Being that cryptocurrencies are by default, similar to esports and social media, meaning exclusively digital ventures, it is no wonder that not many physical events are present in this industry. Yes, the community has its moments then it converges in real life, including the now-famous halving parties, which take place after each of these in-network events. Otherwise, the community and all of its participants more readily choose to meet online and establish contacts in the digital domain.
But this is by no means is universal in and exclusive standard. As the industry and the field of cryptocurrencies become more and more complex, as well as larger in size, physical events are slowly becoming a must for this domain. Interestingly, one of the fastest-growing such events is somewhat of a carbon copy of a much older happening.
The same thing happening is the Swiss city of Davos and the World Economic Forum. Now along with this massive and extremely important geopolitical and economic gathering, there is one such event for the cryptocurrency crowd. Its name is and surprisingly crypto Davos and if this growth continues, it will soon become the most important gathering of cryptocurrency and blockchain professionals in the world. What does Crypto Davos actually mean for the same community and varied head in the times to come?
A Counterweight to the WEF
The Crypto Davos is clearly a sort of response to the WEF of the World Economic Forum. For years, this has been a place where government officials, leaders of NGOs, business executives and entrepreneurs can converge and discuss the most pressing planetary problems. In theory, it is also a place where positive change can take place. However, first on the fringes but slowly in the mainstream as well, the same gathering attained a different connotation – a place where the elites from all these domains come to basically network and create solutions to nothing more than their problems.
For crypto enthusiasts, this epitomizes all that the blockchain technology, especially its monetary and decentralized form, tries to fight against. However, it could be said that in spite of the negative press and public awareness that is mainly bitter, Davos WEF is neither of its two most prominent extremes. Instead, it is, like most things in the real world, somewhere between the two drastically different visions. The results and impact of the same gathering, thus, fall more or less in the same spot as well.
Importance of 2020
This year is important because it marks the anniversary of half a century of WEF. While the summit in Davos is known all over the world, many do not realize that it is an NGO that was set up in 1971. It functions as a non-profit foundation that aims to tackle political, cultural and business issues by gathering the main world leaders from all of these domains. WEF also recognizes that often, these domains have different agendas but tries to bridge them in a way that allows for change without anyone actually losing on their intents and desires, at least not totally.
In essence, it is the middle road principle, where issues should never be sidelined or rejected, but their resolution, at the same time, must come through cooperation and evolution of the current system. This opposed both the ideas of keeping the status quo, but also the notion that drastic revolution inside of evolution can bring about any meaningful change both in the world today, but also in that of tomorrow.
The same event might sound like a quick ripoff of the WFE gathering, but it too has more on its side than it might first appear. For one, this is something taking place for over four years. For the domain of cryptocurrencies, where things like bitcoin price can sway violently in a period of less than a week, seeing something through for almost five years is a big undertaking. At first, it was a modest gathering that came about thanks to group chats and some words of the mount. In 2018, the gathering hit a high note mainly thanks to the boom of the ICOs that was one of the big developments in record-breaking 2017.
Expectedly, with the shutting down of the ICOs, the Crypto Davos in 2019 also lost some of the wind on its back. A year ago, everyone was clear that visitor and attendance numbers are definitely down, but the event pushed on. Now, in 2020, there is a mix of mainstream corporate attention and the expected crypto-first presence. The gathering is a show of Crypto Davos resilience and its ability to keep going even through tough times. Yet, the collection of those interested in still divided across some key technological lines.
Cryptocurrency and Blockchain
One of the biggest points of divisions inside of the Crypto Davos gathering remains the idea what useful blockchain tech application actually is. For the industry and government leaders, there is no doubt that blockchain is a fantastic technology that could be a true game-changer if it is applied in the right domain and at the right moment. Yet, to the endless frustration of the crypto enthusiasts, the same definition does not apply to bitcoin or any other existing cryptocurrency.
For these leaders of the traditional sets of power are at best indifferent and at worst, hostile. Because of that, the crypto powers that be have a hard time accepting that they can ever get a seat at that traditional table. The natural successor to that idea is a simple concept – in that case, why even try. This on its own is just one of the wedges that divide these leaders of crypto and traditional systems from really working together for a higher and mutual goal.
There is a bright future for both WFE and Crypto Davos. However, that is bad news for everyone else as well. The world of today is gripped by a sea of endless changes, potentially unseen before the two global wars of the 20th century. All hopes are now that the same outcome is avoided in the 21st century and to do that, gatherings of these kinds are a necessity. This applies to the traditional pipelines of power, but also an emerging one – cryptocurrencies. No matter how traditional forces see these, the truth remains that they are just that, a new power entering the world stage.