When blockchain and cryptocurrency became popular in 2017, a lot of crypto projects were announced, which failed in the end as they did not have feasible solutions for stakeholders.
It became a trend to roll out a decentralized project in 2017, and with every new day, there came a new project. But the majority of them did not end well and were failed to create influence among crypto members. To list such a wide range of project coins, many cryptocurrency exchanges came over the screen but did not perform well and ultimately failed. In these dead projects, there are few ones who are started by giant tech companies, such as Telegram Open Network, Petchains, and Wiki token.
Telegram’s Failure
Telegram announced to roll out a crypto project with a native token known as Gram token at the end of 2017. According to the company’s plan, TON cryptocurrency would be used as an alternative to traditional money, and the underlying payment network would compete with traditional payment giants, such as Mastercard and Visa. But the initial coin offering of Telegram became very successful as it raised $1.7 billion as a result of funding on the part of investors. But then the US Securities and Exchange Commission challenged the decision of Telegram and made every effort to stop it from launching TON tokens. Market experts also acknowledged that it was not a good project.
Wiki token built over the Ethereum network was created to be used in the Crypto University, which was designed as an alternative to traditional courses companies such as Coursera. The tokens were given to community members for content creation in the Crypto University. It was a decentralized project, but it had many technical difficulties and flaws which were not present in Coursera and Udemy.
Petchains was another blockchain project rolled out for the “global information management system.” It was failed even in its early stage as it did not become successful in receiving funds.
Besides these mentioned projects, there were many other failed initiatives that offered only products instead of feasible solutions.