Cryptocurrencies have a major flaw that will prevent their adoption in the near future. And that is the length of time it actually takes to research, test, and complete an actual product. Investors are looking at 5 to 10 years for most projects to deliver any kind of working product. And while their tokens gain in value and investors can profit, the actual participation in the project will be highly unlikely. We can use Tron, Cardano, and IOTA as an example. All, among the top ten projects in the crypto world.
Tron is a decentralized entertainment content sharing platform. It was founded by the non-profit Tron Foundation in Singapore. And it plans to connect content media producers with consumers via a P2P network. It uses a double coin system where the TRX coin will serve as a long term store of value, while Tronix will be the actual medium of exchange on the platform. And there lies the problem. Tron’s Roadmap takes the project though stages which by design will take 8 to 10 years to reach. Tron deliberately shuns away short term flippers/speculators, for long term holders. This is because the latter will serve as a base for consensus in the network, with granted voting rights and higher status. Following its long term vision, it has yet to adopt any existing platform, choosing instead to rely on future, experimental blockchain designs to integrate into its network. That is not to say that it’s technology is entirely fictional, but it follows an strictly planned and timed technology adoption system.
Cardano was founded by Charles Hoskinson, a co-founder of Ethereum. Hoskinson became dissolutioned with the lack of scalability in the Ethereum’s platform and decided to design a new one from scratch. One that would revise all the shortcomings of Ethereum. However, in doing so, the team loaded up with meticulous academics, scientists, and researchers. Professionals whose passion is not money but truth, accuracy, and principles. This approach shares the previous problem found in Tron. Cardano’ s culture centers around delivering an over achieving project that will solve scalability through almost unbelievable methods – omni-directional scaling, concurring blockchains, quorum consensus, and Sharding. All parts requiring a lot of research, time, and resources. Cardano’s whitepaper alone took years to complete as it was sent out for review around top scholars around the world.
An open source data structure designed for the Internet of Things. A protocol professed to power communication between the predicted 50 billion autonomus devices in existence by 2020. The claim alone is staggering, let alone unachievable. Even if possible, it will take a large portion of IoTA’s $6 billion market cap to research, experiment, implement, and manage a proper workforce of the magnitude required to deliver on their word. And not to mention the time it will require.
The underlying problem of most projects is that they are over ambitious. Their vision and perfectionism is in some cases part of the philosophy of the founders. This is an obstacle to quick production and release. This is also the reason why out of the estimated 3000+ cryptocurrencies in existence today, only very few have a working product. In an impatient world with a short attention span, this may prove a fatal flaw. The overall success of cryptocurrencies is directly dependent on the public interest. But only a minority of people may have the patience to wait a decade, if not more, for a project to mature and deliver on their promises. That is if they work at the end.