This project, like thousands other similarly ridiculous ideas will die out by year's end.
This is dot com bubble 2.0. Most of today's crypto investors who're falling over each other to invest in these retarded ideas are either millennials who were too young to experience dot com bust or those IQ deficient simpletons who have absolutely no understanding of real world economics.
During the height of dot com bubble, it was similar story, all kinds of crazy non-realistic idea coming out every day. All you had to do was to add hot catchphrases of the time i.e website, online, email etc and you had an amazing revolutionary business idea. Everyday mom & pop type investors would rush to pour money without thinking much about the feasibility of the idea. No doubt people made serious money while the bubble lasted and smart were those who got out before it all went kaput.
Similar trend is going on now. As long as you can throw couple of keywords i.e blockchain & decentralized into the mix, you've a coin for just about every occasion.
Store your DNA on blockchain;
store your medical records on blockchain;
store your educational records on blockchain;
store your finance/banking/lending records on blockchain;
store music/videos on the blockchain;
store your car history on blockchain;
store energy/electricity on blockchain;
store cellphone data plans on blockchain;
hell you can even store a fuckin' pizza on blockchain as well.
So ... enjoy this
Fuck me in the ass 2.0 party but make sure to put your pants back on again and leave the party before lights go out.
Let's assume you are from the US going for vacation to Japan. You break your leg and time is critical, you need an extremely fast surgery. Essential data about your health history is stored on a decentralized distributed database. You can access it within the minute or grant access to relevant parties in that moment. Could you do the same with a centralized database sitting in the US?
Let's assume.... I could go on with this game for hours. You fail to understand what blockchain is able to achieve in its purest form (as Satoshi developed it) and way beyond (blockchain 2.0 / 3.0). And although I don't like the comparison with the Internet because it's too often used by people who do indeed have no clue about blockchain, I must use it now: If someone told you in 1995 what the information economy will look like in 2010 and how many things you are going to manage from your computer or even smartphone, what would your response have been back then?
You should get familiar with the concepts of particularized trust and generalized trust and how these two impact the process of globalization. Once you read up on those two concepts, please come back and continue the discussion about blockchain and their impact on a globalized, denationalized, more efficient and less trust-dependent world. Trust drives up costs. Build systems that decrease the requirement for trust and the whole world will be better off.
You are right, many projects from today will fail. But we all know that the Google and Amazon story is too good to be true too often anyway. However, I am thankful for everyone making the first step despite the biggest risk to fail. How often did you make the very first step in an industry? I admit, I have never done it.
