Daily Traders Edge

HODL: Crypto Is Like 1990s Internet With ‘Few Use Cases’ And Many Scams

November 01
10:41 2018

Crypto = Dot-Com Era?

Benedict Evans, a partner at Andreessen Horowitz, recently tweeted that “crypto today” is nearly identical to the internet in 1993 and 1999. Evans went on to explain that in the 90s the internet had “huge potential with few of the use cases invented yet.”

A handful of analysts, blockchain developers, and academics agree that the blockchain industry is in its early stage and MIT Media Lab’s Digital Currency Initiative director, Dr. Neha Narula, says that the cryptocurrency sector and its technology are not even developed enough to be compared to the internet in the 1990s.

Blockchains Need To Cross-Compatibility

Dr. Narula believes that DLT and its associated infrastructure are more comparable to the developmental stage of the internet in the 1970s before TCP / IP protocol was widely adopted. Evans also pointed out that there are multiple blockchains today with relatively nimble use cases. However, the fact that many startups are now working on developing ways for cross communication and atomic swaps between various independent blockchain networks is a positive.

Outside of technological obstacles, Evans believes that too many cryptocurrency projects use hyperbolized rhetoric to lure investors into projects which are simply un-achievable at the moment. The industry cannot move forward until a large number of ICO scams and blockchain hacks are addressed.

Continue Reading at Bitcoinist

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