The blockchain and crypto market reached its peak in 2017. In 2018, new terminologies like mining, token, digital economy etc., gained a lot of attention in the media. Established giant companies, startups and enthusiasts invested in blockchain and crypto. Giant companies in the form of reverse ICO implanted incredible hopes to the new investors but the overall market continuously went through adversity. Let’s have a look towards the factors that were possibly responsible for the downfall of Blockchain ecosystem.

Blockchain provided a new market of digital frontier, nevertheless, despite the participation of ventures with quality projects , the crowdfunding was common to almost every projects that was in action through initial coin offerings(ICOs). Although investors were benefitted by the rise in crypto values but the numbers were very few. Crowdfunding using fake projects and excessive promotions led to huge scams. These scams influenced the whole crypto economy at large and even the small investors started worrying about their investment and the use of crypto as digital asset.

Excessive emphasis on Crypto prices and less on the technological aspect is also the key area responsible for bringing adversity in blockchain ecosystem. In the initial phase, narratives about the plans of governments, institutions like bank and trade organisations blockchain propagated a positive perception, however, most of them did not mention cryptographic related concerns. It was the debate directed to the decision of government regulations on crypto that led to rethink and focus more on the technological aspects of blockchain.

Sanjay 기자 [email protected]

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