People and organizations are using blockchains to create their own social currencies, but we need an easy way to exchange them. Listen to Ed Vincent describe a business idea that facilitates social currency exchange.
Show Notes
Nuggets:
- The key leverage point of blockchain is the decentralization of valuation.
- Millennials value experiences over things.
- Don’t implement emerging trends unless they’re necessary.
- Many great ideas sit around waiting for the right time to flourish. If you get in too early, there may not be infrastructure to support them.
Action Steps:
- Understand social currencies
- Research social currency issuers (Roll)
- Find out the use cases that would apply. Who would want to issue social currency? All individuals? Influencers and celebrities? Small businesses abandoning punch cards for social currency?
- Find out how market makers work on traditional exchanges. (The individuals that set the buy and sell prices of various stocks).
- Engage with a platform like Steemit that currently use blockchain to exchange value for user created content
Follow through on these action steps and email us your results at update@runwithit.fm. You'll get exclusive access to a private Facebook group of action takers and one listener will earn a free mentorship call with our guest, and potentially, a business partnership.
Links:
Ed Vincent is an entrepreneur with over 25 years business, technology and management experience including 6 years banking and valuation experience. He founded an e-commerce business in 1999 which was sold to a competitor in 2001. He’s a Repeat Founder including the businesses SimplyEngage, myProducer, & Predict Ventures. He is Currently the Founder & CEO of FestivalPass.
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