The blockchain is actually supposed to ensure more decentralization, democracy, and transparency, but only a fraction of the business models survive on the market. What needs to be done so that the technology finally catches on?
In 2018, the Polish programmer Przemysław Thomann had the idea of building a blockchain platform – Mobycrypt, a cryptocurrency exchange. The platform should offer the possibility to create personal tokens within minutes and to automatically trade on crypto-token-based markets – without any technical know-how. Thomann quit his programming job at Volvo. He put 2,200 hours of work into the project, wrote 80,000 lines of code, and invested 10,000 euros from his private assets. He soon attracted attention, found partners. An American celebrity met with him in Warsaw as a possible investor. Everything looked fine. Then he waited and waited. The investor eventually jumped out. The legal regulations are too opaque, it said. The celebrity doesn’t want to take any chances. Others did the same. Thomann gave up. The dream of an alternative to the banking system was over. The only consolation: he is not alone in this. There is great uncertainty among investors.
The blockchain pioneers imagined it to be so simple: more decentralization, democracy, security, transparency, and uncomplicated financial transactions between parties without banks as intermediaries, based on smart contracts – a democratization of the financial system. Apparently, this idea was naive: The China Academy of Information and Communications Technology (CAICT) announced in 2018 that only eight percent of over 80,000 blockchain projects from previous years had survived – most blockchain business ideas, therefore, have an average lifespan of 1, 22 years.