We have not yet appreciated all the features of the blockchain. There are some projects that offer the use of blockchain and we need to support them. It is for them that the future of the blockchain is built.
It actually we are here just to give support and witness of its development but it is sad that some individuals have taken advantage of ruining the image of the blockchain technology for the sake of their own. We simply protect the image of crypto and its usefulness rather than of bringing it down. 
Topic: Projects are abusing blockchain technology. - page 3. (Read 18126 times)
I have been just in the crypto world for 5 months. I have tried to learn about blockchain, bitcoin, altcoins,... and I realize that blockchain is being abused.
Many projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?
What do you think about this problem?
Many projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?
What do you think about this problem?
yes you are right, there are several projects that mention if they will implement the blockchain into their platform and create utility tokens to run the ecosystem but the fact is after ICO ends and the product has been launched they don't keep their promise, even the utility token is not used on their platform (not used as payment on the platform) aka there is no function
Yes that is big problem now. These companies trying to use blockchain and tokens in their system and they are trying to collect 20 m dollar for that. It seems really fishy and only they want to collect money that is clear. Because of that we need to do our research about these projects and we need to understand which company really needs blockchain and which one dont need.
We have not yet appreciated all the features of the blockchain. There are some projects that offer the use of blockchain and we need to support them. It is for them that the future of the blockchain is built.
Yes, there is such problem. Basicly I can split all ICOs in 3 different groups:
1- blockchain infrastructure projects, where blockchain is a primarly purpose
2- projects, where blockchain is used indirectly
3- ICOs which use blockchain just to collect money.
1- blockchain infrastructure projects, where blockchain is a primarly purpose
2- projects, where blockchain is used indirectly
3- ICOs which use blockchain just to collect money.
And the most scam projects belong to the third group.
There are many projects claiming to produce something that doesn't relate to blockchain technology. They could produce that when they were no ICO. But that time they couldn't collect money as they needed license for that. Now cryptocurrencies are helping them to collect money for something that won't exist.
This is so true and it's so annoying to see such a project trying to raise millions of dollars for a project that won't cost much to build and when you see such a thing, you will know that they are after the money and nothing else.
I have been just in the crypto world for 5 months. I have tried to learn about blockchain, bitcoin, altcoins,... and I realize that blockchain is being abused.
Many projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?
What do you think about this problem?
GMany projects are launched with the ideas of using blockchain. But actually, blockchain is not necessary to implement their projects. It just seems to follow the trend of tokenization. And their tokens are utility tokens, real "utility", which are utilized to raise their funds. There is no reality application of blockchain. I think everything will be good if it is enough. Will blockchain become worst if they continuely abuse it?
What do you think about this problem?
For the project that do not have correlation with blockchain, it is now left for investors to always do their research before investing into any of such project. There are definitely lots of them out there now.
so from that analysis and an understanding of the project will be the important things. do not easily believe the title alone because even that alone can be deceiving. many even projects on behalf of blockchain but surely there is no such function in it.
Many project and idea are irrelevant in the crypto space, many common project just launch in order to raise fund, the idea introduced can be done without the use of blockchain technology.
You are absolutely right, there is urgent of a measure that will reduce the abuse of this innovative technology. Most of all this project just come to enjoy the ride of the industry, make money through ICO and exit. Though I don't want government regulations but will should be able to regulate the market with a decentralized approach.
We have more than 1500 Cryptocurrencies trading on the market now and many of this coin or token are just there for speculative trading purposes. They don't have any tangible use case that will make their value to increase with time. I think the industry is passing through a phase and time is coming when only solid project will have a place in the market.
+1 for the topic. We see waves of projects which don't need the blockchain, (not even to success for some) Most are only to attract the funds, perhaps using this canal for raising funds are more efficient than your bank or VC. I would rather invest in a startup that uses the ICO model than investing in useless cryptos.
Are they abusing the technology, not directly, its image in the short term but the blockchain will be like 2FA is today, banal.
Are they abusing the technology, not directly, its image in the short term but the blockchain will be like 2FA is today, banal.
Yes, there is such problem. Basicly I can split all ICOs in 3 different groups:
1- blockchain infrastructure projects, where blockchain is a primarly purpose
2- projects, where blockchain is used indirectly
3- ICOs which use blockchain just to collect money.
1- blockchain infrastructure projects, where blockchain is a primarly purpose
2- projects, where blockchain is used indirectly
3- ICOs which use blockchain just to collect money.
And the most of scam projects belong to the third group.
There are many projects claiming to produce something that doesn't relate to blockchain technology. They could produce that when they were no ICO. But that time they couldn't collect money as they needed license for that. Now cryptocurrencies are helping them to collect money for something that won't exist.
Some projects are abusing the technology, but not all of them thats for sure, what i stumbled on a few moments ago and what got my attention is this:
“We are creating an ecosystem in which anyone around the world can participate in educating an artificial intelligence,” says Isaac Bang, project lead for Mind AI.
The plan? To democratize access to AI through a crowdsourced database.
“Mind AI’s operation depends on two critical components: the core AI engine and the ontology database,” says Mind AI’s Chief Scientist, John Doe. “The ontologies, or the accumulated knowledge, are the fuel to the AI engine – without them, the AI engine cannot perform any reasoning.”
These two components, however, are kept separate. “The core AI engine is centralized, while the ontology database will be distributed and co-owned by everyone who contributes and submits ontologies,” explained Mr. Doe. In the future, Mind AI plans to decentralize the core AI engine.
This means that Mind AI cannot operate as a centralized entity and use the power of AI for self-interest or malicious purposes, since the community of ontologists (co-owners of the ontologies) can vote to activate a kill switch to disable access to the ontology database.
Credits: https://www.coinspeaker.com/ai-owned-controlled-company-government/
“We are creating an ecosystem in which anyone around the world can participate in educating an artificial intelligence,” says Isaac Bang, project lead for Mind AI.
The plan? To democratize access to AI through a crowdsourced database.
“Mind AI’s operation depends on two critical components: the core AI engine and the ontology database,” says Mind AI’s Chief Scientist, John Doe. “The ontologies, or the accumulated knowledge, are the fuel to the AI engine – without them, the AI engine cannot perform any reasoning.”
These two components, however, are kept separate. “The core AI engine is centralized, while the ontology database will be distributed and co-owned by everyone who contributes and submits ontologies,” explained Mr. Doe. In the future, Mind AI plans to decentralize the core AI engine.
This means that Mind AI cannot operate as a centralized entity and use the power of AI for self-interest or malicious purposes, since the community of ontologists (co-owners of the ontologies) can vote to activate a kill switch to disable access to the ontology database.
Credits: https://www.coinspeaker.com/ai-owned-controlled-company-government/
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Abuses are common with the technologies that we have. It made our lives easier but on the other hand it does also have something bad as an effect. This might be is just the same with the blockchain technology. Some ICOs are not even so serious about their project and ended up a failure or maybe worst as a scam. Only good projects should be in the blockchain.
People who have normal mind would easily find out that kind of phishy project instantly and then refuse to proceed further because they know it worth nothing.That's why when there's a new project it's community to judge and they could freely ask about the suspicion.
Abuses are common with the technologies that we have. It made our lives easier but on the other hand it does also have something bad as an effect. This might be is just the same with the blockchain technology. Some ICOs are not even so serious about their project and ended up a failure or maybe worst as a scam. Only good projects should be in the blockchain.
The abuse of blockchain technology has become a reality, and it has become the most advantageous weapon for scammers. This will result in a significant depreciation of the cryptocurrency. The current market is sufficient to prove that the consequences of blockchain technology abuse are very serious.
I also found that some projects are not necessary to implement the blockchain technology to their product. Some of projects are just following the new trend of crowdfunding named ico as it becoming popular especially after the bullish trend of crypto market last year. The worst case is the people who creates ICO to scam the investor. But it doesn't mean that all of ICO projects are bad or scam. One of the examples is Bob's Repair. This project is utilizing blockchain technology to provide lower pricing in the home repair industry through a decentralized platform.
You actually have a point. Most projects are only riding the boat and using blockchain as a front line to create a story that they are building something that could benefit and be applied in the real world where in fact, they were unable to support and develop their project when their altcoins gets dump. They can't even build their own blockchain and always relying on Ethereum network. Blockchain were already recognized around the world with high potential capabilities to be used in any businesses specially in transaction power and these shit ICOs that abusing the blockchain must not be supported.
The facts can answer that if you abuse the blockchain, it will depreciate greatly. For example, Ethereum is the most real phenomenon. There are countless scammers here, this is a financial game. Some people will make money and some people will lose.
many found the moment things such as what is discussed. the blockchain is used to draw attention to investors who do not carefully see where the direction of the project. with only blockchain words without regard for the project as a whole then this would be a self defeating thing when thus entered therein.
Blockchain is now quite popular and useful in business, in addition to the cryptographic market, many companies, many businesses are gradually applying the blockchain system to put into business, making business more convenient. a lot of. Jump to: