In brief, at this stage of the game, blockchain isn’t for everyone. As highlighted in this blockchain article, one key takeaway is that “ICO companies that invest in blockchain have a 98% failure rate.”
This is not intended to cast shade on its potential, but blockchain merits should be weighed carefully relative to your business interests. Smaller companies, in particular, are at risk. The cost of developing blockchain technology is high and the current performance levels, including the volume of transactions that can be processed per second, is low.
Following is a Blockchain Decision Tree for a more considered appreciation as well as options to consider a public, hybrid or private blockchain.
A cryptocurrency wallet is a digital software program used to receive, store and send digital currency, such as digital coins or tokens, for buying and selling or other monetary transfers. There are different types of wallets, with a hardware variant deemed the most secure. A wallet does not actually contain the currency itself, but contains security codes call “keys” which reference the money on a blockchain. In other words, wallet “storage” is really a way to prove ownership.
But the premise of Everipedia introduces its own problems. I have no issue with the concept of paying people to contribute to Everipedia, but I believe the core idea that the best content will rise to the top is flawed. At least if you’re concerned about veracity. Continue reading “Everipedia: A Wikipedia on Blockchain”
Venture capitalists invest in new businesses in exchange for an equity stake. Whether they make any money at all, or how much they make, is determined by the success of the target business. Hence, venture capitalists are selective about what they invest in, but high growth potential is a key expectation, often in 3–7 years. Continue reading “Traditional Venture Capitalists Funding Blockchain”
If you’re a proponent of Bitcoin, you likely consider it to be the future of currency. Others underscore its volatility and abuse by bad actors, terrorists, and international drug cartels as representative of a bad idea.
According to this analysis by UBS, a Swiss multinational investment bank, a significant liability is that its networking capabilities are too slow. Ethereum is much faster, but still not up to the scale necessary for processing massive transactions.
Regardless of where you stand on the current state of Bitcoin and cryptocurrencies in general, things will change. And new technologies that impact large swaths of international populations don’t always accomplish such in a linear fashion.