Bitcoin survives after 24,000 blockchain projects failed in 2016: Deloitte

Published: November 10, 2017
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A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015.
PHOTO: REUTERS

A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. PHOTO: REUTERS

With Bitcoin’s recent surge in the crypto-currency market seeing it cross over $7,000 on the Bitstamp exchange BTC=BTSP, it has inevitably attracted a lot of attention towards the virtual currency mechanism.

Consulting firm Deloitte, in a report, claimed that over 26,000 blockchain-based projects were launched on GitHub in 2016 out of which only eight per cent managed to survive.

The report titled Evolution of Blockchain Technology: Insights from the GitHub Platform: shows how 92 per cent of the blockchain based projects bit the dust over the course of the year.

Cryptocurrencies are now valued over $200 billion

In contrast, 25,000 projects have already been launched in the first half of 2017.

“Unfortunately, blockchain is not immune to this reality. Our analysis found that only eight per cent of projects are active, which we define as being updated at least once in the last six months” stated the report.

GitHub launched  in 2016 and is a development platform to help developers find tools, choose and buy apps that would enable them to upload their app so it can meet the community standards.

It has hosted more than 86,000 blockchain projects that also includes the more known bitcoin as well amongst other large projects.

Bitcoin blasts to new all-time high of $6,450

The report also reveals that bitcoin is more commonly known as it has 627 total contributors and over 12,000 followers, while its rival, Ethereum has only 149 contributors and a little over 5,500 followers.

Bitcoin has gained over 500 per cent this year, more than any other tradable asset class.

This article originally appeared on CoinTelegraph.

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