The economy is rough. Crypto companies are collapsing. Scandals abound. And yet, blockchain tech is still, as they say, “early.”
I spent 18 months leading engineering at a blockchain startup and have three key industry failure takeaways you need to know about where we are today with the technology.
1. The Absence of Foundations
Building a product in the blockchain space before 2022 was like arriving at a construction site without the necessary materials or equipment. Not only did you need to build the structure, but you also needed to mine and smelt the ore to create the building blocks.
Blockchain technology first gained popularity through its initial and most basic application: cryptocurrencies. Bitcoin officially emerged in 2009, a year after the academic paper introducing it was published. But blockchain has the potential to do so much more than just facilitate cryptocurrency transactions. It’s a technology that has the power to validate data independently…