Price Is Nice – But Practical Usage is Key!
Wesley Ellul, Co-founder and CCO at Quizando, writes about the practical everyday benefits of crypto
As many of you may know, it’s been a great few weeks if you have investments in any of the major cryptos. With increases of 54% in the last month, and the 10 ten Coins seeing 93.4% increases in the last 90 days, people involved in the industry can’t help but be excited that crypto winter is over. Higher prices mean more confidence. More confidence results in further investment, not only in major crypto assets like Bitcoin, but also in emerging tech which is part of this wave.
And this is where the true long-term value in investments lies in the emerging tech that will change the way we interact with virtually every industry in the world, and how those industries will operate.
As we speak, tens of thousands of companies around the world are currently working on how they can, in some way or another, improve every industry imaginable. Logistics, Health care, Finance and Banking, Education, Retail, Gaming, Entertainment, Tourism – whichever industry you name there is a new unicorn waiting to break out of its infancy as a start-up, and through a practical application of these technologies, change these industries – and the world – forever!
And when they do, the average person won’t be raving about how great the backend tech is. They won’t be talking about how fast the transaction speed is, or how wonderful the encryption is. The end user simply doesn’t care – as they expect it to work as they intended.
What they will be talking about is how it has changed their lives for the better.
Property owners will be talking about how much time they have saved by digitally downloading required records from the land registry’s blockchain instead of running around the island collecting “Certified” copies.
Food producers will be talking about how much food was actually saved from being thrown away following an E. coli contaminated lettuce, which they managed to trace to the exact container load.
Election voters will be talking about the ease of voting from the comfort of one’s own home, and have the peace of mind that they can individually check and track who their vote eventually was given to, allowing them to have more faith in their electoral system, without anyone else knowing who they voted for.
Content creators and Influencers will be talking about how they managed to monetize their early audiences using fun new engagement platforms that allowed them to play games with their audience, for which the host was paid for everyone who engaged.
Almost every individual in Malta driving to work daily will be in awe at how much extra they managed to get done when autonomous cabs and small buses will take over our roads, saving them time and cutting down on transport costs significantly.
In all of these cases above, people will be using tokens to track, and transact with the businesses providing this tech, but these tokens will not be held in wallets, wasting away, instead these practical applications will see these tokens, used again and again, as they move through the cycle. Why? Because there is a practical usage for them.
Yes, some tokens may go up price, as certain services provided by these emerging tech start-ups become more valuable to the end user – but it is the practical outcomes of how these new technologies change people’s lives which will be the true long-term value of the investments we are making today.
So, if you plan on attending the Malta A.I. and Blockchain summit next week, and are looking to invest in Crypto and Blockchain, I would advise you to put some aside for the tech itself. Keep an eye out for the game changing projects which will be on show, the projects which are about more than a coin, the projects which want to impact people’s lives and in some way improve them, the tech start-ups which want to help solve some problem. Look out for those ideas which can – if funded – change our world in some way for the better, whilst still giving you a return on your investment.