Crypto Leaders All Seem To Agree On The Notion Of Private Blockchains Being Useless, Over-Hyped

    Crypto Supporters Over-Hype Smart contracts And Others

    One of the hottest topics everywhere today is Digital assets. In recent times, a lot of reviews and speculations have risen around these assets. Many of the industry proponents are busy trying to fight against critics by coming out to disagree on negative views. So, we are surprised with the reports we got on the issue during the New York Blockchain Week. An interview with prominent luminaries revealed that some of the cryptocurrency products receive more hype than necessary.

    Popular Luminaries Speaks About Crypto Products

    The first person who pointed at the intensive promotion which some products are getting is Erik Voorhees. Eric is the CEO of Shapeshift. He thinks that the blockchain which corporate entities control receive more promotion than it deserves. According to him, this type of products is not productive yet. Instead, the message they send is contrary to the purpose of creating a blockchain. He also pointed out that they may have value but not as high as the hype on them.

    His exact words where,

    I’m not aware that any have been successfully used, and they kind of destroy the point of why blockchains are useful in the first place. That’s not to say they don’t have any value, but I think they are overhyped.”

    Voorhees was not the only one in the panel. The Chief Executive Officer of Tron Foundation Justin Sun was there too. Sun pointed out that the industry has been using the sentiment that cryptocurrencies will bring a change to everything. The community is over-hyping this idea right now. The CEO went further to state that crypto effects will be more evident in finance and the “decentralized technology.” But to encompass all aspect of our modern life may not be very easy as enthusiast says. Sun further advised the proponents to consider the utility of every token first before believing its hype or popularity.

    Smart Contracts Gets More Promotion Than Necessary

    The next crypto proponent we heard from was Tone Vays. Tone is a YouTuber and a popular crypto analyst. According to him, smart contracts received more hype than every other product in the industry. Vays used a soda machine to compare to a smart contract. He pointed out the difference between its basic functions and end product.

    He stated that

    “It’s a great smart contract, but there is no reason to have that contract be so grossly, technologically inefficient that it takes global electric power and decentralization, of storing this contract on hundreds of thousands of computers in fear of somebody forgetting that this contract took place and computational power.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Ali Raza
    Ali Raza
    A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Shopify Joins Facebook-led Libra Association To Help Build Stablecoin Payment Network

    E-commerce platform Shopify has announced that it has joined the Libra Association. This means that the online shopping firm is the latest entrant of...

    Tron Launches A New TIP While BTFS Prepares to Deliver Next-Gen Decentralized Storage

    Sprinkle of good news: TPS to add new features to TVM, number of accounts on Tron Network exceed 4.7 million, partnership with Steemit,...

    IOTA Urges Users To Use New Seed Migration Tool After Trinity Wallet Hack

    Following IOTA’s recent hack on its Trinity Wallet, the development team is urging the users to protect their wallets by changing their passwords and...

    Gold Hits 7-Year High As Investors Jump into Safe Haven Assets But Bitcoin Not Following

    Coronavirus outbreak has the investors fearing a slowdown in global growth and piling into safe-haven assets like gold US dollar also rising while...

    Russia’s Central Bank And FSB Agree to Ban Cryptocurrency Payment Options

    A Russian local news source, recently reported that the country’s Central Bank and Federal Security Service (FSB) finally came to an agreement that cryptocurrencies...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.