All of us in the blockchain space are familiar with the boom and bust that has occurred since 2014, when Ethereum first facilitated and unleashed the ICO mania that eventually hit the wall — hard — in 2017. Many technology and economics experts, and not just the skeptics, saw this as a predictable outcome, but their analytic frameworks also suggest that there’s good news ahead for companies that make productive use of blockchain technology. This is excellent news for the Hypernet community. We will further discuss the economic context and theories below, but first, we have an important update and announcement!
As you know, first and foremost, Hypernet is on a mission to create a world-changing product. This product-centric thinking is the major determining factor in all of our decision making, communication, information gathering, and idea building. Our community has been an excellent source of beneficial ideas, and we’re now in a position to solicit your feedback on the actual products we are striving to build via the creation of a private test group. We are extremely excited to begin sharing more details and insight, as well as an eventual test product for you to download.
Welcome to Project Magellan.
Here’s an edited screenshot of our first test product, which we expect to place in your hands soon this spring:
Project Magellan membership will gain you access to exclusive information, regarding the product pictured above as well as the implications of Hypernet technology for researchers and data scientists around the world. Prospective members should complete this application as soon as possible to secure a spot.
Candidates will receive confirmation upon application submission and receipt by the Hypernet team. The application will remain open for two weeks (until March 11th). The open application period will be followed by three days for review. All approved members will be added to Hypernet’s Project Magellan group on March 14th. As we already noted, group members will have access to privileged content, eventually including the prototype portal to Hypernet’s test net, pictured above.
Note that space is limited. For now, it is important that the minimum necessary number of people handles the product as we roll out new features and stress test the network. We will be adding more applicants from the wait list as their devices and user profiles become applicable and essential for new tests, so you will want to submit your application as soon as possible.
Thank you for standing by us over the past months and trusting that sometimes ‘no news is good news.’ The Hypernet team has been hard at work, making strides in all facets of our operation. Much of this work must take place behind the scenes in order to ensure a successful product launch and token distribution. Strategic timing is crucial.
Now back to theory… The Gartner Hype Cycle for Emerging Technologies, first articulated in 1995, describes a now-familiar storyline and helps to contextualize this moment in blockchain and Hypernet history:
If the 2008 Bitcoin whitepaper marks the beginning of the blockchain cycle, the jury is still out as to whether we’ve reached the dreaded “trough of disillusionment.” At the same time, there’s a certain amount of hope built into this model. Running parallel to the “hype cycle” logic, former Stanford researcher Roy Amara’s “law” states, “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” It makes perfect sense that initial vague pronouncements about the impact of any new technology would drive overestimation and trigger disappointment. Underneath the hype, though, engineers would be using the new technology as the basis for real products and infrastructure, which might only become available post-disillusionment. This almost over-determines eventual underestimation of effective implementation of the original breakthrough.
The turmoil has a positive externality, however, and that is natural selection. In Capitalism, Socialism, and Democracy (1942), Austrian economist and political theorist Joseph Schumpeter described the progressive evolution of the capitalist economy as a “perennial gale of creative destruction.” The idea is that a society cannot reap the benefits of technological advancement without accepting the fact that there will be some losers. The weak must be left by the wayside as the most productive actors contribute to the growth of the system as a whole. This is the place of Hypernet in the blockchain space — we are building a product that ultimately strengthens the entire crypto community because it allows society to harness the potential of blockchain technology. Creative destruction describes the process of separating the projects that are pure hype from the real technical progress that is left standing strong after the dust settles. And real technical progress requires real, sustained, less-than-glamorous hard work.
We are excited to embark upon this journey with our Project Magellan members and our wider community. We value you as the original true believers in Hypernet, and we want you to be among the first to pioneer our cutting edge technology. Together we will circumnavigate the globe with compute power.
Apply here: https://goo.gl/forms/hQzIa2fh2ifV4suo2