In an expansive interview with ‘LetstalkBitcoin.com’, Jamie Burke, the CEO of Outliers Ventures, spoke about the new developments in the cryptoshpere and also went on to state the improvements that can be made in the field of blockchain and cryptocurrencies.
Burke stated that for the situation of the cryptosphere to improve, the presence of institutional money is really important as it plays a huge role in building the reputation of a certain industry. He also pointed out that the first wave of investors in the field of cryptocurrency were quite opinionated about the influx of money into the field.
The CEO also said that for developments to occur at a faster rate, machine learning has to be an integral cog in the cryptocurrency machine. Furthermore, he added that game theory has to be applied to any new development so that it earns proper dividends. According to him, incentivizing the behavior of an individual in the field of cryptocurrency will ensure that no fraudulent activities take place in the industry. Penalizing the offender and charging them with a certain degree of trade ban were a few other solutions proposed by Burke.
Burke was also asked about methods to prevent value leakage and steps to ensure that the system that is being built is able to retain value within itself. He went on to say that a massive amount of energy has to be expended to create a system where the value is retained. This would take the creation of a code system that relied on newly developed protocols.
During the interview, Burke candidly talked about his personal experience with the relationship between decentralization and the society in general. He believes that the layman really has no interest in the concept of decentralization and that the crypto community is just packing and selling decentralization.
The main aim of blockchain companies, according to Burke is that at the end of the day the product developed has to be faster and cheaper than the incumbent. He also pointed out that the use case has to be expanded so that the product would be widely adopted.
Burke and the interview both agreed that they were not big fans of corporate behemoths like Uber and Amazon as they did not provide for their employees properly and follows a rigid system, a system that is not run by blockchain. He also stated that the developers need to do a harder job at building traction in traditional digital marketing methods.
According to Burke:
“blockchain technology has to evolve in such a manner that the new products should tackle existing problems in a non-traditional and sexy manner.”
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