I always hear about the importance of product-market fit. How its the number one determining factor in whether a start-up will ultimately succeed, or fail. Which got me wondering, what exactly is product-market fit?
Marc Andreessen, a famous investor and the co-founder of Netscape, popularized the term product-market fit as “being in a good market with a product that can satisfy that market”.
So my next question is, what is the market for eCash?
Many people might think the answer to this question is the same as for any cryptocurrency. That the market for eCash is people looking to buy crypto thinking it will make them rich just by holding it. The problem is, that isn’t a market, that’s delusion.
For me, the actual market eCash needs to serve aren’t people who expect something for nothing, but the people who create value in this world, people who want to make money by producing work that others find valuable.
As with any technology, the power of crypto is its ability to make possible what was previously impossible. To give people more opportunities to create wealth, not just store it. Take for example The Silk Road. The Silk Road didn’t get built because people wanted to buy drugs, it got built because someone wanted to profit off of people who wanted to buy drugs. And Bitcoin provided the opportunity because it was trustless, pseudonymous, and practically frictionless.
The point I’m trying to make is that the product-market fit for crypto shouldn’t be about giving people a new way to store value, but about giving people a new way to make money. The Silk Road gave us a glimpse of what Bitcoin made possible. The ability to earn money by leveraging this new technology.
Unfortunately, these properties no longer really describe Bitcoin, or many other cryptocurrency projects out there. This is where eCash sets itself apart. Rather than enticing people with tokenomics and coin burning mechanisms, XEC is focused on scaling the protocol and building the infrastructure to attract the best builders and entrepreneurs. People who aren’t looking to make money by trading it, but by working for it.