Many crypto projects are not original ideas but copies of other projects.
The Initial Coin Offering (ICO) market continues to grow exponentially, and currently, more than 1,200 ICOs have been launched, generating up to 18 billion dollars since the beginning of the year. In this sense, from startups to well established companies are rushing to get on the train of ICOs before it is too late, either for lack of interest or hard regulations.
However, according to research published by GreySpark Partners, more than half of the ICOs launched in the first half of the year, would have failed in their goal, generating less than US $ 100,000. In this way, most of the projects that in fact do manage to generate the expected capital, end up dying quickly, either by abandonment of their founders or by their disillusioned followers.
On the other hand, although some unsuccessful projects fail for various reasons, many of them would be dead from the beginning, mainly due to the fact that they do not have an original idea.
Netta Lab, in agreement with experts from the University of Xi’an Jiatong in northwestern China, conducted an investigation in which they showed that more than 80% of the altcoin projects were vulgar copies of other projects.
Analyzing the code of up to 488 digital tokens, it was shown that 405 (that is to say, more than 80% of them) were exact copies of up to 90% of the code. Basically, this indicates that 4 out of 5 cryptocurrencies are a crude copy, and only 38% of the projects showed a radius of similarity of less than 80%.
With the Blockchain and cryptocurrency projects continuing their rapid growth, the quality of the nascent projects is in a tailspin, for that reason, more and more are the unsuccessful, and consequently it will become more difficult to get the trust of an audience that is still shown somewhat skeptical in this matter.
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