This article was first published on OntologyNetwork - Medium
Andy JI, Co-founder of Ontology, was invited to Invest: Asia powered by CoinDesk from September 11–12 in Singapore and gave a speech on “Ticket to Noah’s Ark”.
Andy first shared his thoughts on the public blockchain competition and what is the key to the distributed collaboration business world. When talking about today’s blockchain industry, Andy pointed out that “we have seen many public blockchain projects going live this year, but half of them are dying. Mainstream adoption still seems a distant prospect and we are not excited anymore every time we hear someone say “this is the year of blockchain”. Change is not necessarily better, but without change, you will have no chance to get ahead.”
He also stressed that “before we think of blockchain applications, first we need to understand what the business needs are. Based on my research on traditional internet or financial products, as market competition intensifies, I think consumers will choose”:
- Reliable and familiar products
- Low-cost products for cost-conscious consumers
- High-quality and user-friendly products for consumers who value quality and user experience
- Novel products for young consumers who are willing to try new things
- Products on big platforms, such as WeChat and Alipay
It’s pretty clear that there are no time-tested blockchain products so far, nor is there a product that boasts hundreds of millions of users. Moreover, blockchain products are not as cost-effective as centralized products, not to speak of user experience. And the novelty these products offer soon wears off. Ontology, on the other hand, will continue to focus on improving user experience and product quality and pursue the following paths:
- United Network Initiative: The UNI Association is governed by regional public chain leading projects. Organizations join the association by running a validator node on the relay chain and serving in governance. The association currently ...
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OntologyNetwork - Medium