” It’s over, it’s over, it’s about to end, maybe it’s about to end“Would Beckett have been right? Is the cryptocurrency universe really falling apart after only a long decade of existence?
Detractors love it. After the collapse of Terra Luna, Celsius or even the failure of the FTX platform (October 2022), many are waiting for the total collapse of the ecosystem. However, we will have to wait a little longer before burying these technologies…
All innovations fail in some way before they are widely adopted
Web3 didn’t wait until 2022 to suffer its first setbacks. Already many failures have occurred with, to begin with, the terrible failure of Mt Gox (Japanese bitcoin trading platform) in 2014 which went bankrupt after a massive hack.
“In general, wouldn’t all innovations go through a tunnel of failures before coming out stronger? »
In general, wouldn’t all innovations go through a tunnel of failures before coming out stronger? Isn’t this a necessary process that allows a technology to build sustainable uses (reviewing the user journey, regulating rights, understanding limits) as illustrated by the famous Gartner curve?
Bénédicte Tilloy offers another point of view in her committed columns: rather than talking about failure, wouldn’t it be wiser to talk about attempts? Before we find the most relevant use, rules, rights, we shouldn’t try ?
So how can we regain confidence in an environment that seems to have been hit hard by an unprecedented crisis?
This crisis is symbolic of an ecosystem that has grown too fast, with too much money, too fast. Remember the 2000s Internet bubble that followed the same fate. Another way to look at it would be to think that ultimately it is encouraging that so many people are passionate about these technologies.
Aren’t these repeated failures automatic fixes to a market where all the players got carried away too quickly?
There would be cause for concern if Web3 were limited to speculation. So certainly, financial and monetary is a big part of the Web3 environment and going into this bear market marks everyone’s mind, but they’re not limited to that.
Would one way to limit these crashes be the dissemination and therefore the more massive adoption of these technologies? Understanding is the foundation of sustainable uses.
If FTX users had been aware of a potential bankruptcy risk of the platform, would they have invested so much money on the platform? Obviously not. They didn’t know, or they just didn’t try to find out.
“We can make the choice: let this technological jungle develop or take matters into our own hands. »
We can make the choice: let this techno jungle develop or take matters into our own hands. Institutions and companies: take the time to understand and train your teams, your trainees, your managers. How to build a stable ecosystem if you don’t acquire the basics?
Mathieu Aguesse, director of the Schoolab Innovation Studio in San Francisco recognizes it “it is above all a cultural revolution, not a technological one. The field is no longer reserved for pioneers and ultra-specialists, use cases abound in many industries. That said, the technology hasn’t yet fully fulfilled its uses, so the acquisition curve remains sinusoidal.”
“It is above all a cultural revolution, not a technological one”
Training allows not only: to form an opinion, not to make mistakes (personal or professional) and above all to take the time to build together this still uncultivated ecosystem. Many players in training are developing to enable this democratization. Some are technical and others are more generalist like Wagli, who works to democratize knowledge and put the market into practice in multiple sectors.
The role of the media is also precious in this turning point, as well as in particular the specialized media on the subject (The Big Whale, Wagmi Trends to name a few), of our ecosystem such as Maddyness as well as obviously generalists.
Training is mental gymnastics: let’s not remain passive in the face of these innovations. We have no choice if we want to remain protagonists of this revolution.