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{
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      "body": "Imagine if carmakers began to create new, vestigial parts without which cars could not operate in order to lock additional profits. No economic value would truly be added, but carmakers would profit immensely. Fortunately, such a scenario could never exist because the power of competitive markets would force out such parts.\n\nMany contemporary blockchain technologies have analogous vestigial parts, in the form of tokens that have contrived, rather than inherent value. Whereas some tokens and coins, such as Ethereum, Power Ledger, and many more, serve legitimate purposes such as mining/proofing incentives or as stores of value, other coins and ICOs seem to tokenize merely to take advantage of the vast amounts of money flowing into the sector. Because the blockchain industry is emerging rather than saturated, competition does not solve for many inefficiencies.\n\nLike their stock market cousin, the Initial Public Offering (IPO), Initial Coin Offerings (ICOs) primarily serve to raise funds for blockchain companies to further develop their product. However, unlike IPOs, ICOs do not usually give ownership or voting rights to holders, but rather are integrated into blockchain protocols, to various degrees of legitimacy. Many of these protocols could function with Ethereum, Ripple, or other trusted cryptocurrencies, and do not require new tokens.\n\nHaving thousands of tokens when only a handful are necessary increases the barrier to entry for those looking to explore various blockchain technologies. An optimistic outlook is that like useless car parts, competitive markets will force out such tokens as well as the greedy companies that mint them. Also possible is that like scam ICOs, unnecessary tokens will stain the ICO concept’s reputation, hurting the development of beneficial technologies.\n\nSubstandard ICOs can be resolved with due diligence on the part of investors (as is becoming more common), especially institutional investors. Flipping ICOs (taking profits when coins first hit public exchanges) may work for the next six months, but is not a sustainable investment model. In the long run, preventing a bubble will be in everyone’s interest, and that process must begin now.\n\nHowever, the greatest barrier to a decentralized world may be the insular belief that blockchain is the end-all of decentralization. The majority of widely adopted blockchain cryptocurrencies are inconvenient at best. Take Bitcoin, for example, which still functions on proof of work (POW) basis, concentrating power into the hands of mining cartels and facing existential threats from quantum computing. Proof of stake solves for many of POW’s deficiencies, but still requires mining, an expensive process that poses massive energy costs on society.\n\nFortunately, some innovation to move away from blockchain and mining systems are occurring, even if limited. IOTA, a cryptocurrency designed for the internet-of-things (IoT) industry, has designed a new distributed ledger called Tangle, which does not require blocks, miners, or transaction fees. With Tangle, each transaction is involved in creating confidence levels for previous transactions. Thus, rather than high volumes of transactions slowing down a network, more participants in the network speeds up the confirmation process.\n\nThis is not to say that IOTA’s Tangle is the future of distributed ledgers; disadvantages in the protocol may become exposed as transaction volumes increase. The innovation, however, is commendable, and IOTA’s recent publicity surge should indicate to developers that decentralized technologies can be successfully created outside the paradigm of blockchain.\n\nA sustainable future for decentralized technologies entails a commitment to the disruptive, innovative model epitomized by the effect Bitcoin had when first introduced. While the next year may still encourage ICO cash grabs and speculation on marginally better cryptocurrency forks and blockchains, the real diamonds in the rough will be the products of divergent-thinking innovators and an investing community that fosters their success.",
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