If this is not the first time you hear about ICO projects, then you will understand exactly what is about to be discussed. How often do you see ICO projects that are ready to change our familiar world by staging a technological revolution? Unfortunately, this does not happen often, and not because of the existence of serious technological developments in ICO projects but rather because of simple speculation over the value of a startup.
Without a doubt, blockchain is a useful development that is already creating a fundamentally new society of the future. The technology is needed right now, and this proves its value. It is universal and applicable in many areas. But it is important to know that blockchain itself is not a "cure for all diseases."
With the development of the market and the emergence of new ICO projects, the competition is growing, and every startup wants to be what is called “the next big thing” abroad. Nevertheless, in an absurdly large number of cases, the developers are not chasing an achievable and tangible goal, but pursuing the spirit of innovation, trying to apply the blockchain system to everything, even in cases where it looks frankly absurd. We will not make hasty conclusions, but if such ideas can help our society in the future, then either the market is too niche for them, or the “revolutionary” system of the courageous businessmen is inapplicable to current realities and is doomed to failure.
There are a lot of similar ICO projects. Therefore, this article describes only some of the “revolutionaries” of the blockchain industry, whose mission is real, but not practical. Each of them in its own way pushes the ideas of changing the world for the better in various areas, but not all of these areas need to apply blockchain technologies. In order to avoid conflicts with the creators of the presented ICO projects, their names were concealed. Perhaps our readers will still be able to figure out some of the projects mentioned.
Our list of ICO projects is opened by one that is positioning itself as a global platform for entertainment, combining streaming concerts and performances, a social network,i and its own cryptocurrency. Although the plans of this ICO project are stretching very far, now its main goal is the industry of Korean pop idols. Users will be able to order tickets for their concerts, pay for their appearance in various talk shows and advertisements, buy merchandise, and participate in crowdfunding campaigns of artists. Popular words like “full transparency” are included. The only question, in this case, is why fasten a fifth wheel to a cart in the form of blockchain to an already huge industry? Probably, the technology should produce a "revolution" in the industry of Korean pop idols associated with their faking. As a result, the project capitalization reached $90,000,000.
Continuing the theme of social networks with “unnecessary” technologies of decentralization, we come to the next secret candidate. This ICO project is a service whose cornerstone is the selfie. The more photos a user publishes, the more cryptocurrency they receive. Earned funds can then be spent on various offers from brands that cooperate with the company. All would have been fine, but it is doubtful that social networks with one fundamental feature can compete in the market, where there are already giants in this area, especially even those same giants are not insured against possible collapse, as we have already seen with Vine and Musically. The idea of gamification and promotion in such networks is certainly interesting, but it can be achieved without a blockchain factor, and oversaturation of the market with such applications does not exactly guarantee success. It should also be noted that the implementation of the blockchain itself is quite expensive, both technologically and financially. In the first case, the problem of scalability and system protection appears immediately. In the second case, there is a difficulty in increasing the return on investment.
From social networks on the blockchain, we turn to another, similar “revolutionary” ICO project. Its developers aim to revolutionize the blockchain by simplifying it specifically for the Millennial generation with their own crypto wallet and social network, which helps to learn about things happening in the world of crypto trading. Of course, this seems like a noble goal, but up until you look up meaning of the word Millennial in the dictionary. Most of the representatives of this generation are more than twenty or even thirty years old. Almost all of these people have long decided what they need from life, and if they are passionate about the world of blockchain, then they already understand many of its aspects and they do not need to find a special service for their generation (which is strange in itself). What is the point of making a special “revolutionary” blockchain for millennials? That remains a big question. There is no doubt in only one thing, that this project looks like Steve Buscemi in the dress of a cool student from Studio 30.
The next ICO project is exclusively for women. No doubt, from the point of view of marketing, it attracts attention with loud statements like “raising awareness about cryptocurrency among women,” but such PR tricks can hardly really increase female interest in this cryptocurrency. And goals like “to become Altcoin number one for women in business” seem to be more and more elusive for the cryptocurrency. The moral here is that it is necessary to concentrate on real women's problems, and not to try to deal with the mythical "inequality" in the cryptosphere.
And since we have smoothly transitioned to trying to insert blockchain into real-world problems, consider a new ICO project that calls for combating global warming. Its essence lies in the use of a native cryptocurrency for certain deductions in support of various species of animals that are threatened with extinction as a result of climate change. There is only one catch: why does it have its own cryptocurrency? The fight against global warming is a very difficult process that requires cooperation at all levels and in all countries, and it cannot be solved by creating a special cryptocurrency. It is strange to believe that it is this cryptocurrency that will be in demand from environmentalists when there are crypto transaction kings like Ethereum or Dash. That is why the ideas of this “revolutionary” are unlikely to be truly realized, although they carry an important meaning.
From climate change, we move on to fighting the shadow economy in prisons. One project offers a revolutionary method of dealing with it through partial legalization and use of blockchain. Of course, it will be very good if prisoners can spend more and legally establish a transparent system of exchange of things and goods in prisons. It does not take into account the fact that speculation in prisons cannot be stopped. It is doubtful that the ICO project involves the sale of drugs, files, and shivs in its system, but such things will always be in demand in prisons, and partial legalization of trade will not help the situation. Surprisingly, the project has a capitalization of about $1,250,000.
All the projects reviewed confirm the words spoken at the beginning of the article that everyone wants to become that next big thing. The immaturity of the blockchain market means that people will try to apply to the most diverse areas, even if they don’t get along in principle, or don’t get along in current realities. It is a disease of each nascent branch. Suffice it to recall the Dot Com market, when an online store was screwed to any kind of goods without obvious demand for its purchase through the Internet. The Internet has become a part of us in just 20 years.
At the same time, there are really promising projects, and such diversity is by no means a bad thing, as every ten shitcoins make one really good project shine with new colors.
The main thing is to follow the development of the product of the ICO project, and not its marketing, and then it will be easier to find your “unicorn” of the crypto industry.