Virtual Reality in the 90’s
The other day, I got a chance to see how slow technology moves despite our best efforts. I was on a client site when I saw a large book with ‘Virtual Reality’ written in the spine. Thinking this had something to do with the Vive or Oculus (two of the most popular VR platforms today), I picked it up.
This was the cover:
Does this cover look like it was designed this decade? I didn’t think so. I flipped to the inside cover and saw the published year: 1994.
For those of you not familiar, Virtual Reality was a set of technologies that has recently gained consumer traction. It was only with the Oculus Rift (launch in 2013 for developers) that the reality caught up to the vision. Before then, the technology was not advanced enough to be effective.
That was 19 years after this book was published.
If you were a hardware engineer or software developer, this might have been an interesting introduction to VR. But what if you were an entrepreneur, trying to create a company to capitalize on this new technology? Or an investor looking for a moonshot industry to be apart of? Can you imagine the disappointment and frustration of starting a VR company in 1994, when the first successful organization was 20 years away?
Most entrepreneurs worry about being too late, but if started a virtual reality company in the 90’s you had the opposite problem: being too early.
Blockchain today is where VR was in the 90’s
This is an important lesson for anyone interested in the blockchain technology. The value of blockchain and cryptocurrency is incredible and inevitable. I’m certain of this. But the underlying technology is still new. The most successful companies are working as exchanges (servicing investors), hardware manufacturers (for miners) or building out critical infrastructure that’s less about making a profit and more about making the ecosystem work.
Where are the Facebook’s and Google’s of the blockchain world? They don’t exist yet! We can’t even be certain that the current ‘winners’ are going to exist in five years. It’s likely that the first crest of big successes (using adoption metrics, not fundraising) are at least 3-5 years away.
If you are a low level developer or have worked in fintech for many years, this is a great time for you to enter the industry. There’s a lot of specialized infrastructure that needs to be built. But for most developers, entrepreneurs and other professionals, the opportunities will be fruitful, much like trying to be a Virtual Reality entrepreneur in 1994.
Knowing When is Half the Battle
You may be interested in Blockchain technology and how this fits into the larger world we live it. To you, we hope to act as a guide, helping you find the best resources and the clearest information on blockchain technology. Part of what we hope to offer is not just what blockchain is all about, but help you understand when you should get more serious about the technology.
Many of the biggest thought leaders and developers in blockchain today had periods of either low engagement or complete disengagement after learning about this technology. They only decided to enter after understanding the technology and where they could make an impact. There is absolutely nothing wrong with dipping your toes in the water and waiting to dive in.
Getting Started Early
But before you can know when you can make an impact, you have to know what this area is about.
You can start this search by signing up for the newsletter. You will be sent a list of the three best books on getting up to speed on blockchain technology. After signing up, we will send you the top articles, blogs and industry trends so you be better equipped to understand this industry.
This industry will eventually need the best minds of all fields and Hivergent is here to prepare you.