Students of California’s Stanford University have publicly demonstrated, quite brilliantly, that it is not necessary to launch multi-million dollar ICOs in order to create successful working blockchain related products and solutions.
The ICO space has massively and vigorously been targeted by companies from the financial and tech sectors in the last year and a half, approaching it as an apple pie of a fundraiser to generate substantial profits in a relatively short duration of time. Without even legitimate working prototypes of products, developers working on blockchain can release an ICO to sell just an idea, and raise tens of millions of dollars in a matter of days to start the process of development. Given that, multi-million dollars often lead to conflicts and discord between the founding members of a project, prolonging and delaying, and at times even scrapping the development of the network.
At Stanford’s CS 359B program ‘Designing Decentralized Applications on Blockchain’ this week, student developers were able to create 16 blockchain-based DAPPs on the Ethereum protocol, creating applications to maximize the p2p potential of digital asset trading and transaction processing.
The official description of CS 359B program reads
“Alongside lectures, there will be a quarter-long project where students design, implement and evaluate a novel distributed application on a modern blockchain, such as the ones of the Ethereum or NEO cryptocurrencies.”
Stanford’s projects were about creating applications that require the blockchain and which maximize decentralization, in contrast to many ICOs whose fundamentals are based on nothing but blockchain buzzwords, including ‘high-performance protocol’, ‘transaction fees and speed’, and ‘proof-of-stake’ and lack any genuine innovation and uniqueness.
The Ethereum community expressed great optimism towards the initiative by Stanford and appreciated the students for devoting themselves to creating applications that are in absolute need of decentralisation, rather than generating ICOs and making a ton of money, turning the community into an investment scheme.
Given the fact that Blockchain technology is highly inefficient and expensive as a storage database, it is a greatly positive development in the sector when developers focus particularly on the products that can only exist on the blockchain, like India HouseChain, instead of selling every little idea of decentralisation and putting a ridiculous amount of money into its realisation.