Stanford University students demonstrate how multi-million dollar ICOs are not necessary to develop products and solutions that relate to a working blockchain.
Stanford focuses on active blockchain development and Bitcoin profit
Since 2017, companies in the traditional financial and technology sectors have aggressively used the lucrative Bitcoin profit ICO market to generate significant Bitcoin profit in a short period of time. For developers, token sales in ICOs are an impeccable fundraising model, as investors must agree that the tokens they invest in have no value, no substance and no use case to circumvent the jurisdiction of the US Securities and Exchange Commission (SEC).
Without functional prototypes and functioning products, block chain developers can raise tens of millions of dollars within days to start the development process. But, as in the case of Tezos, collecting tens of millions of dollars often leads to disputes within the founding members of a blockchain project, which prolongs and delays the development of the blockchain network.
This week, students of Stanford CS 359B’s Designing Decentralized Applications on Blockchain program developed 16 blockchain-based distributed applications on the Ethereum protocol to maximize the potential of peer-to-peer digital asset trading and transaction processing.
The official description of the CS 359B program emphasized that in addition to the lectures that focus on explaining the elements of blockchain application development, students actively create and develop blockchain applications using smart contracts.
“Besides the lectures, there will be a quarterly project in which students will design, implement and evaluate a novel distributed application on a modern blockchain, such as the Ethereum or the NEO crypto currencies.
16 projects for Ethereum code
Among the innovative distributed applications developed by Stanford students in early 2018 were the customized Ethereum code Web Workflow workflow marketplace and Ethereum code, the Marlin distributed content delivery network, and the ImageTrust software asset distribution platform.
Projects presented by Stanford in early 2018 created applications that require the blockchain and maximise decentralisation. This is in contrast to many ICOs, whose foundations are based on blockchain buzzwords such as “high-performance protocol” and “proof-of-stake” (PoS), which lack innovation and uniqueness.
On 26 June, Cornell University Professor Emin Gun Sirer criticised a kickstart campaign that tries to raise big money by deceiving potential investors with the term “blockchain”.