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If you ask the average person if they ever heard of Bitcoin (BTC), most would respond with a ‘yes’. If you ask the same group if they know what ‘blockchain’ is, the number of positive responses would be much lower. Digital currencies such as bitcoin are related to blockchain technology. However, understanding each one’s role in the overall cryptocurrency industry remains blurred. Ultimately, this whole concept was discussed at length. The actual title of the post was, ‘Focus on Bitcoin, Not Blockchain, Crypto Entrepreneur Proclaims’.
The entrepreneur mentioned was Aleksander Svetski, who is the CEO of Amber. This is a crypto micro investment startup. In an article he wrote for SmartCompany, he made his case that the concept of blockchain is not gaining any traction in mainstream business. His contention is that many corporations are using blockchain as a way to look “hip” and current with the times. He also contends that blockchain as yet to fulfill the promise of eliminating middlemen in a more secure and immutable manner.
Blockchain innovations have been limited to advancements in data storage and business processes. He went on to add that few of these improvements “will ever trickle down to benefit anyone other than large-scale organizations and their bottom lines.”
He described blockchain as a “broken promise.” He also questioned why corporations were investing large sums of money on new networks as opposed to fully embracing bitcoin. He described BTC as “the most resilient digital network the world has ever seen.” In an expanded quote, he added:
“Bitcoin, as well as having a unique database architecture (that one might describe as blocks of date chained together) is secure and immutable because it has a currency baked into the protocol.”
Svetski talked about the currency’s value being linked to security. This works to ensure that participants in the network are incentivized to act in that network’s best interest. He also pointed out how BTC has already survived a decade in an “adversarial environment.” This existing network has been used to move trillions of dollars in worth over that same timeframe.
His overall warning is that “blockchain will have a hard time once people realize the emperor has no cloths.”
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