Ethereum’s Vitalik Buterin Criticizes IBM’s Blockchain, says “Totally Not the point”

During the Devcon4 blockchain conference held in Prague for 3 days from October 30 to November 02, speakers spoke about the scalability, speed, and robustness of the Ethereum project. The panel also highlighted the possible ways that help Ethereum reaches next million users and the contribution of designers and developers to improve user experience in crypto space. However, In a recent interview with quartz , Ethereum’s Vitalik Buterin said the companies those are looking to leverage the recent hype of blockchain solutions is completely a “wasted time”.

He stated;

“Sometimes it is for marketing hype. Sometimes it is just people who are genuinely excited about blockchains and want the thing they are personally excited about and their job to align more with each other, which is a totally legitimate, human thing to want to do.”

Vitalik Buterin pointed IBM’s misapplication of blockchain technology leads to “wasted time”

While asking “what specifically the wasteful mean”. Buterin- pointed IBM Blockchain solutions and said;

I don’t understand this deeply, but the detail that jumped out at me is they’re saying “Hey, we own all the IP and this is basically our platform and you’re getting on it.” And like, that’s… totally not the point….

He viewed the number of firms trying to capitalize on blockchain and establishing higher standards but implementing it in every industry is not appropriate . Beyond cryptocurrency as international payment, Buterin thinks the other ideas “whether we’re talking about products or the self-sovereign identity stuff”, definitely need time. As a product, Buterin referred to food tracking application of IBM which has intended to provide the product’s visibility since origin but he is “unsure whether or not IBM would execute it”.

He thinks the value of crypto beyond money is that;

You create a token and you immediately have access to wallets, multi-signature wallets, decentralized exchanges, and just using it as collateral—all of this infrastructure that you wouldn’t have access to if you just created a currency and tried launching it off your own server.

During the interview, Buterin- appreciates “authentication of university degrees” in Singapore for non-financial applications which are based on blockchain apart from cryptocurrency. He is optimistic about the idea it utilizes which he said;

The idea is when you get a degree—or potentially, a record from any institution—that record will be digitally signed, but if it gets revoked, then a message will be published to a blockchain.

Ethereum is droEthereum has been continuously experiencing the sharp drop. It is currently trading at its lowest with value $106.86 on third position subsequent to Bitcoin and XRP.

What’s your opinion?

-> Are you agree with Buterin’s claim on IBM Blockchain?

-> Will The Ethereum Crash Continue?

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