Crypto grew up in the tech community – as the shiny new toy, all very mysterious, very cool, and relatively simple to code. We think currency, because of the success of Bitcoin - the first practical, fully libertarian currency. Combined with options, BTC is by far the ultimate solution for low volume, completely off the grid, anonymous transactions. The innovations are the DL and the Smart Contract.
By itself, at the volumes required for practical applications - DL is utter sh1te.
Block verification takes too long, sucks up too much energy, and the mining community is not independent. It is technology with a VERY limited market – the $5 mouse-trap in a 10c market.
Almost all practical applications run on a monopoly PL – a master data base integrated with smart contracts. The PL is just another business funded IT project - business ‘tells’, IT ‘executes’. There are no miners, no utility token sold for cash to pay the coders and developers, and no buy/sell of token as investments. Grown ups rule.
For most businesses a PL integrated with smart contracts is becoming essential, and many will just outsource to a cloud provider. What used to require a cast of thousands, and millions of $ – is no longer a barrier to entry. However, the mind set is completely different – coders and developers just don’t have it.
The deal-breaker is the corporate social responsibility around implementation.
The initial annual cost for a very modest business may be the equivalent of 3 staff, excluding benefits – but save the cost of 5 staff including benefits and RE space. Assuming 50K/head and 25% benefits – about 162.5K/yr, excluding RE savings. With Covid-19 likely to be with us for some time, and most economies in various phases of ‘re-start’ – not enough to warrant laying people off tomorrow, and in quantity.
Obviously, interesting times.
SD