The blockchain serves as a ledger, which is the log of all transactions made over the course of the currency’s history. These currencies are often (though not always) backed by a distributed system known as a blockchain.
#Cryptocat social gets insanely backing to free
Feel free to skip ahead if you know all this.)Ĭryptocurrency is a digital currency not issued by any central monetary authority. (In which I explain cryptocurrency and smart contracts. Let’s apply Andy Grove’s framework to cryptocurrency. This got me thinking: what happens if we applied Grove’s framework to a new technology today? For kicks, let’s pick something new, potentially revolutionary, with a ridiculous hype cycle. I was struck by the fact that many of his conclusions turned out to be correct. This means that Grove applied his framework to the developing technology of the internet and worked out its implications before the hype cycle got real.
Only the Paranoid Survive was published in 1996, three years before the 1999 peak dot-com boom and bust. What I didn’t summarise, however, was Grove’s application of the framework to the emerging technology of the Internet, which he did near the end of the book to serve as an example to readers. It is this framework that I spent the most time on in my summary. He also provides pointers to analyse an emerging technology - a scenario that should be familiar to those of us who work in the tech industry. While the causes of strategic inflection points are many, Grove gives us a detailed framework for analysing the threat posed by such changes. Intel itself had a near death experience navigating one such strategic inflection point - the emergence of Japanese memory chip manufacturers.
These changes may be caused by a variety of things: emerging competitors changing consumer preferences scientific advancements government regulation. These “strategic inflection points” are 10x changes that put businesses and careers alike in jeopardy. A few days ago I summarised Andy Grove’s Only the Paranoid Survive, a book about navigating “strategic inflection points.”
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