleasure in shitting on crypto and cheering when prices fall, but progress continues.
I think cryptocurrencies and smart contracts have earned a seat at the table for disruptive technologies of the 21st century, along with cloud computing, AI / ML / big data, and smart phones.
There's probably an argument that one of the main drivers of European colonization was pursuit of a de facto increase in currency supply.