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Author Topic: Over 26,000 Blockchain Projects Were Developed Last Year; 8% Remain Active  (Read 378 times)
jenni161
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November 19, 2017, 09:46:42 PM
 #21

The majority of the blockchain projects developed during last year was made by programmers sitting at their home with the hope of earning some free money by luring investors. I am sorry if I am rude, but that's true. Majority of the projects were developed with a short term goal of earning money without any profound future goals. Blockchain is not yet adopted by any notable corporation yet to see a major change in this percentage. That is the reason why I support strong regulation on ICO. A major percentage of ICOs are money making machine. We have seen a lot of ICO raising funds for some project didn't even see the light of birth. They just vanished with the fund.

We need stronger regulations and professional mindset for a blockchain project to survive and thrive. There are very few ICOs which is professional and has a long term goal with a proper business planning. Actually blockchain is still at a very nascent stage and people are still learning its proper implementation. The scenario will change for sure, but slowly. 

I second that! The lack of professional thinking and the willingness to make a great product has taken backseat. The only goal is to make a good amount of money within a very short period of time has become priority. That's why we are seeing such frustrating statistics. China has taken a right step by banning ICOs because they were not able to regulate the entire business. While investing in any ICO, always check the developers linkedin details. Check the age of the accounts to identify fake and recently created accounts. Follow their twitter page to get more insights about their business. Once you see a product is actually managed by a professional team, then only invest. I have recently invested in Bananacoin and Bankex, which looked like a real business in backend.

You have a valid point but if I was a really professional developer I wouldn't put my name on ico projects. Developers I know personally wouldn't do that either. Maybe there exists some professional ico's too but I see this situation is so bad they are really hard to find.
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November 19, 2017, 09:49:22 PM
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Do you think there is any way to get those projects under control without banning them entirely?
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November 19, 2017, 10:14:01 PM
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If we'll filter out all those scam ICO's that only maintain their github repositories to trick investors into thinking that they are developing something, we'd still be left with a lot of genuine projects that have failed. I believe that the reason for that is the fact that blockchain technology can't be easily applied to everything, because it's very inefficient and sophisticated so it simply doesn't work in many cases. Bitcoin succeeded because it is based on game theory in a form of its mining, so if a blockchain project can't have something similar to secure its ledger, it loses all benefits of blockchain and is left with all the downsides.

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November 19, 2017, 10:28:57 PM
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That's quite an alarming scenario right there. If only 8% of the total 26,000 blockchain projects that are still operational, then what happened to the 92%? Does it means they were not successful and haven't gone so far? If not, then maybe majority of them are just only scam deceiving people with their project on github? Or is it the dumping of coins may be one of the culprits that made this unimaginable statistics?

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November 20, 2017, 06:35:58 AM
 #25

Blockchain is really a great technology but if people got scammed it then investors will start losing their trust in any blockchain project/ICO .And that is a very bad news. I know it is quite impossible to short-out the scam project but somehow those kind of project needs to be stop.

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November 28, 2017, 08:38:31 PM
 #26

Code repository GitHub saw over 26,000 blockchain-related projects created on its platform last year; yet only a small percentage remain active. According to data collected by Deloitte, it detailed in its new report ‘Evolution of Blockchain Technology: Insights from the GitHub Platform,’ that there were 26,885 blockchain-related projects in 2016 developed on GitHub. Surprisingly, despite the interest that the technology is garnering, only eight percent of projects are actively maintained. Deloitte found that projects have an average lifespan of 1.22 years.

Wow, I did not expect that so many projects are not active anymore after such a short time. Many of them have certainly also collected money from ICOs. That would be a huge money-shredding machine.

While I would've thought that it would be high I certainly would not have expected that it would be so high as 92%! It is important to remember that a large portion of these will be useless airdropped coins etc that are nothing more than a money grab or a project for some. It would benefit everyone if it was more difficult for new projects to be started as it would protect investors and leave us with more quality projects.
To be honest I'm not surprised at all, many business do not last for more than a year an the world of crypto is even more risky and when we add scams into the mix this pushes the failure ratio of icos even higher, this is why it does not make sense to invest in a lot of icos find one that you think has a chance to make it big and invest your money there.

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