Published Jun 14, 2022
By Qredo Team
5 Takeaways from Our Conversation with HeroX
🎧 Listen to a recording our Twitter Space with HeroX (1:06:55)
Qredo recently had the opportunity to speak to Adam Olsen of HeroX to discuss unlocking #DeFi and the #Metaverse using the power of the crowd.
HeroX is a platform that allows anyone to launch a Crowdsourcing Project in an area they care about; their clients range from NASA, to Forbes and Coinbase.
HeroX is not crypto-native, but many institutions and organizations have seen its capabilities and started utilizing the HeroX platform. Similar to the hackathons we see in this industry, companies create challenges to find innovative solutions to a wide range of issues - from NASA designing a rover for Mars to Airbus entering the Metaverse, the possibilities are endless.
The conversation provided many insights; here are five key takeaways from the discussion👇
1) Institutional interest in crypto is increasing.
Over the last year, HeroX has seen a spike in interest from institutions looking to enter the crypto space. Many big organizations aren't sure exactly how or where to start, so they turn to HeroX and the power of the crowd to help pave the entryway into Web3, DeFi and the Metaverse.
For example, Airbus has created an ideation challenge to leverage the crowd around these new technologies.
Airbus knows the Metaverse will be revolutionary, and they need to start innovating around it, but they didn't know where to start.
Through crowdsourcing, they put out an open call to get ideas on how they can use this new technology to improve the passenger experience when traveling on their aircraft.
2) Crowdsourcing and blockchain have a lot of similarities.
Blockchain and crowdsourcing are all about innovation, building networks, and crowds. Blockchain is no stranger to harnessing the power of the crowd and is all about collective knowledge. Many companies in the space do this very well, and it's typically in creating governance processes or proposals and having a debate around them.
Blockchain platforms can accommodate and harness that kind of collective knowledge effectively.
From Qredo's perspective, you can see how much we utilize our community to implement new ideas and find new solutions. We are constantly listening and building around the feedback we receive.
But from the perspective of a traditional company, they might not have the teams or skill sets yet internally to ideate it or create a plan around it, and that's where HeroX comes in.
3) Institutions need infrastructure to enter the space and innovate around new technologies.
Many organizations looking to tackle the Metaverse, blockchain, or even other new technologies don't have the infrastructure to implement and develop the ideas into something tangible.
Organizations might crowdsource and run a successful challenge, but it can fall flat internally because they aren't set up to take those new ideas and build on them.
Though this is not new to us, it is interesting to hear the same issue being raised by HeroX. Organizations need the proper infrastructure to safely and securely participate in crypto.
Qredo has been at the forefront of institutional adoption of DeFi, and it all starts and ends with security infrastructure.
Through Qredo's partnership with MetaMask institutional, we have offered organizations, funds, and traders an easy, secure, and compliant way to access DeFi and Web3.
4) HeroX has had challenges paid out in crypto.
Another significant indicator of crypto's widespread adoption… challenges paid out in crypto!
The challenges issued by Coinbase have all been paid in crypto, and this is a trend we at Qredo think will continue. Using Crypto makes these challenges more accessible to people from various parts of the world and helps level the playing field and create opportunities for everyone, just like HeroX.
"Yeah, so it's great to see that this is starting to happen, and I think that will create a lot more opportunities and easier prize payouts for different places in the world."
-HeroX Possibilities Manager Adam Olsen on paying challenges in crypto
Will we soon see $QRDO on HeroX? 🤔
5) "There is no hierarchy on good ideas."
Ben Whitby said it best – good ideas can come from anywhere, and you don't always have to solve complex problems with complicated solutions. Sometimes simple and easy solutions make the most significant impact.
You don't need the brightest minds to solve problems; sometimes, you just need fresh eyes and a different perspective. HeroX does just that by using the power of the crowd to help their clients find innovative solutions that can come from anywhere.
Want to get involved? Check out HeroX's list of open challenges.
Like HeroX, Qredo is no stranger to utilizing the community for ideas and solutions. If you have great ideas to help Qredo improve and grow or just have questions and want to learn more, reach out to us here or contact us on Twitter!