Crypto ‘Largely Usable Only by Developers’ Wall Street Journal Says
“Few tangible uses for Bitcoin (BTC) and its underlying blockchain technology have emerged,” according to a Wall Street Journal (WSJ) article published Jan. 1.
According to WSJ, in 2017 actual crypto development “took a back seat to getting rich.” The article also states that “at the beginning of 2018, the question was whether Bitcoin could live up to the hype of 2017’s manic rally,” and at the end of 2018 the answer was “no.”
Andy Bromberg — the founder of Coinlist — a platform for running regulatory-compliant token sales, explained that the next step for crypto was figuring out “how we can turn this technology into products for people to use.” However, according to the article:
“Bitcoin and the hundreds of other digital currencies that have popped up over the years are still largely usable only by developers.”
Developing apps for the Ethereum (ETH) platform is much less intuitive than for other non-blockchain platforms, according to the WSJ. For Ethereum, there are no developer kits which are currently available to build an app for iOS or Android, so “building a similar app for the Ethereum platform involves developing an entire suite of tools to connect the app to the platform itself.”
Still, WSJ admits that new institutional investors could get into the space when Bakkt will be launched by the Intercontinental Exchange (ICE), the operator of the New York Stock Exchange (NYSE). As Cointelegraph reported yesterday, the launch timeline for the Bakkt Bitcoin (USD) Daily Futures will be clarified in early 2019.
The article states that “despite the entry of some established Wall Street players, scammers abound.” This idea is in line with the declarations of Jed McCaleb — Stellar’s co-founder — who recently said that “ninety percent of these projects [that aren’t Stellar, Ethereum (ETH) or Bitcoin] are B.S.”
The Wall Street Journal recently published research in December, according to which hundreds of crypto offerings showed signs of fraudulent activity, improbable returns, and plagiarism.