Within 5 years, application tokens will be the largest cryptocurrency by market cap. Why?
The Current Investment Thesis for Platform Currencies May Be False
- It is a mistake to think that network effects matter for cryptocurrencies. Over time, all crypto will work equally well.
- Eventually, smart contracts could seamlessly issue tokens on one blockchain in response to events observed on others, making single currencies that serve as a dominant tool for injecting value into ICOs (e.g., Ethereum) obsolete.
- Proof-of-stake will make platforms irrelevant and easily cloned as a single node can validate as many blockchains as it has disk space for.