This article was first published on Komodo
For years, technology visionaries have proclaimed that blockchain will bring change to the world through increased decentralization, transparency, and efficiency. These ideas brought many passionate people into the industry. However, as the community continued to grow the underlying motivations shifted from passion to money, and from long-term goals to short-term opportunities.
The blockchain industry has yet to produce the results everyone expected and now, due to the long bear market, this reality is starting to sink in. To push the industry forward, we have to get back to our roots: developing the underlying blockchain-technology infrastructure.
State Of The Industry
In the early days of Bitcoin, everyone was extremely enthusiastic about the long-term potential and promises of the technology. The community was humble and tech-focused. However, due to the ICO frenzy, much of the blockchain industry has placed more emphasis on price and speculation than on innovation and results.
New projects, one after another, entered the scene with an ambitious vision and a glorious whitepaper. Simultaneously, the projects’ hype brought in a bigger crowd that was not as tech savvy as the industry’s predecessors. As a result, blockchain enthusiasts suffered from inflated expectations and short-sighted thinking.
In order to move fast and seize the opportunity, projects spent time and money on marketing. However, these projects were not marketing a working technology, nor a viable product – but rather they were marketing only an idea and vision. In many cases, the project teams began development only after the money was raised.
The whole industry has been suffering from the fear of missing out (FOMO):
- New projects have been starting as fast as possible to seize the opportunity.
- Investors have been funding projects in order to not miss out on potential gains.
After each successful ICO, the investors placed pressure on the project’s ...
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