Just twelve months ago, all that a company would have to do to get a huge attention was to announce that they were working with blockchain technology. However, much of this market exuberance has now subsided, leaving companies to try different marketing techniques.
Nobel Prizes designated as startup consultants
The latest emerging trend in the blockchain startup space is to take advice from an expert in their field that is celebrated at the highest level.
Previously, startups have relied on the massive use of the words of order in their brand – see examples of Kodak and Long Blockchain Corp., or the use of celebrity shills to encourage participation in initial sales. of coins (ICO).
Increasingly, start-ups rely on the weight of Nobel Prize winners to attract diminishing levels of attenuation from those still interested in space after the nine-month crypto-bear market. According to a research quoted by Bloomberg, the amounts raised by the ICO funds were at a minimum for a year and a quarter during last August.
Examples of companies that rely on the experience of the award winners include: The Covee Network (which is working with Alvin Roth, winner of the Nobel prize for game design and on the market), Prysm Group (which was recommended by co-graduated in 2016 in economics and professor at Harvard University). Hart), and Cryptic Labs LLC (in collaboration with Eric Maskin – winner of 2007 – and Christopher Pissarides – co-graduation 2010).
However, the decision to use such respected experts seems more like a sincere desire to work with some of the world's most talented minds in their fields rather than a quick way to attract investment. Roth told Bloomberg about his involvement in Covee and the reasons why he eventually decided to join the team:
"When I first came together to join, I spent a lot of time thinking about whether I would be a decoration, or if I would be able to contribute … They are embracing game theory as a way to stimulate participation".
Marcel Dietsch, CEO of Covee, also told the publication of his company's report with Roth:
"It was the seriousness of the team and our existing relationships that distinguished us".
Dietsch then commented that the interest of Nobel prizes in the blockchain space shows a much more mature sector than last year. At that time, a budding ICO would need to get high-profile recognition and potentially receive hundreds of millions of dollars for just over an idea.
The premise of Covee is to create a market for skills that should, if successful, stop the notion of the company itself. The plan is to allow a group of ad hoc professionals to form around an idea and to dissolve after its completion. Roth will help create an incentive structure for game theory using a valuable token system to ensure that free riders are discouraged while participation is encouraged.
The project white paper states:
"Why does most of the workforce remain within the confines of centralized intermediaries like the centuries-old society? … Both trust and traditional organizations are limited in scale".
Interestingly, those behind Covee do not even intend to hold their own ICO. They may have been informed by growing regulatory concerns about the legality of this token sale. This inclusion of high-profile gaming theorists and the decision to forgo the financing method that saw companies having millions of thrown into their laps certainly shows a rapidly growing blockchain space.
Shutterstock foreground image.