- Crypto exchanges launched on the wave of blockchain popularity are dying as they do not have anything to trade on
- TON had very good quality to attract the mass consumer yet it did not able to shine on the blockchain
Cryptocurrencies has been gaining popularity for some time now. Today there are more and more countries who are welcome to idea of crypto adoption and several new blockchain-based projects, ideas have been started, shared.
In 2017 everything related to cryptocurrency and blockchain were fresh and interesting, there was a revolution of new ideas and projects almost every now and then. However, in this young industry many projects failed miserably due to varied reasons. Of the several cryptocurrencies launched since the spread of blockchain technology, only about 30 currently are of investment interest.
Following the suit, many crypto exchanges launched on the wave of blockchain popularity are dying as they do not have anything to trade on. There have been hundreds of closed projects that did not see the light of the day. There must have been many reasons for the death of these new projects but the main cause is abandonment of the coming by traders. They had stopped trading on the coin and their volume had fallen to zero or nearly zero. 63.1% of prospects met this fate.
Another dead project is out of alleged scams. According to Coinopsy, a site providing crowd sourced autopsy reports says that 29.9% of projects fell into this category. All these scams happened during 2017. Some of the projects that did not see the light of the day are the following
Telegram Open Network or TON
Telegram planned to launch its own blockchain platform and native cryptocurrency in 2018. TON coins were based on the Telegram Open Network, with the TON blockchain at the core of the platform. The developers projected this coin as the potential standard cryptocurrency that could be used in daily dealings. However, the future of this coin did not meet its fate. Instead on May 12 2020 Pavel Durov announced that Telegram would officially terminate its involvement with the project after a long legal battle with the United States Securities and Exchange Commission.
Though TON had very good quality to attract the mass consumer yet it did not able to shine on the blockchain.
Petchain
It is another big example of a failure in the crypto market. When it started, it projected as the future global information management system and trading platform for the per market. Under this system, the users were allowed to maintain and keep data of the animals living in homes and shelters. The goal of the project was to create a community of pet owners, experts, professionals’ institutions, service providers and volunteers. Again, it was intended to be used on blockchain and big data technologies. Yet there were some problems occurred in the function of this platform like unreliable information about the acquired animal’s health or previous owners, creating a unified platform was a legally challenging task. It had also come to light that no funding was attracted to this project and some of the people working on it had fake photos and that they were not serious people and it failed in the cryptocurrency industry.
Wiki Token
It is also one of the known projects in the list that failed miserably. It was based on Ethereum, ERC 20 compatible token designed to be used as the means of payment at the Crypto University. This future platform built around the Bitcoin Wiki project was described as the totally independent, decentralized, censorship free educational system. The system was created by the members of the project community and these members would get the Wiki Tokens for writing articles and creating courses. These tokens would be spent on other crypto University courses and were also listed on various crypto exchanges.
However, the token could not offer anything good like interaction with the teachers, certificates on completion etc. Also, there were no collaborations and announcements with large institutes and renowned educators were announced. No valuable educational content was available, no valuable teachers were on the platform. There was a no well thought concept seen about the product which led to its failure.
Hence these platforms might have started good initially but did not see any audience and doomed because of no market research and target audience. They were unable to offer any meaningful value to the potential customers.
