Home / Blockchain / Ethalium Co-Founder Vitalik: IBM Blockchain is "Missing The Point"

Ethalium Co-Founder Vitalik: IBM Blockchain is "Missing The Point"

In recent years, when "Bitcoin", "Ethereum" and "blockchain" have become common sounds in the global vernacular, a number of innovative companies and forward-looking start-ups have sought to implement this nascent innovation in their activities. However, although many companies seem well-intentioned with their blockchain ambitions, some skeptics believe that these companies could mean malaise or, at least, take advantage of the bitcoin boom of 2017 for questionable gains.

Ethereum, Blockchain sometimes used to create "advertising campaign"

Since Ethereum entered the scene in 2017, innovators from around the world have tinkered with the "world computer" in an attempt to build revolutionary applications that may one day catalyze the worldwide adoption of cryptographic resources. Although giant steps towards this goal have been made, none other than the irreducible developers of Ethereum, not influenced by the appeal of nickel and corporate currency, others have jumped on the blockchain to take only the trend.

Vitalik Buterin, co-founder of Ethereum Project, recently spoke with Matthew De Silva of Quartz, with the two discussing everything related to blockchain technology in a candid interview with Devcon4 in Prague.

Discussing the proposed use of blockchain in intriguing applications, such as the UN World Food Program, the Canadian-Russian programmer Buterin explained that "sometimes, it is [just] for hype marketing. "This is, of course, the reference to the rampant blockchain clamor experienced in 2017, which saw traditionalist businesses, such as Long Island Ice Tea, make a" transition "to the decentralized realm for rapid profit.

On the other hand, the enigmatic crypts savant explained:

"Sometimes it's just people who are genuinely enthusiastic about blockchain and want the thing I'm personally excited about and their work to align more with each other, which is absolutely legitimate and human to want to do."

But, returning to the alternative side of the equation, the co-founder of Ethereum noted that some efforts to implement the blockchain, which may be considered ill-considered by skeptics, can lead to "much lost time".

Touching on a specific case, Buterin drew attention to the blockchain efforts of IBM, which have been greatly strengthened, even amid the unfortunate roadway of the 2018 market.

Related reading: IBM on French Hiring Spree to launch Blockchain and AI Projects

He explained that private blockchains, such as the supply chain testing network of IBM and Maersk, are missing the point of decentralization, adding that such companies should only use publicly accessible networks. And although he continued to briefly praise the application of this technology in the food industry, Buterin, echoing his earlier points, added that IBM's efforts to put lettuce on blockchain could be fundamentally wrong.

Blockchain technology is still precious

Despite the somewhat daunting comments of Buterin on the adoption and use of the blockchain, many decentralists, anarcho-capitalists and libertarian zealots still infuse this decades-long technology to hope.

Edward Snowden, for example, recently said that while public Proof of Work blockchains approaching antiquity, the unique format of this new data structure solves a pertinent problem: trust, or more specifically, overabundance of trust in some systems.

Before the Great Recession of 2008, consumers have blindly thrown capital to centralized banks, presumably due to the fact that they trusted these institutions. But when the crash began, sending millions into a state of financial ruin and ruin, it became palpable that trusting centralized entities with data and money was a risky business. And then, as mentioned by Snowden, the creation of Bitcoin, the first worldwide network of blockchains in good faith.

And now, as widely recognized by many advocates of cryptocurrency, Bitcoin has retained its value as a decentralized, counter-censorship, boundless and anti-inflationary payment network that can also serve as a store of value.

Buterin also commented on the immense value of blockchain technology in payment ecosystems, simply stating that "cryptocurrencies are making international payments easier". So, probably, international payments are still the case of the use of the blockchain killer. At least for now, this is it.

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