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October 24, 2016, 08:53:58 PM |
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This may sound a little counterintuitive at first glance, but lately I got the feeling, that all these new altcoins are holding back blockchain development as a whole. My reasoning is this:
Most ideas don't need their own blockchain. Actually, a lot of ideas can be realized by utilizing bitcoin sidechains and colored tokens. The problem is, that there doesn't look to be money to be made, at least no fast money. It is very temtping to create yet another dedicated token and sell it over an ICO.
This creates all kinds of problems, probably the biggest being that money, knowledge and developing power is segregated, distributed thinly over a lot of small projects, most of which fail at some point. Now, you can probably "harvest" some ideas from those projects, but it would be more effective to have fewer projects with bigger teams working on them.
I don't see this changing in the future. It seems just so much more attractive to start an own project, that is paid out directly via an ICO, you don't have to read up on other developers code, you are your own boss, you don't have to compromise and so on. Working on bitcoin sidechain projects just doesn't seem tp be lucrative, I get it. Who is supposed to pay a dev, who is working on a project, that is not holding any worth on its own? The fact that ICOs are so popular right now, makes donating for projects without prospect of getting at least some money back look downright foolish. The ones able and willing to fund projects like that, are companies. I don't now about you guys, but I don't like that idea very much…
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