"Crypto is 100x larger" than anything we have seen including crowdfunding, said Justin Wu, who recently talked about blockchains and cryptocurrency in one of my private Facebook groups.
Wu is a digital marketer and growth hacker who is seen with Mark Cuban on his Facebook Page. I have to ask him next week when I meet him at an digital marketing event that I helped organize whether he is involved with Cuban's recent venture, Dust. This chat app is releasing its Mercury Protocol blockchain messaging technology by the end of September.
According to a recent TechCrunch article, Cuban called the Mercury Protocol “transformative.” He said “it allows any application or network, social or otherwise with the opportunity to generate revenue from participation rather than making its users the product. It also provides mechanisms to reward positive contributions and interactions, which in turn should change the interpersonal dynamics of the network for the better.”
Blockchains and cryptocurrencies are the gold rush of the Wild West. To get ahead or get to the gold, "you have to stand out from the crowd," said Wu.
What the blockchains are missing are use cases which will be available in the next few years according to Wu. "You have to prove that it has utility and that you can deliver in getting the coins in the market. This requires PR and storytelling."
The beauty of this new system is that it decentralizes industries by allowing everyone with access to the Internet to enter the marketplace. Wu said, "There has never been a time where everyone and anyone can participate in the sale of these coins."
Traditionally, investors had access to investors and to get to the capital you had to prove your model. Instead the crowd determines the value. The VC model has been flipped upside down, jokes Wu.
Now it is up to the governments to decide what kind of regulations should be in place. While Dubai supports blockchain, China bans it. "China has been full control of dollar. It has the biggest middle class and has our dollars," said Wu. The blockchain allows money to leave the country which doesn't make the Chinese Government happy.
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