It’s no secret that tech giants like Facebook and Google are falling behind blockchain technologies.
It’s no secret that tech giants like Facebook and Google are falling behind blockchain technologies. We have discussed the matter numerous time so far as even ex-Google employees admit that the heavyweight underestimates the space. The latest, blockchain developer to throw rocks at the big sharks was Olaf Carlson-Wee, the founder and CEO of Polychain Capital.
Olaf states that tech giants fail to keep their top talent because they do not explore blockchain and cryptocurrencies, which are a hot topic in the sector. The former Coinbase employee said:
“What we’re seeing is an absolute exodus from many of these major tech giants like Facebook, Google, LinkedIn and Snapchat of really high-quality talent who are now starting cryptocurrency startups.”
Despite the poor market performance in 2018, Carlson-Wee believes that the future is bright for cryptocurrencies as there is a tremendous demand for blockchain developers, who in turn show great interest in distributed ledger technologies. In an interview with Fortune, the founder of Polychain Capital elaborated:
“What I pay attention to is not the month-to-month market prices of assets but developer momentum around building novel applications.”
According to him, we should not be fooled by the low prices, as they do not show the real side of the crypto world. In contrast, the enthusiasm showed by developers is unmatched. Carlson-Wee’s words do ring a bell. After all, his company is the largest crypto investment fund in the USA. Polychain Capital accounts for $1 billion in assets under management.
Olaf praised forward-thinking projects like Dfinity and WASM. The first strives to create a world blockchain network, which interconnects every single device with a connection to the internet, while the latter allows developers to build distributed ledger networks on familiar languages. He also believes that the more DLTs evolve the greater the number of developers entering the sector.
“The best stuff is being built by people who sound deeply unqualified to be doing what they’re doing,” said Polychain’s CEO. He clearly has a point here as the majority of blockchain-powered projects were created not by the tech departments of big companies but by independent developers. Perhaps, this is one of the most fascinating features of cryptocurrencies and blockchain technologies in general.