Mycelium CRO Says Bitcoin Solidifies Itself as a Store of Value Coin, Most AltCoins Are Just Copies
Many AltCoins Are Just Copies Of Bitcoin, But Some Serve Important Functions: Mycelium CRO
Even though the “burst of the crypto bubble” early this year saw some enthusiasm die down, there are still a lot of alt-coins in the market who fail to do anything more than what bitcoin does. To get an in-depth analysis of the technical issues causing these problems, Forbes had an interview with Dr. Jerome Rousselet.
Jerome has a Ph.D. in Theoretical Computer Science and is the founder of Jita, a blockchain and crypto advisory services business helping startups and companies to define their strategy, build their team, review their technology roadmap and improve their security practices.
His credentials as a blockchain technologist are impressive and he has been active in blockchain for a number of years, including as the Chief Revenue Officer for Mycelium, the digital wallet.
On the issue with useless Altcoins, he said:
“It is trivial to take the whole Bitcoin source code, modify the project name and launch a new cryptocurrency that is 99.99 percent identical under the hood but with a big marketing push to position it differently. Many ‘old' cryptocurrencies were created like this. Others are also based on Bitcoin but add a few new features, tweaking the mining process, the block size, or trying to add more features. Litecoin, Dash, BitcoinCash are in this category.”
However, he acknowledged that there have been many coins that do serve a purpose beyond the scope of Bitcoin.
“Next to these bitcoin-like currencies, we have seen more interesting entirely new blockchains like Ethereum, which still use proof of work mining but offer new features, the so-called smart contracts, and the token economy. Recently we have seen niche blockchain, technologically innovative, applying computer science programming languages research to blockchains.”
Talking about strength and limitations of various protocol, he said:
“Bitcoin is the oldest, most mined and most liquid blockchain. This year it has positioned itself as a store of value, after a challenging 2017.”
He continued about Litecoin:
“Litecoin has proven itself to be a reliable alternative to bitcoin, with less money at stake and a more consensus-driven community. An ideal place to test in production controversial new features for Bitcoin.”
He then spoke about Ethereum, adding:
“Ethereum is still the main smart contracts platform, in terms of brand, community, projects, token sales, and market cap. We see more and more interesting projects being built on Ethereum, so assuming it solves its scalability issues some Ethereum could deliver real innovation in terms of decentralized governance and tokenized economic models.”
When asked about Ethereum’s recent downward price movement, he said:
“Because it went so high so quickly last year, it was extremely volatile. Vitalik himself was warning against such valuations, and we now observe the same volatility going in the opposite direction. Ultimately the vast majority of money that went into Ethereum was invested into ICOs, and the vast majority of ICOs have not delivered viable projects yet. It was extremely speculative.”