For blockchain innovations and their position on the Gartner Hype Cycle, seems closely related to the price of Bitcoin:
- In 2017 we saw a great influx of attention. Projects were announced. Everybody wanted in on this new development.
- In 2018 we saw a huge crash in every crypto. 2018 is also referred to as ‘Crypto Winter’. A lot of projects with blockchain were stopped in 2018. The hype was over. Some kept on BUIDL’ing, but the vast majority left the space.
- In 2019 we have just recently seen an uptick in price again. But we have also seen several projects who kept at it, make announcements on what they have achieved now.
Now, this is not a perfect analogy, but to me, 2017 was the period going towards the ‘Peak of Inflated Expectations’. Crypto Winter was without a doubt a serious ‘Through of Disillusionment’ for many. It’s a bit early to be sure that 2019 is already the ‘Slope of Enlightenment’, but it is a start for sure.
I try to stay away from the discussions of what the price of bitcoin will be, as I do not pretend to provide investment advice. This is not intended as such, nor is this an endorsement to ‘just launch another blockchain project’.
“It is a means to an end, not an end to means”
Launching such a project with blockchain technology requires careful consideration. I think, looking back at the advice I have given on people and their potential blockchain projects, that for about 80-80% of the time I strongly advice not to build their project with blockchain. It is a means to an end, not an end to means.