Over 26,000 Blockchain Projects Were Developed Last Year; 8% Remain Active

wxa7115

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Quote from: parobber on November 19, 2017, 05:09:34 PM

Quote from: sheld0n on November 11, 2017, 11:19:28 AM

Code repository GitHub saw over 26,000 blockchain-related projects created on its platform last year; yet only a small percentage remain active. According to data collected by Deloitte, it detailed in its new report ‘Evolution of Blockchain Technology: Insights from the GitHub Platform,’ that there were 26,885 blockchain-related projects in 2016 developed on GitHub. Surprisingly, despite the interest that the technology is garnering, only eight percent of projects are actively maintained. Deloitte found that projects have an average lifespan of 1.22 years.

Wow, I did not expect that so many projects are not active anymore after such a short time. Many of them have certainly also collected money from ICOs. That would be a huge money-shredding machine.

While I would've thought that it would be high I certainly would not have expected that it would be so high as 92%! It is important to remember that a large portion of these will be useless airdropped coins etc that are nothing more than a money grab or a project for some. It would benefit everyone if it was more difficult for new projects to be started as it would protect investors and leave us with more quality projects.

To be honest I'm not surprised at all, many business do not last for more than a year an the world of crypto is even more risky and when we add scams into the mix this pushes the failure ratio of icos even higher, this is why it does not make sense to invest in a lot of icos find one that you think has a chance to make it big and invest your money there.

suvo05

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Blockchain is really a great technology but if people got scammed it then investors will start losing their trust in any blockchain project/ICO .And that is a very bad news. I know it is quite impossible to short-out the scam project but somehow those kind of project needs to be stop.

nightfury

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That's quite an alarming scenario right there. If only 8% of the total 26,000 blockchain projects that are still operational, then what happened to the 92%? Does it means they were not successful and haven't gone so far? If not, then maybe majority of them are just only scam deceiving people with their project on github? Or is it the dumping of coins may be one of the culprits that made this unimaginable statistics?

hatshepsut93

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If we'll filter out all those scam ICO's that only maintain their github repositories to trick investors into thinking that they are developing something, we'd still be left with a lot of genuine projects that have failed. I believe that the reason for that is the fact that blockchain technology can't be easily applied to everything, because it's very inefficient and sophisticated so it simply doesn't work in many cases. Bitcoin succeeded because it is based on game theory in a form of its mining, so if a blockchain project can't have something similar to secure its ledger, it loses all benefits of blockchain and is left with all the downsides.

FedAsker

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Do you think there is any way to get those projects under control without banning them entirely?

jenni161

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Quote from: avikz on November 12, 2017, 12:48:00 PM

Quote from: soham on November 11, 2017, 12:29:11 PM

The majority of the blockchain projects developed during last year was made by programmers sitting at their home with the hope of earning some free money by luring investors. I am sorry if I am rude, but that's true. Majority of the projects were developed with a short term goal of earning money without any profound future goals. Blockchain is not yet adopted by any notable corporation yet to see a major change in this percentage. That is the reason why I support strong regulation on ICO. A major percentage of ICOs are money making machine. We have seen a lot of ICO raising funds for some project didn't even see the light of birth. They just vanished with the fund.

We need stronger regulations and professional mindset for a blockchain project to survive and thrive. There are very few ICOs which is professional and has a long term goal with a proper business planning. Actually blockchain is still at a very nascent stage and people are still learning its proper implementation. The scenario will change for sure, but slowly.

I second that! The lack of professional thinking and the willingness to make a great product has taken backseat. The only goal is to make a good amount of money within a very short period of time has become priority. That's why we are seeing such frustrating statistics. China has taken a right step by banning ICOs because they were not able to regulate the entire business. While investing in any ICO, always check the developers linkedin details. Check the age of the accounts to identify fake and recently created accounts. Follow their twitter page to get more insights about their business. Once you see a product is actually managed by a professional team, then only invest. I have recently invested in Bananacoin and Bankex, which looked like a real business in backend.

You have a valid point but if I was a really professional developer I wouldn't put my name on ico projects. Developers I know personally wouldn't do that either. Maybe there exists some professional ico's too but I see this situation is so bad they are really hard to find.

parobber

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Quote from: sheld0n on November 11, 2017, 11:19:28 AM

Code repository GitHub saw over 26,000 blockchain-related projects created on its platform last year; yet only a small percentage remain active. According to data collected by Deloitte, it detailed in its new report ‘Evolution of Blockchain Technology: Insights from the GitHub Platform,’ that there were 26,885 blockchain-related projects in 2016 developed on GitHub. Surprisingly, despite the interest that the technology is garnering, only eight percent of projects are actively maintained. Deloitte found that projects have an average lifespan of 1.22 years.

Wow, I did not expect that so many projects are not active anymore after such a short time. Many of them have certainly also collected money from ICOs. That would be a huge money-shredding machine.

While I would've thought that it would be high I certainly would not have expected that it would be so high as 92%! It is important to remember that a large portion of these will be useless airdropped coins etc that are nothing more than a money grab or a project for some. It would benefit everyone if it was more difficult for new projects to be started as it would protect investors and leave us with more quality projects.

audaciousbeing

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Quote from: sheld0n on November 11, 2017, 11:19:28 AM

Code repository GitHub saw over 26,000 blockchain-related projects created on its platform last year; yet only a small percentage remain active. According to data collected by Deloitte, it detailed in its new report ‘Evolution of Blockchain Technology: Insights from the GitHub Platform,’ that there were 26,885 blockchain-related projects in 2016 developed on GitHub. Surprisingly, despite the interest that the technology is garnering, only eight percent of projects are actively maintained. Deloitte found that projects have an average lifespan of 1.22 years.

Wow, I did not expect that so many projects are not active anymore after such a short time. Many of them have certainly also collected money from ICOs. That would be a huge money-shredding machine.

Its unfortunate that its happening that way and its highly due to many of the scam ICOs whose noise has been also high around here as well. A lot of people who started something there, started with the wrong motive and that is what will happen if such thing should happen. Its normal for business to fail even in the real world, a lot of startups are expected to fail within the year while more percentage are expected to fail with the next 5 years but for blockchain projects, a lot of trust would have been lost as well and this is something a lot of people are clamouring against so that only projects that can survive are given the chance in this crypto world.

thedarksun

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Quote from: yaelahwall on November 12, 2017, 01:51:39 AM

maybe project they do not up again or maybe developer close it sometimes there project fraud so they make GitHub only to deceive investors

In the most of cases developers are closing their projects cause they were fault like sometimes we invest in bad coin, that what everything is based on.

wxa7115

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Quote from: webtricks on November 12, 2017, 09:47:26 AM

Quote from: wxa7115 on November 11, 2017, 01:01:20 PM

Quote from: webtricks on November 11, 2017, 12:54:59 PM

Quote from: sheld0n on November 11, 2017, 11:19:28 AM

~

Nothing is going to curb the greed of the people, that is why governments are trying to regulate the market, while I do not like the idea of governments intervention the idea of having self regulating markets has always failed people are always going to try to do everything to get more money and since anyone can create an ico by investing a few thousands of dollars and then receive millions then the incentive is always going to be there for those that want to earn money in a dishonest way.

Though I don't promote the idea of regulating Crypto or Bitcoin market but the vulnerable segment of this market i.e. ICO should regulate. That is final resort to this situation. I have seen many ICOs coming with the addon of KYC process as they are required to do so from their government but still loads of ICO release with shitty ERC20 tokens and a single Deposit address. People are blindly investing in such ICOs and losing thousands.

I do not like the idea either but it seems it is going to be a necessary step since people are unable to discern good projects from scams, it is sad it came to this but if people keep giving their hard earned money to complete strangers on the internet just because they open an ANN thread and have a nice looking website then regulation is necessary, even if a scam like that only raises a few thousand dollars that is probably more than what the scammer spent in making that website.

miyaka26

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I hope that the majority of the ICO will take a serious manner to run their project with a good goal and a good team but the reality is that more of them are just running an ICO to make money I'm not quoting all the ICO because some of them are a good project and they are truly success because they are good and authentic their goal is to make a good project that benefit not just them but the investors, I support the regulation for them so that we can filter them out and just produce a quality project.

Idrisu

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Quote from: sheld0n on November 11, 2017, 11:19:28 AM

Code repository GitHub saw over 26,000 blockchain-related projects created on its platform last year; yet only a small percentage remain active. According to data collected by Deloitte, it detailed in its new report ‘Evolution of Blockchain Technology: Insights from the GitHub Platform,’ that there were 26,885 blockchain-related projects in 2016 developed on GitHub. Surprisingly, despite the interest that the technology is garnering, only eight percent of projects are actively maintained. Deloitte found that projects have an average lifespan of 1.22 years.

Wow, I did not expect that so many projects are not active anymore after such a short time. Many of them have certainly also collected money from ICOs. That would be a huge money-shredding machine.

If this information is truth then new projects are failling. I was thinking about this but never imagined that the rates is very high like what we are experiencing and what this report has stated. I think 8% rate of blockchain's projects rate is not go enough and this datas is going to scare new investors away. Projects developers should not abandoned they projects but should try to keep updating in other for investors to get return on their investment.

avikz

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Quote from: soham on November 11, 2017, 12:29:11 PM

The majority of the blockchain projects developed during last year was made by programmers sitting at their home with the hope of earning some free money by luring investors. I am sorry if I am rude, but that's true. Majority of the projects were developed with a short term goal of earning money without any profound future goals. Blockchain is not yet adopted by any notable corporation yet to see a major change in this percentage. That is the reason why I support strong regulation on ICO. A major percentage of ICOs are money making machine. We have seen a lot of ICO raising funds for some project didn't even see the light of birth. They just vanished with the fund.

We need stronger regulations and professional mindset for a blockchain project to survive and thrive. There are very few ICOs which is professional and has a long term goal with a proper business planning. Actually blockchain is still at a very nascent stage and people are still learning its proper implementation. The scenario will change for sure, but slowly.

I second that! The lack of professional thinking and the willingness to make a great product has taken backseat. The only goal is to make a good amount of money within a very short period of time has become priority. That's why we are seeing such frustrating statistics. China has taken a right step by banning ICOs because they were not able to regulate the entire business. While investing in any ICO, always check the developers linkedin details. Check the age of the accounts to identify fake and recently created accounts. Follow their twitter page to get more insights about their business. Once you see a product is actually managed by a professional team, then only invest. I have recently invested in Bananacoin and Bankex, which looked like a real business in backend.

webtricks

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Quote from: wxa7115 on November 11, 2017, 01:01:20 PM

Quote from: webtricks on November 11, 2017, 12:54:59 PM

Quote from: sheld0n on November 11, 2017, 11:19:28 AM

~

Nothing is going to curb the greed of the people, that is why governments are trying to regulate the market, while I do not like the idea of governments intervention the idea of having self regulating markets has always failed people are always going to try to do everything to get more money and since anyone can create an ico by investing a few thousands of dollars and then receive millions then the incentive is always going to be there for those that want to earn money in a dishonest way.

Though I don't promote the idea of regulating Crypto or Bitcoin market but the vulnerable segment of this market i.e. ICO should regulate. That is final resort to this situation. I have seen many ICOs coming with the addon of KYC process as they are required to do so from their government but still loads of ICO release with shitty ERC20 tokens and a single Deposit address. People are blindly investing in such ICOs and losing thousands.

hugeblack

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Buy/Sell crypto at BestChange

Most of this projects start after success of bitcoin when Developer say price increase and mining start to be hard so they think to start them own coin and hope to be like bitcoin in future without any wait and support they closed these projects after short time and start other and so .....

darthmaul

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Yes, that is how it works, they just grab the money and show us that they will have such lucrative roadmaps and then they get disappeared in the thin air in matter of seconds. Most of them have target of grabbing money and that is why we see few ICO projects as legit one and there is not much projects which can garnish the money that they raise in profound way.

Those 8% of the projects (not sure about the number) are the one who have active projects and/or projects which were already on the market but needed some extra money to bring to the peoples attention. Thats why they become successful because they are true volunteers of the ICO and always look forward to bring the ICO at the end with success.

dermur

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Would be interesting to see how that compares to the total number of public projects opened last year on GitHub that are still active. Is 8% normal attrition or not?

yaelahwall

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Next Generation Antivirus

maybe project they do not up again or maybe developer close it sometimes there project fraud so they make GitHub only to deceive investors

Beerwizzard

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Hmm, honestly the number of 26 000 projects doesn't seem to be real (but ofc I might be wrong). Maybe some part of them is just some experiments made by someone?
I also have doubts about the number of 8%. I remember that Vitalik Buterin named the number of 5% (which is pretty close) but most of the projects are not yet finished (even according to their roadmap) so it is pretty hard to concider if they are closed.
But anyway such number only say that there is a pretty big bubble inside crypto.

squatz1

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Flying Hellfish is a Commie

Quote from: soham on November 11, 2017, 12:29:11 PM

The majority of the blockchain projects developed during last year was made by programmers sitting at their home with the hope of earning some free money by luring investors. I am sorry if I am rude, but that's true. Majority of the projects were developed with a short term goal of earning money without any profound future goals. Blockchain is not yet adopted by any notable corporation yet to see a major change in this percentage. That is the reason why I support strong regulation on ICO. A major percentage of ICOs are money making machine. We have seen a lot of ICO raising funds for some project didn't even see the light of birth. They just vanished with the fund.

We need stronger regulations and professional mindset for a blockchain project to survive and thrive. There are very few ICOs which is professional and has a long term goal with a proper business planning. Actually blockchain is still at a very nascent stage and people are still learning its proper implementation. The scenario will change for sure, but slowly.

This is always what is going to stand true, and it's going to be the only thing which is going to stop people from buying into these kind of things is if they get scammed a couple of times with a ton of shitty projects, sadly it's the only thing which teaches people - when you hit their wallets.

You'd think people would have a enough common sense to see stuff like this happening, but people don't, they need to be hit with this.

Hopefully more and more devs stop with this shit and more and more people get educated.

Topic: Over 26,000 Blockchain Projects Were Developed Last Year; 8% Remain Active (Read 497 times)