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How many blockchains do we really need?
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How many blockchains is enough?
Do we really need all of these new projects that keep popping up? I believe the answer is yes and I’ll tell you why.
First things first. Blockchain is not cryptocurrency and cryptocurrency is not blockchain. You can have a cryptocurrency not based on blockchain and a blockchain without a currency attached.
Having said that the most common applications of blockchain technology are cryptocurrencies. It’s just a use case that makes sense.
As of today there are 1,569 cryptocurrencies listed on CMC website. Most of them are based on blockchain technology and I would be willing to bet a large part is almost an exact clone of Bitcoin.
CMC only lists coins and tokens available for purchase, however this is only the tip of the iceberg.
Many people download the Bitcoin and Ethereum code and work on projects completely independent of their famous market names.
There are projects like HyperLedger where you won’t find any tokens for sale or an ICO, but just an open source project to help push forward adoption of Blockchain technology.
I’m running several blockchains myself to better understand the technology and capabilities. I am probably not alone and there are probably millions of test blockchains alive and well.
What’s the purpose and do we really need so many?
In order to answer the question it’s best to go back to the early days of the internet. There were developers that learned how to create websites and started launching the early version of the world wide web. I was one of them and remember doing the exact same thing then.
Creating different test websites, launching a few, making lots of mistakes, and learning along the way. The average person had no idea what a website was, how to access it, and those initial sites were used by a small population.
As time passed the developers improved, the technology improved, more people became aware, more access was available, and viola overnight we have the internet as we know it. Actually it was more than 20 years in the making, but it started the same exact way as blockchain based projects.
Right now Bitcoin is 9 years old and maturing as it should. It continues to grow and develop along with everything around it. The thousands of other coins and who knows how many blockchain projects are the test beds, this is the early internet, and it’s how we all learn, get exposed, and eventually develop our tomorrow.
Do we need all of these different blockchain based projects?
Do we need 1,569 cryptocurrencies? You bet we do. If there were only one or two we would have something to worry about. Sure most of them are junk and buyer should be aware. It’s just part of the ecosystem. You get the bad with the good.
Here is a snapshot of Amazon from October of 1999. No such thing as Amazon Prime, No streaming music, No Alexa, No streaming movies, you get the point. We needed this version of Amazon before getting the version we have today.
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