New technologies usually follow the "Gartner hype cycle". When a technology first comes out, there is a bubble-like frenzy because many people explore different possibilities for applying the technology, and are getting funded by investors. Of course most of these explorations end up leading nowhere, and some of them are scams benefiting from the hype and lack of knowledge.
The euphoria of the beginning is then followed by a kind of crash, where it becomes clear that most of these projects won't deliver what was expected or promised. The market then culls away all the "failed experiments" and consolidates around the few use cases and applications that stuck. This is the phase when it becomes much clearer what a technology is good for, and what it is not good for.
Finally, the few winning applications are built out and gradually improved, which results in a more steady growth. This is the phase that brings the technology into maturity.
What do you think, do you agree with this pattern, and where are blockchain and crypto right now?
[Image taken from here]
(Originally appeared on Uptrennd)