It’s likely that you didn’t wake up this morning and think: What the world really needs is yet another blockchain protocol. And, of course, another cryptocurrency.
And yet, look where we are.
Bitcoin and Ethereum are free-falling in value. Proof of work has been exposed as an environmental catastrophe. In spite of numerous efforts to improve blockchain scalability to something approaching Visa’s or Mastercard’s ability to manage transactions, we’ve seen varying levels of success in shipping products.
And while there have been some bright spots of innovation using blockchain in actual real live working applications like this crypto REIT in South Carolina and IBM/Walmart’s food safety project, much of the innovation in the crypto space has been of the financial shell game type, and not the kind lawmakers like.