If you’re new to the Ethereum ecosystem, you probably have one big question: with so much money flying around, why doesn’t anything work?
For a technology that many claim will bring a technological revolution, the Ethereum blockchain is not super interesting on a daily basis. Sure, people are making money — trading tokens and investing in ICOs and betting on the market — but none of that delivers on Ethereum’s promise to fundamentally alter the way we live. Where are the upended banks or unemployed lawyers, made irrelevant by secure and decentralized smart contracts? Where is blockchain voting or identify verification or global social security, which were promised to us?
The main issue, of course, is that all this technology is still new. The necessary infrastructure has not been developed to enable the big, world-changing, brain-melting dapps of the future. But who’s at fault here?
On one hand, developing new technologies takes time. It is impossible to know while working on a project every impending obstacle, especially in such a complicated and ever-changing field. We would be remiss to not acknowledge the skilled developers working everyday to better the ecosystem. However, there are also many companies who have focused more on making money or generating attention than on developing working products.
Over $1.7 billion dollars have been raised in ICOs this year, and only a small fraction of companies have had a working product in place at the time of their token sale. This process is riddled with basic incentive issues — with so much money in the pocket, and no legal obligation to deliver on their promises, what reason do companies have to work hard and create good products? It is this system that allows Status to raise over $100 million in one day, and still not deliver a reliable mobile dapp browser.
Other companies have suffered from opening ICOs that promise pie-in-the-sky ideas before the neces...