Blockchain Scalability: The Need For Real World Solutionsbr>
The principal word that seems to be on everyone’s mind in blockchain this year is scalability. Scaling is an issue for all new technologies; if something adds value, we always want more of it, faster. We’ve seen countless projects and specific blockchains become limited by their inability to scale effectively.
Without that scalability, real-world use cases and adoption by businesses and consumers are not feasible. It would seem then that “the herd is not coming” until this issue is resolved. Additionally, with unpredictable transaction speeds and costs, scaling a business model around existing blockchains has proven difficult if not impossible, and certainly not predictable with any exact margin of confidence.
Out of this need has come various solutions, from the creation of new blockchains to blockchain agnostic design to multi-chain and side-chain approaches.
We want to bring blockchain to a variety of different businesses, so we’ve learned how to market and communicate to each business effectively, and in terms that they can comprehend. What separates us from our competition is that we bring forth a humanized message that is easily digestible and accessible.
Battling Industry Leaders and Using Competitors to Your Advantage
Where we currently stand, in August of 2018, the race to developing a viable product that enables blockchains to scale to tens of thousands of transactions per second far surpasses the race to the homepage of Coindesk. We are primarily focused on the former and occasionally speak of the latter.
With that said, I want to point out that there are quite a few positive effects that come from working in an industry with well known competitors. First, analyzing competitors allows foresight into blunders that could have previously been overlooked. Avoiding these blunders can provide your team and product with advantageous insight into adjustments needed, long before they affect your bottom line.
Second, educating the market on a product this technical takes time and large amounts of marketing. Our competitors have laid the groundwork for us in educating the market and allowing us to focus on making our product distinguishable. The industry will understand the value we produce, and without our competitors and their prominent founders, that may not be true.
Lastly, our ability to compete with our competitors technologically is what drives our engineering team. They set the bar, and everyday, we do everything we can to jump over it.
Contextual Parallel from the Ridesharing Industry
Lastly, I’d like to point out that there’s a reason you call for an Uber and have more than likely never called for a SideCar (America’s first ridesharing company.) There are regulatory, technological, financial, and scalable issues (among many other things) to address when taking a business from a theoretically sound idea or a white paper, to a viable product used by the masses.
Beyond usable, the business structure must be thorough, built on a profitable foundation and backed by a skilled team ready to adjust to ever-changing market conditions. Many products build themselves into the cornerstone of a nascent ecosystem, only to vanish at the first occurrence of tribulation or competition. However, those that consistently produce advantageous adjustments to market changes endure and outlast those that cannot. Being the first and most prominent company in an industry is a step toward immediate market dominance, but it is far from an essential factor in long-term success. With that in the forefront of our minds, we march on.