The blockchain technology is fast becoming one of the most important technologies in the world and its rise has led to an increase in a number of projects coming into the cryptocurrency space and other areas.
In 2017 alone, 871 ICOs raised over $6 billion, a figure that dwarfed the $90 million raised in just 29 ICOs the year after. In 2018 so farm 777 ICOs have so far being conducted and the figure keeps going up as more startups are looking to raise funds via ICO. However, not all of them are bound to make it.
The blockchain technology which came into existence in 2008 has witnessed rapid adoption, with roughly 80,000 blockchain projects launched across the world over the past decade. A report from the Chinese government has now revealed that only 8% of that total number is being actively maintained today, with the other 92% failing to last more than 15 months as maintenance of the projects usually come to a halt.
He Baohong of the Cloud Computing and Big Data Research Institute under CAICT, a scientific institute under the Ministry of Industry and Information Technology (MIIT) talked about the apparent short lives of blockchain projects at the China International Big Data Industry Expo 2018 in Guizhou, China. He stated that “(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 further added that “We have established verifiable blockchain programs in China, and nearly 200 private enterprises have expressed interests to join. (This) will help blockchain technology and industry to become more transparent and open.”
Just a few weeks ago, the Chinese government released a report ranking the best public blockchain projects. Bitcoin, which was the premiere blockchain project was ranked thirteenth alongside hack-ravaged Verge, with Ethereum ranked as the best public blockchain project. the ranking unsurprisingly raised controversy in the cryptocurrency world, due to the fact that Verge suffered a 51% attack for the second this year alone.