Last year, a study by Satis Group Crypto Research showed that since 2017, 81% of ICOs are cryptocurrencies used for fraud.
This year, CVC CEO Vinny Lingham made a survey on Twitter, which showed that 81% of cryptocurrency users are not willing to participate in ICO.
This figure is quite a coincidence. At present, there are very few landed projects such as the ADA coin. Most of them are small projects. Basically, they can’t support it or they just want to swindle at the beginning, and finally choose to run away.
So, if there are only the top 100 mainstream cryptocurrencies in the world, what will the entire crypto community come like?
1. Lack of diversity
Now, there are about 3,000 kinds of cryptocurrencies that can be found from citicoins.com, and there are about 1,000–2,000 kinds of cryptocurrencies that cannot be verified. Maybe they are only operating in one country, and without globalization.
There are so many types of cryptocurrencies, although a large part of them are fraudulent. But it is undeniable that this has also led to the diversification of the blockchain. If there are only 100 currencies left, then this diversification will be greatly reduced.
Similarly, although some projects are scams, the initial idea is indeed good. For example, WICC combines blockchain and lottery, perfectly utilizes the trust of the blockchain to solve the problem of the unfair and distrust. But unfortunately, it is a fraudulent coin.
##2. A more mature system
Because of the existence of more than 3,000 currencies, the development team of the entire blockchain has been dispersed. According to Nakamoto’s vision, he did not want to announce Bitcoin whitepaper as soon as possible, because he had predicted the impact of Bitcoin on the global market.
Moreover, he himself has also revealed that bitcoin is a technology that cannot be developed too fast. Otherwise, it will only become a tool for businessmen to make the profit without developing the technology.
If only 100 kinds of coins exist, then the people in the blockchain around the world will slowly gather together for research and development, and the entire blockchain system will develop more maturely than the chaos of today.
If this is that’s true, then each cryptocurrency can perform its own duties, as the leader of each industry blockchain, develop the technology. However, this is not realistic, because the nature of human beings is desire and competition. This situation will occur sooner or later. But this situation is too fast to the blockchain.
So, is the world where only mainstream currencies exist will be better? Or is it better to have a no coin blockchain? Leave your comment.
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