Phyo | ♥POPCAT

@rykov_agm 👏

The reason why the crypto industry as a whole is stagnating, and meme coins are booming is very simple: developers feel insecure about themselves, and people feel insecure about them. Back in the days of crypto innovation, just the fact of code being open source was enough for people to be assured of its security. But right now, that's not the case, as people have lost money due to hacks, vulnerabilities, and are simply fearful of novel technologies, fearing they might have vulnerabilities. That's not the way forward - innovation should be cheered, not hindered, even at the cost of accepting risk. Otherwise, we as a crypto industry, and humanity as a whole, will experience stagnation and "meme coin era", where the only thing you can do is "safe" one. VCs prefer to invest in coins/projects that are "certainly safe". Exchanges give priority to listing projects with a "well-vetted codebase" and demand ridiculously expensive security audits for even the slightest novelties (and at the end of the day, these audits usually still miss most challenging attack points, like supply chain attacks). People, in various ways, require projects to be built with "established technologies" - essentially preventing innovative projects from gaining momentum. This fear about "not battle-tested technology" has also spread to developers - they are now afraid to build new decentralized apps as it will not be "scrutinized enough", and developers rarely have enough resources for audits and similar activities that could increase their confidence. Remember, trying to decrease the risk will inevitably decrease the gain. Even in the worst case, the partial loss of capital is not the end of the world if that's the price of cryptocurrencies not going into stagnation mode, let's accept it. I highly recommend you read @pmarca's "The Techno-Optimist Manifesto" at a16z.com/the-techno-opt… and apply it directly to your life. Devs, just f-ing build! Do think about security, do NOT think about scrutiny. It will come with time, and lack of it doesn't make your project less "serious" or give an actual reason not to use it in daily lives, invest in it, or do serious production things with it. Don't pay attention to decelerationists who want to stop your innovation, as otherwise, your most "safe" option is just building a meme coin on an "established platform". Users/investors/exchanges - do use, invest, and list novel systems, get along with the risk of innovation. Don't be the person who rides a horse because cars are too novel.

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EVMs “on Bitcoin” scale Ethereum. We don’t scale Ethereum. We extend Bitcoin. Few.

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