Recently, people keep asking if crypto has lost its purpose. Observing it with recent happenins, it looks that way. Crypto has drastically change from how it once look. Crypto which was shaped to be a movement that centres on freedom, decentralization, and financial empowerment. However, has now been dominated by price predictions, and projects farming with hype.
Even with the noise, there is something worthy of building which many people still miss, this is why this topic matters.
It is a reality check and not any crypto is dead article. This will remind the reader of what is still worth building and why it matters.
Crypto original purpose.
A revisit is important to observe if crypto actually lost its purpose and check why it ever existed.
Crypto was created to allow for a trustless system where it gives room for people to interact without the help of intermediary, without being censored, and blockchain-crypto foundation, has no single point of failure. Blockchain, is a tech that allows for transaction of value across globe, permissionlessly, and its transparent.
Here are some of the purpose of crypto but are not limited to these.
These purposes have not changed. What seems changed is how the space now talks about crypto.
Crypto has really moved away from its utility that matters to speculation. Speculation has now overturned utility.
It is now as if crypto is a casino game, tokens with poor value launch everyday, hyped projects rules and outperform the ones with real utility. People pay more attention to hype than projects that solves real problems.
Crypto discussion have been moved towards people calling the pump and who has the alpha. While people that should matter, developers, researchers, and those who educate are rarely being listened to. No gain saying that a lot of crypto projects have sacrificed priorities for quick growth, partnerships, and treasury sustainability. Although, it may not be wrong, but it draws back the space from its original mission.
Hence, crypto has never lost its purpose, it only lost control of its narrative. Are you thinking if crypto really lost its purpose, the answer you get is no. The purpose of crypto is still valid, noise only took over.
In many countries crypto proves not to be about speculation, with stablecoins helping users in;
These are some of the crypto real-world use cases that solves problems. Adding to it, builders keeps building.
With the current market status, developers are not discourage to keep building across different blockchains such as Ethereum, Solana, and BNB Chain. Even in bear markets, developers keeps building. In less regards to real utility and attention to hype, infrastructure keeps improving.
Why crypto looks like a broken space is because of speculation and visibility problem, the technology is never broken. People's attention only shifted to speculation which became rampant than those who build. Education also submerge by hype, making it hard for utility projects to be noticed.
How can crypto maintain or fulfill its purpose to the optimum? This is where education is paramount than ever, adoption moves better when users are convinced of its usage and why it's important. Education builds awareness and kill speculation. In crypto of today, more than ever, both the builders and educators should lead. It enable the space to grow if solutions are simplified, problems are exclusively explained, and when complex ideas are breakdown.
The is the work of those who understand how blockchain technology works not only those who market it. If projects prioritize solving real problems, hype will fade away and give room for utility to grow. More projects that are focused on real-world solutions will outshine projects with attention. The space community should look for value making the conversation shift from the saturated phrase "when moon?" To "What value?" A project which is built on purpose will last longer than those built on speculation.
Ultimately, crypto still retain its purpose, people only cease from talking about it. It continues to give open access, decentralization, empowerment, and transparency. Crypto space needs clearer voices than louder hype.
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