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@andrarchyandrarchy
CEO of Koinos Group, creators of the Koinos blockchain
I’m Andrew Levine, CEO of Koinos Group, and in the latest episode of Our Decentralized Future, I talk with Adam from gFam about how to avoid scams, which is a particularly useful skill in the crypto space!
The most important point I wanted to make in this discussion concerned the topic of “self-sovereignty”. In my eyes, and I think in the eyes of my teammates in the Koinos group, self-sovereignty is the raison d’être of crypto. It is precisely those who lose sight of this, or abandon it altogether, who are often involved in scams.
Blockchains / = Black Magic
I say “get involved in scams” because in my experience many projects that turn out to be scams weren’t necessarily designed as such. What is more common is that a team interprets “blockchain” or “cryptocurrency” as some kind of black magic that they can use in their application to solve a previously intractable problem.
With their new magic tool, they profess their intention to solve said unsolvable problem even though they have not yet developed a solution to this problem. Some people believe them however and invest in an ICO, which the team interprets as validation that they are on the right track. But after a few years of money-burning (depending on whether they went into a bull or a bear market), the project fails to ship and is considered a scam.
The problem is that blockchains are not black magic, in fact, they often add a lot of complexity and technical challenges to the application development process, which increases a developer’s costs and decreases the chances that he can find a product suitable for the market. .
What are blockchains used for?
Where blockchains outperform other solutions is in the area of self-sovereignty. There just isn’t a better technology, period, to give people ownership and control of their digital lives. If this is what draws you to the space, then you should look for projects that address this feature and bring real products, with sustainable business models, to the market.
That being said, it is possible to make orders of magnitude faster, easier, and cheaper to integrate blockchains into applications and empower users through self-sovereignty. Koinos is the foundational tool we are building at Koinos Group to accomplish just that and the testnet is coming soon!
To watch more episodes of Our Decentralized Future, be sure to subscribe to the YouTube channel and follow us on twitter; OurDecentralized Future, Andrew, Adam.
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