What is the long term vision for Leofinance?
This is a question that I have tried to uncover. So far, it is without much success. Nevertheless, I think this is an important question for every Lion to consider.
Leofinance is separating itself from most projects on Hive (and the majority in cryptocurrency) by focusing upon some business building ideas. The introduction of Leo Ads is a big step forward.
Outside of exchanges, how many projects in cryptocurrency generate revenue? Removing the selling of tokens or things of that nature, we do not find many that do. Most are dependent upon transaction fees.
The idea is to provide a service that people need or want to use.
Ultimately, Leofinance could end up going that route. For now, we are dealing with ad revenue which has proven to be effectve in the Web 2.0 world.
Here, unlike with those websites, we are see the community, i.e. Leo Power holders, benefitting.
Everything Application
One of the concepts put forth that gives us a mental picture is what Elon Musk talked about. It is the "Everything App". This aligns well for Leofinance. A big part of what Musk is seeking is the combination of social media and finance.
This is something the Leofinance team jumped on. Personally, I think this should be the goal of every application on Hive. After all, we could make a case that Hive will be the everything protocol. That said, there are some sidechain features that will be required.
We know there is an obvious foundation in place. Hive provides the social media aspect through blogging along with the base layer finance. Leofinance added Threads along with its own tokenomics which enhances the platform.
But what beyond this? That is where we are left to speculate. There is no clear cut path. Part of this is the fact that we are dealing with an industry that is relatively young. That means many things are going to be changing. Just consider how different decentralized finance (DeFi) is compared to a couple years ago.
We are going to see this repeatedly over the next half decade. There will be many experiments with a number of ideas that are boom/bust. Nevertheless, it is worthy to try as many as possible to see what evolves.
Integration is going to be key. What are people doing with cryptocurrency and that is what we need to concentate upon. This would include payments, swapping, and commerce.
Foundation In Place
Leofinance already started a few of these in the past.
To start, I think integration with the Internal Exchange on Hive vital. We also should figure out how to incorporate liquidity pools and other features right into the UI. We might see this possible with the a smart contract platform tied to Hive. We have both the SpkNetwork and VSC being worked on. This will provide features to developers.
Smart contracts open up an entirely new world. It provides the potential for a DEX incorporated into the Leofinance ecosystem. We also could see NFTs development, as smart contracts would enable that to be offered. Of course, this leads to the idea of a NFT store, something we see on other blockchains.
Eventually, the key is to merge real world with the digital. Leofinance should seek to offer services that are needed in the daily life of people. DeFi certainlly cean serve as a foundation. Here we should seek to provide basic financial services that are presently served by banks and fintech companies.
Commerce is going to be vital. If we are looking to brand, Leofinance merchandise is a must. This is not only a nother potential revenue center, it also will help to spread the word about the platform.
We are obviously painting things with some broad strokes here. The key is to develop some network effects and then leverage that for revenue generation. This can be done first with a digital marketplace and then expand to other things.
The financial arena is ripe for disruption as we know DeFi is moving ahead. All of this can be brought under one umbrella.
That is what I would say the long term of Leofinance is.
What are your thoughts?
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