Spencer Bogart recently released a great post on blockchain’s history and where he thinks things are headed. The history section is a great overview for those new to the space but where I’ll focus on for this post is the future of where it’s going.
Spencer mentions that we are headed from a period of lateral competition (competing base layer protocols) to a period of vertical construction (building the tech stack on top of base layer “winners”). Truthfully, it is the latter that I have been waiting for. Many talented teams have been working incredibly hard (especially since 2017’s bull run) to create the building blocks, dev tools, and scaling solutions so that builders can unleash the true potential that blockchain technology offers by way of applications that are intuitive, easy to use, and uniquely enabled by Web 3.0.
It is this excitement that led me to co-found Onward Labs, which has been focused on building out the Trust Economy. I believe blockchain technology offers the best hope to empower billions to take control of their money and privacy, while also making it possible to create a new version of the internet that levels the playing field and allows a new generation of consumer applications to flourish. Imagine a world where:
- The world’s 1.7 billion unbanked population finally has easy access to financial services
- Google, Amazon, Facebook, and Apple no longer have an easy way to “tax” consumer companies that seek wider distribution and no longer have a buffet of consumer data
- Antiquated methods of “proving something” go away and are replaced by easy to use tools leveraging new universal forms of identity (hello voting)
Ultimately, I believe that blockchain and crypto assets will play a huge role in empowering the average individual and enable countless new use cases owing to its ability to address everyday pain points involving trust. Like any new major paradigm, this will take time and a long-term view is necessary to fully appreciate the opportunity at hand. I most certainly am and I’m excited to see how this continues to develop from a niche community a mature ecosystem.