Blockchain progress slowing?

Discussion in 'Blockchain News' started by CryptoTC, Aug 1, 2018.

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  1. CryptoTC

    CryptoTC Crypto Fat Cat
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    According to CoinTelegraph, many enterprise blockchain projects will ultimately fail with much fewer use cases than previously expected.

    Forrester Research: 90% of Blockchain Initiatives by US Firms Will Never Become Operational

    Is this an indictment of crypto and blockchain projects in general or just of private corporate owned and controlled blockchain tech? I could see dapps running on platform coins gradually replacing functions currently powered by financial institutions using internet protocols. Games, payments, social media and more.

    So is this coming to a screeching halt or did Amazon, Google and IBM over-estimate private chain uses?
     
  2. The CC Forums

    Staff Member

    It’s all over-hyped. The flow of information in 2018 is immediate. Speculate on a possible use for a technology, and 24 hrs later the world jumps on the bandwagon supporting. Hype ramps up, speculation soars, then the reality of the actual development cycle sets in and the market s check up. That’s where we are now. Last year saw an unsupportable number of new “projects” attractive a massively unjustifiable amount of development money.

    The reality is that most are like the vaporware of the 90’s. There’s nothing there, and there never will be. ICOs attracted so much stupid money away from legit projects that it will take a few years for the real projects to emerge now. Hopefully they keep plugging away.

    As far as private blockchains, customers don’t really care. If you believe the underlying tech of decentralization, then you will avoid these solutions. If you don’t care about decentralizing, then you won’t care how amazon or IBM handle data as long as it works. So yes, the big guys overestimated what they would be doing in-house with blockchain solutions.
     
  3. Old Man Crypto

    Old Man Crypto Expert chainblocker

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    Good projects are probably still working on things quietly but I agree that a lot of the bad tokens and dead coins have stopped being covered. Wasn’t there a report about over 1000 coins were dead and useless? That’s pretty bad but I bet a lot more are either dead or will be by next year.
     
  4. The CC Forums

    Staff Member

    Dead Coins

    List of Dead Coins | Coinopsy

    Over 800 cryptocurrencies are now dead as bitcoin is 70 percent off its record high

    And this has definitely hurt the legitimate projects as well as all of us involved in crypto as writers, site owners and investors. Junk threatens to bury crypto before it even gets going.
     
  5. CryptoTC

    CryptoTC Crypto Fat Cat
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    We’re all in bearish moods lately. We’ve all become grumpy @Old Man Crypto with that horrible mask of skepticism. Not that mask in that hideous avatar though. No one is that bad.
     
  6. koorper

    koorper Invests like a Pro

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    Speaking about what's happening in real time, mass adoption of cryptocurrencies and blockchain is still five to six years away.
     
  7. The CC Forums

    Staff Member

    I’m reminded that we’ve been saying that about VR and AI for 10 yrs. And they’re still not ready for mass adoption.

    Let’s hope crypto doesn’t join the pile of cool tech created but never used.
     
  8. koorper

    koorper Invests like a Pro

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    VR and AI? Interesting comparison, I believe it's becoming pretty adopted these days, it depends on where you're
     
  9. The CC Forums

    Staff Member

    It’s becoming more mature and when that happens, products find their niche. Crypto will have a lot of uses, so that helps. Lots of problems solved, another plus for crypto. But too many coins and projects right now.

    If you look at VR and AI, they won’t be products themselves, they will be adopted into other products to become widely successful. Right now they are most curiosity than widely used products. VR is mostly gaming, AI is mostly big companies and Universities. The consumer can’t buy AI. But as phones, laptops, TVs, cars and other consumer level products incorporate them, they will grow. Transportation grids and financial markets will use AI, but at levels the average consumer is unaware.

    The same will likely happen with crypto. An app with be deployed on the ethereum VM, but the user won’t even know it. They’ll just want the functionality of that app. That’s when crypto becomes a success. Right now a lot of novelties exist. As we know, a lot of novelties die.

    Anyone using a 3D TV these days?
     
  10. koorper

    koorper Invests like a Pro

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    Fair enough about VR and AI but at least people know about these technologies and there's still a fact that most people are not aware of the existence of the crypto world, that's what I wanted to deliver
     
  11. Vla

    Vla Fully decentralized

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    Blockchain is a relatively new technology, people need time to start to use it in a proper way and get benefits from it.
     
  12. NorthenLights

    NorthenLights Fully decentralized

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    It's 2019 already and the blockchain technology has only increased the number of its use-cases
     
  13. Vla

    Vla Fully decentralized

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    And I think the number will be increasing further
     
  14. NorthenLights

    NorthenLights Fully decentralized

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    Sure, the technology is evolving
     
  15. nazakethussain

    nazakethussain Fully decentralized

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    Yeah people should to time to blockchain technology.. because it is new technology...it will work up ..
     
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