Mass adoption? Not anytime soon it seems.
A recent study carried out by the Financial Conduct Authority found that over 70% of UK consumers have never heard of cryptocurrencies or are unable to define them. Only 3% of this sample group had actually bought any cryptocurrencies and only 7% of those who haven’t bought any cryptocurrencies so far would consider it in the future.
The study was conducted from 12 to 16 December 2018 and featured 2,132 face-to-face interviews among UK consumers (including Britain and North Ireland), age 16+.
The results of this survey are a sobering realisation to just how much this industry is still in its infancy. You can read the full study here.
For those who are so heavily involved in the blockchain space it’s sometimes hard to see the perspective from the outside world. It’s often mentioned that people need to ask friends or family members not involved in the space to gauge the coverage of crypto in mainstream media. Another popular method is to use Google’s trend data to analyse how often the term is being searched for:
Regardless if these are effective methods or not, those on the inside will have witnessed new major partnerships being announced seemingly every week and will have seen more innovation being driven in the last year then ever before. Additionally, global powerhouses such as JP Morgan and Facebook are releasing their own cryptocurrencies.
So with all of this progression and positive news, yet very little public interest, it begs the question:
How do we achieve mass adoption of blockchain technology if nearly three quarters of the populace haven’t heard of it and the people that have don’t have an interest in it?
Enter RedFOX Labs and Komodo Platform
One of the companies that are trying to solve this issue are RedFOX Labs.
We recently covered the news story of RedFOX Labs using Komodo’s technology to accelerate blockchain adoption in MENA.
RedFOX Labs is the brainchild of Ben Fairbank who many in the space will also know as the General Manager for Komodo. Ben is of the firm belief that mass adoption of blockchain will occur when the end user isn’t even aware that the product or platform they are using is powered by the technology.
RedFOX are hoping to solve this problem by disrupting legacy business models and replacing them with models that are powered by blockchain technology via Komodo.
I sat down with Ben to discuss RedFOX and his vision for the company.
What is your role and how did you begin working for RedFOX Labs?
Im currently the CEO and Co-Founder of RedFOX Labs, which began as a concept in March or so last year, but didn’t really get going until 3rd QTR last year. We have spent a LONG time getting the model right and are only going to seed round raise now. It spawned from the idea of building big businesses on the Komodo Platform tech, so we thought, we spend all day speaking to customers and Fortune 500’s so why not build these ourselves. We have the luxury of knowing what the tech can do and what the public wants, so it’s the perfect combination really.
Blockchain technology is often viewed as having the most impact in developing or emerging countries due to their current financial infrastructures. Was this part of the reason to start RedFOX in the Asian markets?
Absolutely. In emerging markets the take up rates for data and content are through the roof. You also have the added complexities of such high numbers of unbanked and a large percentage of the population who are unable to access the market. We believe we can reduce the barriers to entry and bypass traditional methods of inclusion.
What were the decisions to implement Komodo as your preferred blockchain technology and how will you utilise this?
Well, I had some good role models and teachers as I held C Level positions in multi-national companies and I was always told ‘start with the end in mind and work your way back’. Applying this logic, I can’t wait for the market to come to Komodo, which is from a base tech level largely ready. I have to take Komodo to the market and I need to make sure that end users don’t even know they are using blockchain. It’s early thinking and I appreciate that, but we want to get a headstart while everyone is still trying to fight over the ‘gold prospector stage’ crumbs.
In a previous interview with The Daily Chain you stated that users won’t even be aware that they are using applications powered by blockchain technology. Do you believe this could be the standard for a new wave of Crypto projects?
The successful ones absolutely. I mean what percentage of people actually know how the internet works? Does it stop people from using it? If you can make the end user product more accessible, cheaper and less effort to interact with, then you win, it doesn’t need to be more complicated than that. So in short, yes I think you will see a lot more projects competing in the traditional space powered by blockchain.
It’s often been discussed that mass adoption of crypto and blockchain technology won’t take place until the end user can see or use something tangible. Is this a key problem that you are trying to solve with RedFOX?
100%, you said it perfectly. Adoption of technology will come when people are replacing products or services they currently use with versions powered by blockchain tech. This may happen more quickly in gaming and gambling as these have high engagement and blockchain solves payout and monetary issues experienced in the industry.
In your core values you mention trust, truth and building a shared vision and ideology. Are these values inspired by the original vision of Bitcoin and blockchain technology?
Yes and also on our own core beliefs. As stated I have had good mentors in my professional career and they always have demonstrated the importance of trust and truth, by either acting in line or against these. I have worked for a massive multi-national recently where nobody in the company knew or believed the company values and what they said and did totally contradicted each other.
Then I have also worked for companies who value their brand deeply like Virgin, who die to protect the brand and the people who represent it, the difference is light years apart. One model is sustainable and the other, despite its massive size, will ultimately fail. I wanted to illustrate that we can build big companies and compete by being honest with our staff and our customers and speaking honestly. If your people don’t understand or believe the direction you are headed, you can never get there.
What is the ultimate RedFOX vision for the future?
We want to help blockchain mass adoption. To honestly disrupt legacy business models by changing the way things are done through blockchain. When we build local businesses they are handed over to local people to run, so we want to have a strong brand, and be known as an employer of choice. We are here to help this technology get adopted and reward those who use it. We also want to build the first actually used and adopted blockchain super dApp for the Southeast Asian region.
Is there any other exciting news that you can share?
There are a few things that are still being ironed out. We really just need to finalise our seed round raise so we can execute all the moving pieces we have on the table. We also have a few solid candidates for first major projects and with Komodo tech that will be relatively easy to execute.
We are working on a significant partnership too, that would unlock a huge number of doors for us and another that would no longer require us to raise at all. The interest has been overwhelming for the project and we think this will be a gamechanger for blockchain in general once we get up and officially running.
Finally we save the most exciting news until last. Due to increasing pressure from VC’s and top reputable exchanges, we have decided to run an IEO (Initial Exchange Offering). This will allow investors to purchase tokens on a first come first serve basis and be part of the RedFOX Labs movement.
To stay up to date follow RedFOX Labs on Twitter.
I sincerely thank Ben for his time
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