As the prices of cryptocurrencies have plummeted, the rift between the two universes of blockchain has widened. One world is focused on tickers while the other hammers away at the foundation of a revolution. During last year’s price surge, optimistic greed fueled the ecosystem of budding cryptocurrencies and ICOs. Now, prices have descended all the way back down, and fear has come to dominate the speculative sentiment. ICOs are beginning to panic sell and that sense of dismal urgency resonates through Youtube and social media. It is important to remember that this entire mini-crisis is isolated to one of the two blockchain universes: the “Coin” universe.
The developers who forge ahead on the projects that make the coiniverse possible aren’t waking up watching the tickers, nor are they cheering bull runs. True creators are driven by the need to bring the future into today. Driving adoption, maintaining decentralization, and using blockchain to create a fair, borderless world stretches far beyond trying to make a quick buck shilling tokens. Even though prices of cryptocurrencies are dropping through the floor, investment in non-ICO blockchain businesses has continued to explode this year. It would be sad to see over-speculation starve out funding for genuine applications of blockchain, but the vast sources of funding for anything with the word “blockchain” in the name make that an unlikely scenario.
One of THE challenges for every current decentralized system is scalability. The work on the lightning network and Ethereum’s sharding/plasma combo is continuing without a second thought to market swings too. New projects are still springing to life every day with wild new uses for blockchain. Lastly, industrial and enterprise adoption of private blockchain solutions don’t swing with the price of coins either. This technology is so much more than a vehicle for get-rich-quick schemes: decentralized digital consensus is this age’s transformative breakthrough- now we just have put it to use.