There has been a massive surge in the number of blockchain projects entering the space over the past few years. With more than 871 ICOs raising over $6 billion last year compared to the 29 ICOs raising $90 million in 2016, there have been around 777 ICOs and counting as more startups are getting on the bandwagon.
If we take the time since the invention of blockchain (2008), there have been more than 80,000 blockchain projects launched all around the world. A report from the Chinese government found that only 8% of those are being actively maintained – and 92% failed to last an average of 1.2 years before maintenance.
That said, it is true that the ICO craze is steaming. According to He Baohong, who is a scientific institute under the Ministry of Industry and Information Technology (MIIT) and a member of the Cloud Computing and Big Data Research Institute under CAICT:
“(These projects) came out very quickly, but die quickly as well. In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications.”
He also added that the blockchain technology needs to be more transparent and open, stating:
“We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join,” He added. “(This) will help blockchain technology and industry to become more transparent and open.”
Meanwhile, CAICT has also released a report on the top 10 global blockchain industry trends – with six of them emerging in particular. Meanwhile, the Chinese government also published a report that ranks the quality of these public blockchain projects – where Bitcoin ranked just thirteenth, tying with the privacy-centric cryptocurrency Verge.
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