Revising proposition leads to a project's turning point
It's odd how slowly I adapt to the ever-changing landscape of the crypto space. Recently, I started exploring the realm of DeFi. Needless to say that it felt like I'm already late for the party. The term DeFi has been around since 2018 and it's been spreading like wildfire over the crypto space since its boom in recent months. I basically ignored it until recently. Maybe the excitement in BTC, ETH, social blockchains and whatnot has occupied my thoughts that I fail to realize the opportunity that I've been missing this entire time. I guess that's enough intro for my post.
What I really want to talk about is why crypto projects deviate from the status quo and change the direction in pursuit of the success it's ought to be.
I thought that blockchains & cryptocurrencies have a very well defined structure that makes it very difficult to change or alter anything after it was initiated. It turns out to be true. In order to make the changes happen, it will require the majority of the validators or witnesses to agree on the changes and perform a hardfork.
On the other side, anyone can freely fork the existing chain and recreate it into a different entity. Even a single person can do that. And that person can simply everything depending on his own will. The more challenging aspect of it is convincing others to be part of it. If in case that the community also accepts it then we can say that a new blockchain is born.
There are many reasons why a project has to perform a fork that will create a new blockchain. One of them is security. This is the primary reason why would someone or some group will decide to fork a chain. And that is to restore the status quo that was breached by an attack vector.
Another reason is to revise the status quo since someone or some group does not agree with it. Sometimes it is much easier to restart than to try to unravel the issues and try to fix them while the chain is operational. It is a tedious job and it is less motivating to do in comparison to recreating a new one.
After all, a new blockchain has a better appeal than the old version of it.
That's especially true for cases in which the new chain has a better proposition than the other. It could be an advancement to technology, usability, efficiency, and so on.
If you try to browse through some of the popular cryptocurrencies in Coingecko, you will notice that many of them have a similar use-case that is being offered by other coins on the lower tier of the list. Many of these new coins are a direct fork of the popular ones. The difference that they make is the improved proposition than the original. The better program, lesser fees, more efficiency, superior scalability, better interface, and some of the features being added to the original proposition.
This for me is a healthy competition. On top of that, it will boost the development of this technology to level up and achieve astonishing results.
That is the beauty of decentralization and open source development. The initial development that was shared with the community could spark new ideas and better implementation strategies to come up with a better and improved product.
For me, this is where the real value of blockchain and cryptocurrency comes from. The continuous innovation of the technology!
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