Blockchain is not to blame for the ICO being strangled!

Recently, ICO has attracted a lot of attention. From the initial surge in tokens, the ICO market has become so popular that Chinese middle-aged women have entered the market and claimed that "ICO makes money faster than real estate", and even many gangs that specialized in stamp and coin fraud in the early stage have entered the market and started to devote themselves to this game of getting rich quickly.

The original intention of ICO was to make it more transparent and open by adopting blockchain technology. After all, in the Platonic kingdom of blockchain, code is law. With the help of blockchain technology, it is possible for ICO to establish an autonomous system with a lower trust cost. Of course, the original intention was good, but today it is counterproductive and ICO has seriously deteriorated.

ICO is controversial, and calls to stop ICO business are growing louder and louder. Of course, blockchain technology, the underlying technology of digital currency, has not been spared and has been gloriously "caught in the crossfire". Recently, many people have begun to question this technology that "has not yet started", and some even threatened that blockchain is a scam and should be expelled as soon as possible. Faced with this situation, real blockchain entrepreneurs are worried about whether they will be "cleaned up"?

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The answer seems to be found in the "Notice on Preventing Risks of Token Issuance and Financing" released on Monday. The notice of more than a thousand words does not mention blockchain at all. This shows that the attitude of relevant national departments towards blockchain is still very clear.

To put it bluntly, blockchain is just a technology, a distributed database built on the principles of cryptography. Virtual currency is a digital currency created based on blockchain technology, and ICO is a financing method for blockchain projects.

From the current application perspective, blockchain is a credible and shareable public ledger. It can be said that the blockchain technology is well known to people thanks to Bitcoin. Bitcoin is the first application of blockchain technology and of course the largest application carrier. Of course, when examining this technology, we should indeed abandon the crazy ICOs that are disguised as blockchain and look at the value behind blockchain technology.

Previously, He Baohong, deputy director of the Institute of Technology and Standards of the China Academy of Information and Communications Technology, said that many current blockchain applications are not "explosive" applications, but "replaceable" applications. This shows that the current application of blockchain is still in the primary application stage, and the development of blockchain technology is still relatively early.

In terms of blockchain technology applications, the most eye-catching one is the application in the financial field. As an important underlying infrastructure for the development of the financial industry, blockchain technology is shaking the global financial infrastructure, and it is gradually becoming a technology that global financial institutions are focusing on.

The World Economic Forum has predicted that by 2027, about 10% of the global GDP will be stored on the blockchain. Professor Cai Weide of Beihang University is also very optimistic about the development prospects of blockchain technology. He said that my country has the world's largest Internet application market, and the blockchain industry has many favorable conditions to be at the forefront of the world.

In short, the suspension of ICO and the government's efforts to rectify the chaos of ICO have prompted blockchain to gradually return to its essence of technology and application. Some experts assert that blockchain is gradually being applied to the Internet, and blockchain will usher in a golden period of development. The era of Internet + blockchain is coming, and China's blockchain field is moving towards the world's first.