Excessive greed and shortsightedness will limit progress.

Author: Nick Tomaino

Translation: Deep Tide TechFlow

A few crypto applications like Coinbase, Uniswap, Opensea, and Polymarket have attracted millions of new users and have truly driven the industry's development by providing new experiences that are easily accessible to the public. Now, after 15 years, we can't help but ask: why haven't more such applications emerged?

The answer lies in short-term greed. The excessive focus on quick wealth has drawn many into the field but has also become a significant distraction. From ordinary college students speculating on altcoins to venture capital funds pouring hundreds of millions into the 19th crypto exchange or the 27th scalable L1, this phenomenon is widespread. Greed is part of human nature, but excessive greed and shortsightedness will limit progress. To achieve great success in the long term, one must believe in something more important than making money, invest years of effort, and ultimately realize unprecedented new behaviors in the world.

I have been investing in cryptocurrencies for over a decade, and while I am somewhat driven by greed, I do not claim to be more noble than others. At 1confirmation, our approach is to attract newcomers through creative products to achieve long-term benefits. Projects that focus solely on internal value extraction are not suitable for us. Our primary goal is to hope that the number of cryptocurrency users exceeds 1 billion, which also guides all our decisions.

More Creativity, Less Greed

To fully unleash the industry's potential and quickly reach 1 billion users, we need more creativity and less greed. While another scalable L1 may help push the market cap of FDV coins above $1 billion, the current lack of block space is not the barrier to industry progress; what is truly lacking is creativity. We need more innovative thinking about the unique needs of the world, rather than blindly chasing the next hot topic.

Here are some new application ideas that combine cryptocurrency with news, social media, sports, politics, health, and music. While many of these are already under research, I believe investing more time and effort would be beneficial:

News. Prediction markets may seem like another form of gambling at first glance, but in reality, on-chain markets allow anyone to bet on world events, providing valuable information that helps people better understand the world. Market prices and objective analyses of political, war, and cultural events can help news organizations earn the trust of global truth-seekers.

Concept: Develop a news application that combines prediction markets and AI to provide users with a simple, user-friendly, and fair source of truth. Such a product has the potential to replace social media platforms like X and traditional news sources like NYT and CNN.

Reference applications: Polymarket, DeepNewz

In the social media space, we have realized the immense influence held by a few centralized social media companies (like Meta, X, etc.). They can sway public opinion, but their interests do not align with those of users. In the future, excellent products that align with user interests and provide more control and monetization opportunities will emerge.

Concept: Develop an on-chain social media application that allows users to control their own data and explore new ways to earn money.

Reference applications: Warpcast, Degen, Wildcard

In politics, blockchain technology is driving new forms of social organization. Bitcoin is the first decentralized autonomous organization (DAO), and since then, we have seen many innovative experiments in on-chain ownership, voting, and capital formation. Each crypto community can be seen as a digital nation, connected not by geography but by shared beliefs and economic interests, which is a powerful force.

Concept: Develop an application that enables people to easily create on-chain DAOs for collaboration, voting, and investment decisions.

Reference applications: Bitcoin, Nouns.wtf

In sports, the sports industry and the way people participate in and watch sports are rapidly changing. While there have not yet been breakthrough sports applications, more applications will attempt to allow athletes and fans to own and derive value from their interactions.

Concept: Develop an application that allows young athletes to fully control their image and likeness by directly profiting from fans.

Reference applications: Popset, Rodeo, Krause House

In music, the music industry has been under top-down control for over 100 years. Cryptocurrency provides artists with new ways to empower themselves, creating entirely new business models that can disrupt the existing system.

Concept: Develop an application that provides on-chain tools for independent artists to easily manage their careers without relying on record labels.

Reference applications: Sound.xyz, Coop Records, Catalog

In health, young people are more health-conscious than ever, and the market urgently needs products that can motivate and drive people to maintain their health.

Concept: Develop a "move-to-earn" application that is difficult to manipulate and attracts community participation in novel ways.

Reference applications: Receipts, Stepn

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