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Crypto Conflicts: A Race to the Bottom

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In a space that is barely maturing, and has been under the spotlights of regulators who are seeking an opportunity to either discredit the space or bring it under total control, one would think that there would be a united front to address these crucial teething challenges.

Yet that appears to be far from the truth going by some communities and what we hear everyday. We see one community in the blockchain trying to claim superiority over another and how they will potentially 'drive' such stated opponents out of the market.

Yet this potential race to the bottom isn't just misplaced, it is also possibly dangerous and unhealthy for the community in general. It is like a closed economy where organizations compete with each other for what is available, rather than branching out to a lot bigger, untapped and lucrative export market.

This is especially worrying when you consider all the challenges the space is laced with. As someone puts it, we're trying to prove our worth to the masses with strong mainstream opposition. While it is good to ensure that checks and balances are in place, every blockchain participant is already an ambassador of sorts and is passing a message across to the mainstream.

One of the concepts I am most proud of in the blockchain is the ability to organize and cooperate for mutual benefits. Virtually all blockchain projects are built on cooperation and community participation. Hive for instance has continued to grow as a result of strong trust between the witnesses and developers alike.

We Rise By Lifting Others

However even on the Hive chain, there have been a few noticeable community issues which has stunted the growth of some projects.

I will always cite Leofinance as an example of what cooperation does, even though I fell there is a lot more to come. The harmony and lack of toxicity in the Leofinance community has enabled for continuous innovation and a heightened sense of trust among community members. If such a synergy can be replicated on a larger scale in the blockchain, then the growth potential will simply be limitless.

Conclusion

We are quite far away from Lalaland as a community, and in order to ensure we get there, there would need to be continuous synergy in our process, objectives and vision to ensure the best of innovation and growth.

Posted Using LeoFinance Beta