Since 2018 started, more than 1,000 ICO projects have been presented and that brought their creators over $18 bln. This sphere is becoming more and more popular. Long-term players and startups are in a hurry to join this trend until it is over.
Only a few projects survive
Most coin offerings fail to reach the intended amount of investment or raise under $100,000, so these projects are quickly forgotten by their creators and the community.
A lot of projects fail to succeed since the majority of them lack any original idea. A Chinese company Netta Lab teamed up with specialists from Xi’an Jiaotong University in China have researched and found that about three-quarters of all crypto projects have their codes copied from one another.
Copy-pasting ideas
The team of experts have deeply looked into the code of almost 500 virtual coins and saw that about 400 of them have copied almost 100 percent of their protocols. This leaves us with the fact that one coin among every five is the result of plagiarism. They also confirmed the sad fact that there are hardly any truly original crypto tokens.
Lust for profit
The Netta Lab team points out at the high level of corruption and a high desire of crypto and Blockchain industry players to make a quick profit, implement effective marketing moves to increase gains in any possible way. They claim that the majority of ICO launchers couldn't care less about innovations and making an indeed useful platform/coin. Hence the high percentage of plagiarism in the Blockchain area.
Besides, say the scientists, most projects are constructed with little to no deep knowledge of how Blockchain works. Therefore, the lion share of newly made protocols are copies of somebody else’s code with little alterations.
Vladislav Sopov
Dan Burgin
Alex Dovbnya