- In China, blockchain and cryptocurrency are one of those industries that is looked into thoroughly.
- The progress the government is making in the nation is astounding, to say the least.
In China, blockchain and cryptocurrency are one of those industries that is looked into thoroughly. The progress the government is making in the nation is astounding, to say the least. However, Vitalik Buterin, the co-founder of Ethereum, said that they may need to do more than just launch and build on private or semi-private consortium blockchains in order to gain traction on a global scale.
Explaining, the co-founder went on to say that even though authorities in China are doing what would help them grow through the use of blockchain within the country, the best use cases for the technology are intended to be integrated on a global scale. With this in mind, it will be difficult for them to gain the trust of other nations in the world to use their private blockchains.
He further said:
“In an international context, you cannot assume that there is even a single government that everyone trusts, whereas public blockchains are more easily perceived as being neutral.”
He went on to say that it will be a vital step for the country to work on a more public blockchain. Adding that the consortium blockchains are under limelight because of the scalability and that they offer a significant round of security for the consumer base.
Speaking on BSN (BSN International) the co-founder said that it was too early to say anything in regards to the project and its future. However, he did say:
“It’s important to not try to guess too much from early initial information about a project when it’s being released [...] I think this is one of the mistakes that people made with Libra.”