Saturday , February 27 2021

Vitalik Buterin: blocks for cryptocurrency are needed, everything else is a waste of time

The blockchain technology is most viable for international payments and as a basis for cryptocurrencies. The prospects for using technology in other areas raise suspicions. This was published by the founder of Ethereum Vitalik Buterin in an interview with Quartz.

"Every other idea needs more time so that we can understand whether it makes sense to work on a large scale," – added Vitalik Buterin.

It does not exclude that some developers use the Ethereum network only for marketing hyip. Some added, Buterin added, a blockade destination to simplify interacting with each other. However, sometimes the use of classified registry technology in some areas is no more than "waste time," said Ethereum founder.

Commenting on the huge IBM block technology blockchane projects, Buterin:

"I did not understand this deeply, but something was still in my eye. They say," Hey, we have all IP addresses, and this is our platform, and you need to use it. " And as if it were … it's not at all in this regard … "

He also asked about the need for a block to track product supply chains. Buterin noted that it was impossible to check if the correct information about the product was placed on the small block before sending it. In addition, the quality standards of producers and consumers can vary, added Buterin.

"Blockchain does not provide absolute warranty, and especially in the real world," – he also noted.

Despite the above, Buterin said he liked the blocking authentication system for diplomas developed in Singapore.

Earlier, Vitaly Buterin rejected the use of the term "smart contract" in the Ethereum network.

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