A bit of story

The advent of the cryptocurrency industry began with the invention of Bitcoin - a fact often overlooked amidst the vibrant, diverse landscape of today's crypto ecosystem. It's important to note that the very existence of this industry is not predominantly based on its legality, but rather its legitimacy.

These digital assets, while not under the control of any central authority, have an intrinsic value acknowledged by their community of users. Bitcoin, the first successful implementation of blockchain technology, opened the door to a world of unstoppable digital currencies.
Bitcoin, essentially, offered the world a decentralized form of currency that could function free from governmental oversight. With a limited supply and inflation determined by a halving process every four years, it certainly broke traditional paradigms. Nevertheless, in the eyes of the crypto community of 2023, Bitcoin enthusiasts might resemble cavemen clinging to the primitive tools of a bygone era.

The real game-changer arrived with Ethereum. Pioneering the concept of a secure virtual machine to build unstoppable applications, Ethereum's Smart Contracts extended the functionality of blockchain technology far beyond peer-to-peer transactions. A decentralized world computer was now possible, enabling developers to create decentralized applications (dApps) and facilitating the inception of the decentralized finance (DeFi) ecosystem.

Ethereum represented the science in the 'science versus religion' analogy of the crypto universe. It embraced the mathematical complexity necessary to maintain a sustainable economic model. Innovations like the proof-of-stake consensus algorithm and sharding offered solutions to scalability and energy consumption issues that Bitcoin, in its original design, struggled with.

The Far West Concept

Beyond Ethereum, however, the crypto industry still finds itself in a sort of wild west era. A plethora of projects exist, reflecting a melting pot of research, speculation, and innovation. However, there's also an undeniably high concentration of meme coins, Ponzi schemes, and projects that claim decentralization but operate otherwise.

In the vast universe of tokens and coins, it can be challenging for investors and users alike to separate the wheat from the chaff. The booming trend of meme coins, for instance, can sometimes cloud the potential of serious projects that aim to leverage blockchain technology for real-world solutions. Meanwhile, the exploitation of the term 'decentralization' by projects that are anything but, adds to the confusion and misinformation.

Moreover, 'Ponzi' schemes - scams involving the payment of returns to existing investors from funds contributed by new investors - have infiltrated the crypto industry, casting a shadow over its otherwise progressive potential. These schemes often offer high and consistent returns, playing on the lack of understanding and greed of the masses, ultimately leading to significant losses.

The current "Far West" state of the cryptocurrency industry requires a deep dive into three critical aspects - the financial, the legal and the technical.

1 - Financial

The cryptocurrency market, at present, is largely dictated by the dynamics of Bitcoin and Tether. Bitcoin, with its halving mechanism, shapes an ecosystem characterized by cyclical bull and bear markets. These market cycles, driven by Bitcoin's economics and the costs borne by miners to maintain the network, have profound ripple effects across the industry.
Investor psychology in the crypto space is heavily influenced by these fluctuations. During a bull market, there is a frantic scramble to sell off assets before the onset of the bear market. This rush occurs irrespective of how well individual projects may be performing or the value they may be generating. The moment the bear market commences, prices tend to plummet dramatically.

This volatile environment fosters a breed of entrepreneurs and investors who are incentivized more towards short-term speculation than building and backing long-term focused projects. As a result, the potential for innovation in the space is dampened, and an ecosystem proliferated with hyped copycats emerges. Many of these projects tend to dissipate as quickly as they arrive, unable to withstand the pressures of the market.
However, this state of affairs might experience a seismic shift following the Ethereum / Bitcoin 'flippening' - a hypothetical future event wherein Ethereum surpasses Bitcoin in terms of market capitalization. If Ethereum does manage to become the market maker, it would usher in a more sustainable economic environment.

Ethereum's Proof-of-Stake (PoS) consensus algorithm and its balanced inflation and deflation mechanisms lend themselves to a more stable market. Unlike Bitcoin's energy-intensive mining, Ethereum's PoS involves 'staking' - where validators lock up their coins as a form of collateral to validate transactions. This process is not only energy-efficient but also disincentivizes massive sell-offs as validators are economically penalized for fraudulent behaviors.

Furthermore, Ethereum's economic model involves a mechanism called EIP-1559, which burns a portion of the transaction fees, adding a deflationary aspect to the otherwise inflationary system. This leads to a more predictable and balanced monetary policy, devoid of the extreme price volatility witnessed in the Bitcoin market.

In conclusion, if Ethereum were to become the market maker, it could instigate a shift from a primarily speculative environment to one that incentivizes long-term, sustainable development and investment (no more exacerbating bull and bear craziness). Ethereum economy as a market maker, will eliminate most of the crazy market volatility and reducing the existence of short-term speculative projects, it's a significant step towards creating a more mature and sustainable cryptocurrency industry. The post-flippening era may well herald a new dawn for the crypto world, illuminating the path to long-lasting innovation, value creation, and robustness.

2 - Law

Legal issues and regulatory uncertainty have long been a common theme within the cryptocurrency industry. As of 2023, there are no countries that could be classified as truly crypto-friendly. Every investor and entrepreneur within the industry lives under a persistent cloud of ambiguity. Despite operating within the confines of existing laws, a lingering sense of unease prevails, as they're never entirely certain of their legal standing.

Regulatory bodies, which should ideally prioritize investor protection and citizen welfare, often appear more preoccupied with tax collection and controlling entrepreneurial activities. The lack of clear regulations provides these entities with considerable discretion, contributing to an environment of uncertainty. This uncertainty is deeply unsettling and inherently unjust.
From our perspective, a fair and efficient regulatory framework for the crypto space should primarily consider the independence and autonomous functionality of a protocol. A way to develop fearlessly within the sphere of cryptocurrency is to build protocols that don't require a maintainer, operate entirely onchain, and do not incorporate special ownership privileges or upgradability under the pretense of "emergency". These protocols can embody the ideals of decentralization that the crypto industry was founded upon.

In the future, nations or financial cartels might be tempted to exploit the most significant vulnerability of many crypto projects - their teams. DAOs that use Snapshot for governance, or protocols that reserve ownership for security actions, may find themselves susceptible to regulatory control. Legal requirements might limit the flexibility of such models and subject them to stringent oversight.

In this prospective landscape, only protocols that are genuinely decentralized will survive. If a protocol can run autonomously without dependence on a specific group of investors, entrepreneurs, or holders, it can insulate itself from regulatory intervention. These protocols won't need to worry about external entities interfering with their operations, as there would be no centralized authority to target or control.

The evolution towards more decentralized protocols could ensure the crypto industry's resilience in the face of ever-evolving legal landscapes.

Crypto entrepreneurs and investors should always consider that the industry is here because it is legit, not legal, and should always assume that countries' regulations change in time and having points of failure that lead humans to special powers is not just an uncomfortable position for team members, but it removes the why of our industry, transforming it in an offshore shitshow version of the web2.

3 - Tech

The most convoluted issue plaguing the crypto space is its technical complexity. During the last bull run, the concept of "Lego Money" took center stage. The idea of assembling financial building blocks seemed promising in theory but proved perilous in practice, forming a domino effect of interdependence and vulnerability. Imagine a protocol built on top of other protocols that require external oracle data, all of which rest on a base protocol with upgradability features controlled by a group or a team. While your protocol may claim to be decentralized, it is essentially at the mercy of off-chain data quality and the intentions of those controlling the base protocol.

The industry resembles a relentless game of cat and mouse. Entrepreneurs quickly launch systems fraught with centralized vulnerabilities, which become a common practice. In response, regulators step in, and the industry counters with slightly more decentralized versions, still flawed and susceptible. This back-and-forth cycle leads to a stagnated industry with limited innovation.

This conundrum is further complicated by the daunting complexity of the space for users and investors, coupled with a general lack of long-term foresight via the bull and bear scenario explained before.

Doing the Hard Job

At N🟣N, we're tackling these challenges head-on. We're working diligently to establish the technical standards necessary to tame the crypto "Wild West," much like the standardization that occurred in the real world centuries ago.

In the real world, nations establish common laws to protect investors and entrepreneurs from fraudulent activities. These laws enable the growth of legitimate businesses that generate profits and ensure mutual benefits. If you think our civilization is based on profits for companies as insurance for investors that the company itself is healthy and will continue to run. Likewise, economic incentives drive our economies, much like they drive our favorite Layer-1 crypto networks.

At N🟣N, we're creating a standardized framework to secure investors from potential risks, even those originating from each other's actions. We offer economic incentives for active participation in a project's growth while relieving project teams from legal implications, hosting funds, or needing extensive coding and audits.

Just as a nation's legal framework sets the stage for entrepreneurs and investors to focus on product development, marketing, and financial operations, N🟣N strives to do the same. We're pioneering the creation of genuine protocol equities by establishing on Ethereum.

Within the N🟣N framework (The N🟣Nnation), entrepreneurs can outline their protocol's economic structures, establish yields for investors, design stable economies, fundraise, and create tokens and NFTs - all without the need to host funds. Everything is executed autonomously, giving birth to truly Decentralized Autonomous Organizations (DAOs).

N🟣N also gives both parties 0 assumptions about the security because our made-with-love and audit-with-sweat factories system clones every contract. This lets entrepreneurs set up economies in seconds, and investors be focussed on the actual venture without the fear of team goodwill or complex centralized catfishing (very common in crypto).

We firmly believe that N🟣N will catalyze a new era of onchain businesses, void of unnecessary complications, and focused on real economies that generate profits. The goal is to foster entities committed to long-term growth, thereby eliminating the need to devise the next over 9000 IQ outrageous Ponzi scheme to raise funds.

Is the industry ready for this change?

We resoundingly affirm, "Yes!" With the Bitcoin to Ethereum flippening on the horizon, the game will change for investors and entrepreneurs alike.

With N🟣N, they can sidestep the traditional legal uncertainties that come with fundraising and simply relocate their operations as effortlessly as never before. This flexibility affords an agility that has not previously been seen in the crypto industry.

As we stand on the precipice of the next bull run, it's clear that the narrative is shifting towards real, unstoppable onchain businesses. No longer will the industry be mired in short-term speculations and gimmicks; the future will be about genuine innovation and sustainable growth. At the heart of this transformation is N🟣N, a framework that's paving the way for a smoother and more efficient way to operate in the crypto space.

N🟣N is about ending the wastage of resources on constantly 'reinventing the wheel.' It's about cutting through the noise of unnecessary technical complexities and allowing teams to focus on what truly matters - their product. With N🟣N, teams can bypass the typical pitfalls and challenges of the crypto world and channel their energy on innovation and improving user experiences.

Moreover, N🟣N is putting an end to 'decentralization catfishing' - the misleading practice of promoting projects as decentralized when, in reality, they're not. True decentralization is at the core of what N🟣N offers. It provides a framework for building truly autonomous and decentralized protocols, thereby fostering an environment of trust and transparency.

With N🟣N, we're not just preparing for the next bull run; we're setting the stage for a fundamental shift in how we approach and operate in the crypto space. By reducing complexities and ensuring genuine decentralization, N🟣N is creating the perfect environment for the growth of real, onchain businesses.

So, as we gear up for this exciting new era, the message is clear: It's time to stop wasting resources on needless complexities and misleading practices. Instead, let's focus on building quality products that provide value and drive the industry forward. With N🟣N, this vision is not just possible; it's easier than ever before.

Decentralized Degens Pepes also are ready for the next narrative and to enter this exciting new era, we invite you to join us. Are you ready for truly decentralized and unstoppable businesses? Brace yourself; the next bull run promises to be an exhilarating ride!