Bytom CEO resigns, where is the public chain project going?

1. Bytom CEO resigns

On September 27, Duan Xinxing, the founder and CEO of Bytom, posted on Weibo saying, "Due to personal reasons, I took a short break, and I will still contribute in the form of community participation in the future. I will lead a large project by myself, just like It is still difficult to completely let go of my own child, and I wish Biyuan greater achievements and a better future under the leadership of Changjia."

Helplessness and reluctance are revealed between the lines.

This may not be a simple personal resignation, but a split that has to be faced within the team due to differences in the direction of development. In the current situation where the general environment is not relaxed, the split of the founding team has dealt a huge blow to the project.

As one of the major domestic public chains, Bytom’s founding team includes industry veterans, senior engineers from BAT, and the vice president of OK Exchange. The team has a star effect when it comes out, and the price is 0.25 yuan at the time of private placement. The highest ever rose to 8.35 yuan, an increase of more than 32 times, which is enough to show that investors have high expectations for it.

2. The development of public chain projects is worrying

Prior to this, Gongxinbao, another once dazzling star in the domestic public chain, also encountered problems. Hangzhou Cunxin Data Technology Co., Ltd. ("Cunxin Data"), the operating company of GXB, was seized by the Gudang Police Station of the West Lake Branch of the Hangzhou Public Security Bureau on September 11.

The reason for the seizure was that it was suspected of trading sensitive data of users.

A 2018 product price and service table of GXB has been circulated on the Internet. The reptile data listed in the table cover Social Security, Xuexin.com, JD.com, Telecom, China Mobile, China Unicom, Zhaopin.com, Sesame Credit, WeChat, Alipay, and even It is the credit data of the People's Bank of China. Each type of data is clearly marked and available for trading.

Tron, the top-ranked domestic public chain, also has problems.

According to the statistical summary of "Blockchain", in 2019, Tron has become the hardest hit area for funds: TRON Wallet, TRON Super Community, etc. have unclear relationships with TRON.

Among them, the Polkadot Wallet ran away four months after it was launched, and took away more than 15 million US dollars. According to the statistics of the blockchain security company PeckShield, the Tron super community has raised more than 200 million yuan in assets in the form of funds.

A total of hundreds of thousands of victims were involved in these funds.

And the DAPP ecology that TRON is focusing on developing is not optimistic: According to DAPPReview data, as of September 10, there are a total of 560 DApps on TRON. Among them, 422 have 0 transactions in 24 hours, accounting for 75.4% of all DApps in TRON. There are 534 DApps with less than 100 transactions in 24 hours, accounting for 95.4% of all DApps in TRON.

DAPP ecology has become empty talk. So far, except for the capital market and gambling DApp, Tron has become an empty city.

3. Where is the public chain project going?

It can be expected that, under the torment of the current market situation, more and more former star public chains will have internal disagreements due to hindered development, leading to team splits; . In short, gradually deviate from the previous track, exhaust the popularity once gathered, and gradually be eliminated.

And they may be eliminated not because of not working hard enough, nor because of poor technology, but because they did not go in the right direction in the general direction.

It has also been shared before, and it has specifically analyzed the public chain that supports smart contracts.

We have long believed that there are very few projects with long-term potential in the field of smart contracts, only including public chains such as Ethereum, and we are more cautious in our views on ADA and AE, let alone other projects.

Why did we arrive at such a conservative view so early on? The fundamental reason is that we believe that there are three key points for the final victory of the public chain: one is decentralization, the other is ecology, and the third is contract standards.

Among all the current public chains, there are only a handful of these three.

The problems reflected by GXT, TRON and Bytom are just the tip of the iceberg of the public chain ecology. Their turn from prosperity to decline is just the beginning of the knockout round, and the crueler situation is yet to come.

In this case, I hope that investors will take a closer look at the projects they invest in, and be cautious about investing in smart contract public chains.

Among the smart contract public chains that have been launched so far, in the long run, there may be only one or two public chains that will win in the end.