Crypto Is Entering Its Industrial Age
Summary
The cryptocurrency industry is becoming more like traditional industries, focusing less on new technology and more on using existing systems efficiently. Companies that run the underlying services and infrastructure well are gaining value as the technology itself becomes more standard.Key Facts
- Early crypto success came from creating new blockchain technologies and proving they were better.
- Now, many blockchains offer similar features, making them more like standard tools than unique products.
- Value is shifting to companies that operate infrastructure like validators, exchanges, and custodians effectively.
- This change is similar to past industries like telecommunications and railroads, where managing infrastructure well created wealth.
- Crypto firms now compete on factors like reliability, speed, risk management, and compliance.
- Larger crypto companies benefit from economies of scale, meaning they can operate more cheaply and securely.
- The industry is moving from innovation to efficient operation of complex systems that support crypto services.
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