September 10, 2021•787 words
The Cryptocurrency space is absolutely blowing up. Every single blockchain seems to be doing the next big thing, and technically, they are. The amount of enthusiasm that is just seeping from every ecosystem is awe-inpsiring. Across the world, many brilliant programmers & artists are grinding away, trying to pave the way for a fundamentally new economic system. You'll find these committed & passionate individuals within every crypto community & within every crypto community you'll find die hard believers in the future of their favorite blockchain. So what gives? Why doesn't it seem like there's really a clear winner in the pack? Well there's a number of factors we need to consider:
1. There's money involved. This is an obvious one, but it's nonetheless an important factor to consider. Many of these people that are borderline preaching their faith in a specific blockchain are heavily invested in said blockchain. This means they have the most to gain when adoption is concentrated in the ecosystem they bought into. You can't fault them, this is basic human behavior & most people will do the same.
2. Different Values & Features. Different chains function differently. There's nuances in the technical details that the average person would never think about, but people close to the technology feel a deep sense of commitment to a particular implementation. They have a distinct vision for what this implementation will lead to in the future. The only way to really understand this is to read up on the block size debate from early on in Bitcoin's history.
3. This is revolutionary technology. It doesn't matter what blockchain you choose, if it's a semi-legitimate project, then the team behind it is working on cutting edge technology & problems at the forefront of innovation. Great minds want a chance to leave their mark, & a lot of people are trying to get into newer ecosystems as a way to establish themselves early on. This trend will continue for some time until the underlying infrastructure is really optimized for its purpose. Until then, you can expect more and more projects to pop up, on a range of different chains; each gaining the spotlight for a given period of time.
4. The hype creates uncertainty & FOMO from the people who didn't buy in early. You see this constantly across the ecosystem, enough so that I'd argue it's reflected in the change in the market cap of crypto at large. You'll see huge amounts of money flow into an ecosystem suddenly and then move on to the next one. This kind of behavior creates a sense of uneasiness in a lot of people that have money in the space, & can lead them to doubt their commitment to one particular project vs the new hyped up one. The reality? Hype goes back and forth.
The complete list of factors influencing behaviors in the crypto ecosystem is obviously much longer than these four points, but I believe these to be very important factors to consider. The situation is something like this: we are living through a time of unprecedented levels of innovation, and we are following projects that are deeply entrenched in one of the most revolutionary economic events in recent history. We can't even begin to understand what the future holds because so much is happening so quickly & no one can definitively tell you what's going on or what's going to happen. We really are in uncharted territory, and because of this, the only logical way forward is diversification & attentive research in the space. It just doesn't make sense to keep your eggs all in one basket in this scenario; the future is just too uncertain. When it comes to calling one winner over another it's a blind endeavor, but what is certain is that crypto is here to stay & the technology will radically transform the economy of tomorrow. So rather than choosing one blockchain & one community in the space, choose them all. Embrace the totality of the crypto space, and go explore the platforms of tomorrow with an open mind. See the ideas spanning the entire space; buy into good ideas not ideas that conform with your beliefs, & set yourself up to harness the power of the technology of tomorrow by maintaining a Blockchain Agnostic stance. One blockchain won't come to dominate all the others, a variety of high quality projects will coexist ~ each with their own communities, unique features, & niche use cases. Explore the whole space & commit to the whole space; tribalistic identification with specific blockchains will only lead the ecosystem to destroy itself from the inside. It's about the underlying technology.
~ Liam (xlpqii), "Blockchain Agnosticism: What & Why?" IofMind, 2021.