Foundational technologies like blockchain take decades to make a massive impact on society and economy. However, if you had read the news, you would not have believed it. The hype machine was real, and the message was that the technology would not go through a natural cycle of development. Instead, it will rapidly disrupt everything. This continuous news cycle declared that blockchain will solve problems in finance, supply chain, election, insurance, and more. The blockchain will soon drive the global economy, and the disruption was well underway.
In 2017 and 2018, blockchain startups raised billions from crypto millionaires, venture capitalists, and other institutional investors via initial coin offerings. The market valued ...
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