BLOCKCryptocurrencies have not been the only advocates of the adoption of the Blockchain technology in 2017. ICOs also played a part by providing a market where startups could raise capital based on the blockchain technology; A decentralized way. They have proved to be successful as some token sales ended in record sales of over $200 million.
This year ICOs have stuck to the spirit of the Bitcoin, as anyone could participate and raise capital for their startup’s project. With the increase in token sales, developers should realize they are not only selling the technology but also their management and implementation skills. ICOs seem to have satisfied the market with some raising past their expected amount.
Ethical concerns are an area of interest as ICOs reinvent traditional crowdfunding making it more decentralized. Regulators have tried to intervene to bring sanity to the market and protect investors as ICOs become more vulnerable to scammers and fraudsters.
Regulations and new laws are bound to come into place, with governments and regulators playing catch. The regulations will have a direct impact as it may help in innovation or starve the blockchain innovation progress.
Toward best practice 2.0
With lawsuits and investigations starting to trickle in, the blockchain community should rethink their approach in dealing with the law. The Blockchain technology was created as a result of the sub-prime borrower crisis to shift the financial power to individuals from the government and financial institutions.