Life is constantly evolving. That means so is society. We see it within our cities, states, and nations. Companies follow the same pattern.
Or they die.
Those that fail to adapt become obsolete. Things are consistently in flow, whether it be capital, demographics, or ideas. Stagnation does not seem to be part of the human condition.
Again, that which stagnates eventually dies off.
This is an important concept in such an advanced time with technology. The expansion we are seeing in this realm is mind-blowing. It is something that only seems to gain in power over time.
If that is the case, why do we expect cryptocurrency networks to remain stagnant? What is happening in the rest of the world that can show us what is actually occurring within the digital?
Actually, might it be better to view the digital as the leader for the "real" world?
Going Global
Globalization changes everything. A number of decades back, we saw the impact of this in the manufacturing sector. As jobs were outsourced via access to low wage markets, we saw a major shift in the developed world. Countries such as the US and Britain watched as entire segments of their population were financially carved out. There is little dispute that when something is global in scale, a lot changes.
Cryptocurrency and blockchains are global by nature. They are permissionless meaning anyone from anywhere in the world can participate. This opens up an entirely new process that was not really seen before. How is this going to shape the future of our world in terms of communication, finance, and wealth distribution remains to be seen.
What we do know is major disruption is going to ensue, taking some of the largest companies down.
However, when we hone in closer, we understand that the crypto networks themselves will have to adapt. It is easy to claim that we have a blockchain. The question is what is it capable of doing especially as compared to everything else that is out there. After all, we know what happen to Nokia and Motorola. Sure, they still have phones but they were not comparable to what Apple rolled out.
Since blockchains are global, they all start at the same point. There is no advantage to being spread in that manner since all have some degree of that. Also, if truly permissionless, then any developer can use the network to build upon.
So what distinguishes one from the other? At the moment, it is basically hype. The ones that garner the attention are attracting the numbers. What is important is whether this is always the case?
If other areas of technology are the example, this is not likely. We see the life expectancy of innovation condensing as more disruptors regularly show up. The idea of a company starting today and being around in 100 years is less likely than ever before. There are simply too many other entities which will cause havoc, putting that first entity out of business.
Many Industries Facing Disruption
There are many industries that are about to face disruption. We can see this with EVs. Gaming and social media is about to have a major upending. eSports is gaining in popularity, affecting the entertainment realm which also saw streaming alter a great deal.
The point is we are in an age where taking anything for granted comes with a risk. If we are not looking for potential threats, there is a good chance we get blindsided. After all, Blockbuster and Kodak spent years ignoring the sledgehammer that was about to hit them over the heads.
It seems logical that the successful blockchains in the future are those which will evolve technologically. After all, when it comes to developers, they need more tools at their disposal. When something is not available, they will find where it is and incorporate that.
Here we have a fundamental basis for crypto development which is not discussed a great deal. A lot of the blockchain world, at least what gets the attention, is more of the same. Teams are focusing upon scaling, transactions per second, and fees. While all these are important, are they really what is going to separate themselves from the others? If many scale while offering cheap fees, is there any advantage to that?
The key is to seek something unique. Here is where Hive does offer a few possibilities. Others are starting to add some of the concepts in, so the advantage is not going to be there forever. Of course, innovation does enter at this point. It is no so much where Hive is today but what will it be offering in 5-7 years?
Blockchain networks, due to tokenization, become like economies. Over time, they grow while also having the potential to collapse. The British economy was once the crown jewel of the world. Now, it is the 5th or 6th largest. Other countries passed it.
Evolution and adaptation is vital for the future. Anything that seeks to survive long term needs this. This might always have been the case. However, we are seeing it show up in many other areas.
The world is one where builders excel. Without them, we do get stagnation. And that is simply unnatural.
Crypto networks seems to fall under the same premise. Where is the building taking place and what is being done?
This needs to continue to be our focus.
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Its indeed right,sometimes we cannot avoid change since its part of us always. This is the same with cryptocurrency and blockchains and technology in general. Thank you for the post and the information.
No stagnation in life, Crypto currency need same evolution, life goes on, a situation whereby anyone is left behind, it cut so many things in place out
Things change, some leave but those with the right path stay.
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Can we apply the same logic to BTC and ETH. BTC may be the first coin, and for how long do we keep rallying around such rhetoric, is it sustainable in the first place under the toning of "STORE OF VALUE"? The market now after a decade of crypto invention demand much more beyond store-of-value. So we can not take shelter under the dictum of the store of value, deflationary inflation, etc. till eternity.
Tomorrow if any project which is more evolving and adaptive brings out innovation to cater to human needs, it can easily excel. The only point where they would be at the loggerhead is the community size, which takes time to build. And building a community in a less competitive environment is easy as compared to a more competitive environment.
You can probably to Ethereum. The challenge for Bitcoin is there is little technological advancement at the base layer. This could hinder it in some ways.
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I remembered the days of Nokia, as far as my country is concerned noone jokes with a Nokia phone then. It was number one. Then they decided to sell to Microsoft and started run on Windows, which became how they lost value when android came in place.
I love this post.
Nokia and Motorola were the dominant players. Apple was a niche company and them exploded. The rest of the Android entries really did the other two companies in.
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While planning to write a post about the sustainability of blockchain economies, I came across this post from which I will borrow some ideas :)
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Obviously, anyone who doesn't embrace change and scale will be left behind. We have seen it happen in history time and time again. So we shouldn't be caught getting stuck with old ways of doing things.
Surely, the rest of the network are beginning to do the things Hive had been doing which shows how anyone can build on an already existing network. While this is happening, Hive needs to move up the ladder to stay valuable and beat it competition.
So we will keep building, evolving, and adapting for the sake of the future, that way we don't become obsolete.
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We just have to keep pushing things forward. Innovation is vital to keeping relevant.
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I completely agree with you.
Like you said even in blockchain itself there is going to be disruption. We are already starting to see that with the introduction of Threads and things like that. The status quo of long form content creation is being disrupted. The user base is going to need to accept or adapt.
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There is no standing still.
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Very good reflection 🤔. Interesting and very true.
The Great British Empire was very impressive for sure. It was WW2 which broke it eventually. Well, and the time very shortly prior to that.
We hope to get this web3 without such a bloodbath maybe.
Technology is constantly changing and anyone who just sits by will be left behind. In a way, what crypto need are good use cases and people will flock over. So it's still in the development stage.
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It is surprising to see the British economy ranking 6th position from its previous first position, that is an indication that cryptocurrency might become the envy of all eyes.
I see Hive as the best social blockchain in existence - and nothing else even comes close. Where facebook royally failed, Hive has succeeded and thrived, and without all the horrific Big Brother control and censorship that we've all come to know and expect from Big Tech!
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Adaptation is important for everyone and even more so for us human beings, in addition to expansion, we will surely survive in any eventuality
Cryptocurrencies are the future and thank
goodness that we are part of it.
H, I, V, E, Hive! Hive! Hive!
I really hope this network makes it.
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