Rhett Creighton Makes A Bold Proclamation, Claims Humans Wont Own Any Crypto By 2040


Rhett Creighton Makes A Bold Proclamation, Claims Humans Wont Own Any Crypto By 2040

Well known crypto commentator and financial pundit ‘Rhett Creighton’ recently went on record to state that the proof-of-work (PoW) protocol was much more efficient in terms of providing customers with a high degree of safety and security when compared to its technological counterparts such as PoS.

Creighton, who has completed his Masters degree from MIT (Massachusetts Institute of Technology), then went on to add:

“The worst and least secure PoW networks are the ones with low hashrate and an algorithm that is used on a network with higher hashrate.”

Small Digital Currencies Are Easy Victims

For those of our readers who might not be aware of Creighton’s illustrious background, he has previously worked as a blockchain developer for a number of high-profile projects including Bitcoin Core, Bitcoin private (BTCP) and Zclassic (ZCL).

In regards to smaller cryptocoins being more susceptible to 51% attacks, Creighton used the example of the recent Ethereum Classic hack as being a case-in-point. As all of you probably already know, the top-20 altcoin recently fell victim to a Sybil attack simply because hackers were able to “take existing ETH miners and temporarily point them at ETC, that too for only a limited period of time”.

On the subject of proof-of-stake (PoS) consensus mechanisms being a legitimate alternative to PoW systems, Rhett went on to add:

“PoW is one consensus mechanism that has a property known as Byzantine Fault Tolerance. There are other PoW protocols which may have BFT, but are limiting in other ways, for example, Peercoin is a PoS coin which has existed since 2013, and it suffers from the well known “Nothing At Stake” problem. Casper and other modern protocols hope to provide solutions to this, but they are yet to be proven.”

Creighton: “Forking Represents A Possibility Of Endless Freedom”

During a recent interview when Creighton was asked about whether he believed hard/soft forks, particularly contentious ones like the recent Bitcoin Cash [BCH] split, were good for the crypto ecosystem as a whole. He replied by saying that the concept of forking was a unique one and that it was there for a reason.

In his opinion, forking allows backers of a particular project to have the freedom to choose or leave a network if they no longer agree with the values of the network in question.

In regards to the matter, he then went on to say:

”Many Ethereum evangelists feel like the Ethereum Classic fork from Ethereum was positive for their community because all the people who disagreed with the majority value belief system were able to leave and no longer interfere with the core values of the Ethereum community.”

On the subject of network security and what the challenges of the crypto community 10 years down the road would be, Creighton stated that in his estimation, by the year 2040, the GDP of the planet would have risen by over 10x (of what it is today). Not only that, but he also believes that the global economy will most likely be 90% machine driven.

“Given that humans won’t need jobs, most of them won’t own any crypto or private keys, so they won’t have to worry about it. That will be a task mostly for machines and large decentralized organizations.”

Final Take

Last but not least, on the subject of blockchain adoption, Creighton is of the opinion that moving forward, he would not be surprised to see both private and public blockchain systems being used all across the globe (that too on quite a large-scale).

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