“Grotesque” might not be the word you’d think ethereum developers would ascribe to today’s ICO scene.
But that’s exactly how some of the platform’s ardent supporters described the current state of affairs. At Devcon3 in Cancun, Mexico, last week, developers were decidedly unenthusiastic when approached for thoughts about the new funding method, some going so far as to allege that many projects that use it to raise money are little more than “scams.”
Even Fabian Vogelstellar, the developer behind the technology standard that helped make ethereum tokens so easy to launch, was keen to join the ranks of ICO critics, echoing remarks made by a colorful cast of commentators as diverse as MIT Media Lab Director Joi Ito and the “Wolf of Wall Street” Jordan Belfort.
Vogelstellar told CoinDesk:
“The problem right now is that too many people outside of the blockchain space focus on tokens and ICOs; frankly speaking, it’s the least interesting part of ethereum.”
Yet, ethereum has seen meteoric growth this year, in part, due to the success of ICOs for open-source project and startup funding.
Etherscan CEO and founder Matthew Tan went so far as to call ICOs ethereum’s “killer app,” a statement that aligns with the more than 10,000 token projects launched to date – 13 of which have eclipsed $100 million in total market value, according to Etherscan data.
However, that path to capital still has a stigma…
Read Full: Ethereum to ICOs: You’re Doing It Wrong