When Satoshi Nakamoto published the bitcoin whitepaper, there was no mention of “blockchain”. Only after that did people realize that the technology described in the whitepaper can be applied to a number of different existing applications and industries.
Blockchain is almost 10 years old, yet it is still a novel idea to many, even to possibly 99% of the world’s programmers and developers. How can we make it easier for everyone to understand? Collin Thompson of Intrepid Ventures and Metabase Network thinks it’s about getting everyone involved.
This article is first published on October 10, 2018.
Collin Thompson of Metabase Network will be speaking at the Blockchain Asia Fair 2018 this October 11 – 12, 2018. As a media partner, you can use our promotional code BITPINASBFA25 when you purchase tickets and check out at Eventbrite. Using our code will give you a 25% discount!
Background – From Bull to Bear Market
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In separate interviews, Mr. Thompson has discussed the current developments in the blockchain and ICO industry, noting how the current market has become bearish, leading to lower valuations of projects, lower prices of existing cryptocurrencies, and lower-than-expected funding activities for blockchain projects.
December 2017 to February 2018 was an incredible time for cryptocurrency markets and the blockchain industry. Bitcoin and other major coins reached all-time highs. Fundings from Initial Coin Offerings have also seen record highs. And then after that, the bear market has begun.
How to Fix Trust Issues
More alarmingly, Mr. Thompson has noted how almost 40% of ICOs in Q2 2018 were not registered as legal entities. Trust has become an issue between the projects and everyone else, especially in a bear market where retail investors do not see the fruits of their investments grow immediately.
How to fix trust issues? For Intrepid Ventures, they tried to create well-curated information to help people learn online. This activity built trust in their company, allowing them to get introduced to key people in the industry, be invited to speak, and be asked to build apps.
Participation, according to Mr. Thompson is a key element of trust:
People that participate in the community need to know that you are real people and that you are doing it for real reasons before they invest. Whatever projects you are looking at, if you don’t know who the team is and what they are about, I’d say stay away from that project.
What Happens to Blockchain in 2 – 3 years time?
As mentioned earlier, not everyone understands blockchain. For Mr. Thompson, the task is to get everyone involved.
“If we can get people from other industries and professions such as design, mechanical engineering, government, tourism, and journalism, etc., coming into the blockchain space and achieving the ability to use the technology and to build applications for their industries.”
How About the Philippines?
As the world’s 3rd largest recipient of remittances globally, the Philippines is poised to be disrupted by blockchain technology. In fact, it is already happening. And it was prudent for the government to take a regulatory approach when it comes to cryptocurrencies and initial coin offerings. Mr. Thomspon thinks these forward-thinking policies of the government make it possible for businesses see an incredible opportunity in the country. In a statement to BitPinas. Mr. Thompson said:
I think the Philippines is one of the most underrated regions of the world regarding their forward-thinking policies and businesses that embrace blockchain technology and cryptocurrency. Companies like PLDT and our advisor Christine Heiss are examples of large companies that are looking into space, and see incredible opportunity to provide, better, and less expensive, services that are great for consumers and the country overall.
Metabase is effectively its own blockchain, structured to tackle critical scaling issues so that it can attract global usage. Mr. Thompson and the team behind Metabase, which is currently running an ICO, envisions it as a high-performance blockchain business engine and developer toolbox that can empower entrepreneurs, engineers, designers, and small businesses to create and build decentralized applications, without facing the challenges faced by the popular blockchains of today.
“What we are trying to do is make it a lot easier for the average web developer or graduate computer science student to get involved in creating decentralised applications (dApps) or blockchain based businesses.”
Mr. Thompson believes that if there is more diversity that can come into the space, more people will feel “not alienated” from the disruption that is blockchain.
Collin Thompson will be at the Blockchain Fair Asia 2018
Collin Thompson, co-founder and managing director of Intrepid Ventures, that runs ICO project Metabase Network, provides the blockchain protocol platform is set to discuss the challenges in the crypto bear market in the upcoming Blockchain Asia Fair, which will be held this October 11 – 12, 2018 at SMX Convention Center, SM Aura, BGC, Taguig.