As an analyst with a background in academia and industry, I wholeheartedly agree with Shumo Chu’s insights on the importance of vision and originality in the crypto sector. Over the years, I have seen countless projects rise and fall like waves in the ocean, each one seemingly more hyped than the last.
People have always told stories to make sense of the world. Life is complicated, and we develop narratives to help explain it. And while the crypto sector is built around breakthrough innovations and farsighted vision, it is no less prone to narrative-building than any other sphere of human activity.
Fashions come and go. At different times, zero-knowledge proofs, staking, and parallel execution were popular, but they were soon overshadowed by the latest craze.
People tend to align with stories, much like surfing a wave. Just as founders of fledgling ventures do, they frequently aim to direct their concepts towards ideas that could potentially attract significant publicity and financial support.
In every technology sector, it’s clear that even the largest and most influential entities can be swayed by a persuasive story. For evidence, just consider Facebook’s rebranding as Meta in 2021 – a testament to the power of a captivating tale.
Just as it’s self-evident that many people gravitate towards stories or trends, it’s equally apparent that the real innovators and visionaries are those who choose to forge their own paths rather than following the crowd.
This is easy to say, but, like calling the top of the market, it is quite difficult to follow in practice.
As an analyst, I often find myself pondering over Peter Thiel’s insight: a successful venture must embody a hidden truth – a revelation that others might overlook or dismiss. In line with this thought, Keith Rabois introduced the concept of “narrative disruption” to signify seizing opportunities that defy prevailing trends and placing bets on them.
Make trends; don’t follow them
“It is often said that ‘if you see a trend, it’s too late.’ But what gives those who act swiftly an advantage over those who follow trends?
Instead of guessing which trend might emerge next, they consistently create groundbreaking concepts and stand by their decisions. It’s as if they possess a hidden knowledge that others often overlook.
The developmental journey of blockchain can be likened to a tale filled with numerous “custodians of secrets.” It’s clear that Satoshi Nakamoto, the mind behind Bitcoin, foresaw a future where robust, unalterable digital currency would thrive, long before others shared this vision.
At a later stage, Vitalik Buterin, one of the co-creators of Ethereum, recognized the necessity of smart contracts that could be programmed. This concept served as the foundation for numerous cryptocurrency trends that followed.
Recent: Indicted NYC mayor leaves questionable crypto legacy as controversy mounts
Lately, Solana debuted with an emphasis on delivering a high-speed, primary-layer blockchain, while many discussions revolved around secondary-layer projects.
Instead of focusing on horizontal scaling by building rollups when it was widely popular, the groups responsible for Celestia, Avail, and EigenDA chose to concentrate on vertical scaling, scaling data availability independently.
These innovators share a consistent trait: they recognized opportunities and acted on them, undeterred by popular excitement.
X isn’t real life
The tendency to chase trends and fads is reinforced by the fast-moving bubble of social media.
Most crypto and tech entrepreneurs are active on X — it’s “where the conversation happens.”
However, the social media site encourages quick-win arguments and conformity, which intensifies a trend of focusing on current fads instead of fostering innovative future advancements.
In a concerning development, scenarios like X and its peers may result in a situation reminiscent of “art mirroring life.” Entrepreneurs tend to initiate ventures with the same swiftly-acquired fame and social status that is often sought on social media platforms as their primary goal.
This could result in an increase of temporary, hype-driven schemes, often referred to as “pump-and-dump,” which prioritize quick profits over creating meaningful and valuable products for the marketplace.
As speculation grows, it tends to snowball: Predictions are built upon other predictions, leading to self-reinforcing cycles that speed up the pace of events. Consequently, this rapid change causes the storyline to evolve even faster. This situation creates a vicious cycle: Although following trends is increasingly encouraged, it becomes progressively difficult to keep up. This is detrimental for entrepreneurs and innovation in general.
Trust your vision
As an analyst, I’d rephrase it like this: On a personal or professional scale, it’s straightforward to bypass this prevailing perspective. A visionary founder must have unwavering faith in their idea, allowing them to carry it forward, irrespective of the current wave of hype. With robust execution, a sound concept, and a touch of good fortune, that idea will thrive, fostering a new storyline around it.
true foresight is scarce, and it’s unusual for individuals to be visionaries most of the time. Instead, there’s a widespread craving for immediate achievements and applause.
As an analyst, I can’t help but notice the appeal of following established paths in fields like law and medicine, given their proven success. However, when it comes to technological innovation, mimicking existing success isn’t sufficient. Instead, we need to strive for originality and creativity to truly make our mark.
Successful tech leaders, innovators, and business owners often require the boldness to stand by their beliefs, which frequently means going against popular opinions or trends.
As a dedicated researcher, I wholeheartedly advocate for staying true to my vision and the unique knowledge that sets me apart. Embrace the “secret sauce” that makes my work distinct, and trust in its potential, even when the latest social media trends may sway others. If my idea addresses a genuine need and offers value, I am confident in its success.
As a seasoned crypto investor, I’m proud to share my background as one who has traversed the academic realm and the tech industry. I’m Shumo Chu, a co-founder of Nebra Labs, where we’re making waves in the cryptosphere. Prior to this, I was an assistant professor at the prestigious University of California, Santa Barbara. My educational journey culminated with a PhD from the University of Washington, and I also served as a research scientist at Algorand. Currently, my passion lies in exploring privacy-preserving systems.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- Top gainers and losers
- BNB PREDICTION. BNB cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
2024-10-21 00:17