There are so many altcoins that the newest craze is ‘joining them together.’
The “ITO” for Blocknet is underway. Blocknet will join SuperNet in the battle for ‘Internet of blockchain’ cryptocurrency projects.
Will this idea of combining altcoins into a network work?
There’s always some slim possibility it could, but I wouldn’t hold my breath. The simple problem for a ‘blockchain of blockchains’ is the same issue all the other alternative cryptocurrencies have. I hate to repeat myself, but that problem is, was, and will remain adoption. Outside of a small cadre of hard-core crypto-crazies, there aren’t too many people who are going to flock to technology that complicates instead of simplifies. Make no mistake, that’s exactly what this unification concept does.
It’s probably even fair to label these new ‘networks’ as convoluted ideas. There are two teams supplying these networks into an audience of investors yet no one has really answered the question: “is there any demand for this?”
Certainly bagholders of specific coins will be excited about their coin’s addition to a network. They can use the news to pump their way out of the shithouse. But from a real-world, practical excitement, the utility of combining multiple coins seems minimal. Plenty of well-crafted wallets and numerous features already exist across multiple platforms. Impressive features have routinely been implemented into altcoins for months now. Certainly some existing projects already have more features than Bitcoin, but very little has changed with the coin market rankings as a result. Features help pumpers pump coins but they don’t seem to be enough to attract a multitude of new users.
What Is ‘Networks’ Start Proliferating As Fast As Altcoins?
What could be worse for the remaining altcoin ecosystem is if the Blocknet ‘ITO’ does multi-millions of dollars of sales. The BTC would inevitably be dumped into a tepid Bitcoin market, which could further depress prices. If the project itself accomplishes very little, the price of Blocknet would also plummet.
Supernet has seen a decline in its share price. That project is being worked on by a very small team and has little tangible progress to show so far. They have managed to recruit a few coins and they’re building infrastructure, but it’s safe to say that strong revenues may be a long ways off. If that’s true of Supernet, then it’s also true of Blocknet. Even worse for Blocknet is they’re second to market and clearly lifted the idea from Supernet.
Despite my relatively pessimistic words up until this point, I’m still keeping an open mind about these new “altcoin combiners.” It’s possible they might be the missing piece that can help consolidate numerous projects into something feasible and productive.
Still, you have to wonder why the ‘crew‘ from Blocknet couldn’t have just joined the ‘crew‘ at Supernet to combine themselves into something less than miniscule. If the Blocknet ITO succeeds, it will open the floodgates to many more copies of the same thing, which indeed defeats the whole purpose of the idea in the first place!
In the nutty world of Altcoins up is down and down is up and only by combining can we all dilute the market even more.
We’ll be watching like hawks for all further developments on the ‘Internet of blockchains.’
Thanks for stopping by and reading. What’s your 2 cents on these new ‘networks?‘