Brian Armstrong, the CEO of Coinbase, praised CryptoCribs, an Ethereum-based Airbnb competitor, who’ve delivered a commercially successful decentralized application without raising funds via an initial coin offering (ICO) model. As Aragon co-founder Luis Cuende previously stated, developers within the blockchain sector have started to learn the money of code in Ethereum.
Cuende noted that he does not know a single Ethereum developer that is not a millionaire because of the ICO boom. Most blockchain projects in the ICO market raise tens of millions of dollars, with some raising up to a billion dollars.
The demand for ICOs has increased to a point in which many have started to run private token sales and not open the distribution of their tokens to the public. For months, blockchain projects have abused the ICO market to generate millions of dollars in funds without proper products, clear business models, or long-term vision.
The primary focus of most ICOs in the market is to carry out an ICO first and delve into product development later on. An example of this is Tezos, an Ethereum-based ICO project that raised hundreds of millions of dollars in 2017.
After many months, Tezos is no closer to launching their blockchain network than when it was first introduced to the public. However, there are several projects in the blockchain sector that have been able to deliver commercially successful applications without ICOs. Read more from coinjournal.net…
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