According to an Accenture slogan from 2014:
…every business is a digital business…
and it is very hard to argue with that statement. Now how does it sound if I say that in the future…
…every business will be a crypto-asset business…?
Few years ago there was a young gentleman who, intentionally or unintentionally hard to tell, but changed online content management forever. He made a whole generation to become photo-reporter, editor and publisher in one. He was Mark Zuckerberg and his tool for his accomplishment was Facebook.
What if someone told you that in few years from now everybody will be his or her own central(!)-, and investment bank and a brokerage in one? The crypto/blockchain 2.0 technology for such a change is just as ready today as all web 2.0 tech was ready on Feb 4, 2004 (the day of Facebook’s official and humble launch).
Actually most online service companies already are digital asset/currency-issuers we just don’t look at them like that. For example when we top-up our pre-paid mobile phone balance we exchange our fiat-currency to a fiat-currency-promise (IOU) of the mobile carrier. We can pay with the balance for the given mobile service we can even pay with our balance for certain services like parking, online games or a lottery-ticket etc. in the form of a text message (SMS).
And there are only some, though major, differences between a typical crypto-asset (like bitcoin) and a mobile phone pre-paid balance from conceptual point of view:
- mobile balance or air-mile is typically a one-way street – we cannot withdraw our balance back to hard-currency,
- we cannot transfer our balance to somebody else / to another prepaid card or frequent flyer,
- and we don’t know much about the technical details of how our balance is secured.
- (of course there are a thousand more technical differences I just cherry-picked some for the sake of the conceptual point of this article)
All in all today there is no secondary market for most of our online balances (like mobile balances or air miles or other loyalty points). But there are some new promising cracks on the old legacy systems that supports the direction toward new ways. There are some pre-paid cards and loyalty systems where you can transfer the ownership of the card (or trade with your balance) if you find buyers for it on a typical secondary market like eBay or you can pay for certain services (ex: VPN) with your loyalty-cards’ balances.
Now, if you have a look at some crypto 2.0 systems like Ripple, NXT or Counterparty(and there are others too), it is safe to say that the tools and the techs and the foreshadows are all there for a financial paradigm-shift.
And if Chekhov’s gun is already on the stage all we need is a good script 🙂
I am a sales consultant so I can’t talk about any other aspects of the coming crypto 2.0 revolution but the sales implications:
Do you know why you call your sales reps – representatives?
Because their job is to represent your business, right?
But why do you need people on your payroll to represent your business?
Because without being paid for it nobody would do that!
Could you image your revenue having thousands of eager sales representatives of your company? (and none of them being on your payroll!)
That is what an initial crypto asset offering (ICO) can deliver to you.
Have you ever wondered what makes most bitcoin-bugs so bullish about Bitcoin’s future when they talk to you?
They are all aware that the only thing that makes their holdings appreciate is more and more buyers-holders-users-believers of bitcoin. Their well-understood financial interest makes them enthusiastic and bullish when they talk.
Now, why don’t you create your own enthusiastic crowd to represent your business?
If your company’s dominant lead sources are either word-of-mouth (WoM) or personal recommendations you should consider the following 8 steps:
- Start following some crypto-asset projects
(on Twitter and on their own websites)
- Get involved in one or two crypto assets of your choice by some micro-investments (with some small amounts)
- Study their project structures
(communications to asset holders, revenue/reward distributions…etc.)
- Issue your own crypto-asset (token, currency, equity…etc),
- Set a policy of frequent cryptocurrency distribution to all holders of your crypto asset
- Set a policy for some value guarantees of your crypto asset
(Ex.: by accepting it for your services/products at a fixed price)
- Market heavily to find buyers/holders of your crypto with the right profile
- And finally watch and see that all holders of your crypto with the right profile will turn into eager advocates of your business having a common interest of raising your revenue and their share of it.
Issuing a successful crypto-asset sounds just as simple as building a strong Facebook community by having interesting content and engaging interactions on your Facebook page. And it is just as complex and hard and expensive. But at the same time managing a good crypto asset issue (Initial Crypto Offering – ICO) is just as beneficial as having an active social community if it is done well.
…in the future every business will be a crypto-asset business…