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If you stop innovating in crypto space you die

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Behiver
@behiver
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Cryptocurrencies came to life as a remedy of the financial market collapse in 2008 in the form of a payment instrument not managed by banks through decentralization, with low transaction fees and governed by technology and code. In code we trust become a syntagma that we all have heard about and trust more than people or centralized institutions. Beside providing similar earning instruments compared to traditional finance like borrowing or savings, things expanded well beyond that through DeFi smart contracts which allow you innovate new ways of empowering users and their assets.

Blockchains and cryptocurrencies are built with a meaning in mind and once that is reached they need to keep on growing and developing that domain. We say that those that weren't true to their scope, they perished and will continue to do so if they don't have a clear goal or not coming to solve a real life problem. And once such an ecosystem is established, don't think that things are stopping there. Users acquisition is the powering engine of blockchains and if you stop attracting new users, if you stop innovate for sure you are going to disappear from the space and slowly die.

We've all seen blockchain and crypto projects which reached a certain maturity, but for some reason the team or the community behind them stopped working and adding new features. When innovation stopped the entire ecosystem went into hibernation and current users started migrated to more active and emerging spaces. Because of the open market when there is no demand are going to deteriorate pretty fast. And once that start to happen, it will be quite hard or even impossible to gain back the trust of users.

Innovation and always coming with new use cases is the only thing that keeps a crypto project alive and gladly we are seeing some pretty active use cases on HIVE blockchain and beyond. Let's just give some examples in this regard:

  • Hive continues to expand, to add new features and attract new users. The last hardfork improved the Hive stablecoin known as HBD and provides simple staking (saving) system through 1-click operation for a steady 10% return with periodic revisions.
  • LEO Finance project expanded into DeFi based on the knowhow gained in the crypto space and with the support of some serious team members. Beside that they have strong economics and incentives to keep users interested in the projects and a roadmap that should keep us occupied for years. And beside this they've build multiple applications that make things easier for entry level users and traders: LeoPedia, Hive Stats, LeoDex or CubFinance.
  • Splinterlands game just launched their governance token (365 days airdrop) and with the bridges on different blockchains is living a user growth that is simply amazing. Strong use cases through their tokenization of SPS, SPT and DEC keep the system alive and in perfect movement. Not the least the game roadmap with the Land expansion and other gameplay features should ensure a dynamic environment in years to come.
  • CTP established itself in the marketing domain and I am still waiting for it to fly off the shelves. Still needs to launch a new UI and to capitalize on the users that are interested in this domain. On top of that the Miners or CTPSB fund enriches the users experience and brings them more wealth.

Seeing the above examples I think we are in the right place and projects that 1 year ago were being born, now they are well established and quite active. Those that will continue to innovate, that will keep the pace with the industry standards and the new direction will thrive in the future as well. Those that will not, will probably die as I am sure that other competitors will come from behind. Because we all know that in order to make money, you need to spend money and that is on developing and innovating in your crypto field of duty.

Posted Using LeoFinance Beta