It has been observed that so many people have now placed their trust on blockchain technology, reason being that, most believe that after all said and done, prices of tokens or coin must increase. That may go a long way to affect the traditional aspect of people’s life, even without them knowing. It is normal for one to believe in crypto but we should also have it at the back of our mind that not all projects or idea requires a blockchain.
Bitcoin has successfully introduced decentralization to the world, which has no central point of failure and is not controlled by just one entity. The blockchain network upon which Bitcoin was built holds every information that passes through it, and cannot be changed nor tampered with because it has been recorded officially.
One of the biggest selling points of blockchain lies in the level of transparency it has achieved. For example, all the informations stored on the bitcoin blockchain network ever since it was created is still visible for every one to see. Transparency is what we need in this 3rd class world we find ourselves in. It can be said that public blockchain are striving hard to offer the type of transparency we are looking for, while the private are still lagging behind but might as well, offer a degree of transparency in the future.
Perhaps, most public blockchain projects are now fond of conducting ICO’s without digging into their ideas in a professional manner. This has really posed a big problem to the blockchain industry as many now rush into investing in projects without much research on what they are about to invest in. We shouldn’t be surprised to hear the death of 90% or more of the ICO’s and blockchain projects we see today.
It is evident that ICO’s gained popularity as a result of these 2 reasons: they claim to use blockchain in innovative ways, and speculators expect token prices to rise significantly. It is however advisable for all to carry out a proper research before investing in any of these projects because it is still possible that none of these reasons listed above would be achieved at the end.