Solana developer Ferrante Instead of eliminating competitors, we should make the cryptocurrency cake bigger

Solana developer Ferrante advocates for expanding the cryptocurrency market instead of eliminating competitors.

Source: Blockworks; Translation: LianGuaiBitpushNews Tracy

Solana’s core network has achieved “many incredible improvements” that will allow it to “rebirth,” said Armani Ferrante.

“You don’t choose product-market fit, product-market fit chooses you.” Armani Ferrante said. The developer, known for his work on Mad Lads NFT collectibles and the BackLianGuaick wallet, said that this is exactly what is happening with NFTs on Solana. Now, this creator foresees the growth potential of Solana in terms of new product-market fit.

Ferrante recently discussed his optimism for Solana’s future and how its many innovations may surprise skeptics on Blockworks’ Lightspeed podcast (Spotify/Apple).

Ferrante said that Solana’s core network has achieved “many incredible improvements” that will allow it to “rebirth.” He said, “I am optimistic about this. I hope to see it regain vitality and revive.” Ferrante continues to be interested in Solana because it has “superpowers.” He said, “I just need a smart contract and a Helio subscription. That’s it. I can build applications that transfer billions of dollars globally without permission and with verification. This is incredible.”

We easily underestimate innovation

Ferrante recalled his initial reaction to new innovations in the industry, admitting that he was initially skeptical of ideas that ultimately proved to be very successful.

He said, “I saw this in the NFT space.” His initial thought was, “I’m not going to get involved. This is too silly.”

Ferrante said that when people are first exposed to new “toys” like automated market makers (AMMs) and NFTs, it is easy to have a “knee-jerk reaction.” He said, “It’s easy to scoff at it, but the fact is, many things that weren’t perfect at the time turned out to be very good ideas.” “I’ve seen this happen time and time again in the crypto space.”

Solana’s BackLianGuaick wallet

The BackLianGuaick wallet is capable of running xNFTs with embedded code and has broader functionality, which is an example of Ferrante’s development approach. He said, “You don’t actually know what you’re building until you start building it.”

He said, “We built BackLianGuaick just to have an excuse to start building something. It’s not about where you start, but the countless decisions and changes you make along the way to achieve a good state.”

Ferrante compared the attempt to understand the capabilities of the BackLianGuaick wallet to the difficulties consumers faced when the iPhone was first launched. He said Steve Jobs described it as an “internet communication device,” and people had a hard time grasping that concept. He said, “The iPhone can do far more than make calls and send messages. You have a rich developer ecosystem. You have an app store. You have a browser. You have access to rich device capabilities.”

“Any one of these things can describe an iPhone.”

“They are all different things, right?”

Similarly, a crypto wallet can be much more than just a token manager or an access control device, he said. Recalling Steve Jobs’ description of the iPhone, Ferrante said a crypto wallet is a “blockchain computing device” that serves as a central node for accessing data and the blockchain. He said that through BackLianGuaick, the goal is to integrate every protocol and every blockchain into a single user interface in an “iPhone-like way”. Ferrante said, “You can build a stunning flagship consumer product and position it more like a platform and an open ecosystem where anyone can build on top of it.”

Comparing Solana’s success trajectory with other blockchains like Ethereum and Cosmos, Ferrante quoted Peter Thiel, saying, “Competition is for losers.”

“We should focus all of our energy on expanding the cake instead of trying to beat competitors.”