92% of blockchain projects have already failed – …
92% of blockchain projects have already failed – Research by the Academy of Information Technology of China
The Academy of Information and Communication Technology of China (CAICT) claims that only 8% of the more than 80,000 blockchain projects launched during the technology’s existence continue to function today. The average lifetime of such a project is 1.22 years. Writes about this portal China Money Network.
At the China Big Data Show, CAICT Director of Cloud Computing and Big Data Research Hee Baohong said, “These projects are emerging very quickly, but also disappearing very quickly. Under these circumstances, governments around the world are accelerating work to create uniform standards to help blockchain projects enter the real world. “.
The rapid disappearance of such projects does not stop entrepreneurs from new attempts to develop solutions based on the technology used by Bitcoin and other cryptocurrencies..
“We have launched verifiable blockchain programs in China and about 200 private enterprises have expressed interest in them. In this way, we will help the blockchain industry become more transparent and open, ”added Baohong..
The fact that 92% of blockchain projects have failed should not come as a surprise to those who at least once looked into the second half of the list of cryptocurrencies by capitalization, represented by many absurd ideas and fraudulent schemes..
The Wall Street Journal recently published an analysis of 1,450 ICO projects, in which it concluded that 271 of them are using “deceptive or even fraudulent tactics,” such as “plagiarizing investor documents, promises of guaranteed returns, and false composition information. teams “. These projects attracted over $ 1 billion, and $ 273 million can already be officially considered lost..
Even such a well-known project as TRON was criticized for plagiarism in the white paper, including from the creator of Ethereum Vitalik Buterin.
At the same time, CAICT highlights other trends in the blockchain industry, including the growing integration of data streams and assets and the increasing growth of the digital currency segment..
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