Bitcoin, Crypto currency, Blockchain

Bobby Lee: 95 percent of the ICOs are no Blockchain projects

In a series of Tweets Bobby Lee has criticized the current “Blockchain instead of Bitcoin”-attitude. According to the former CEO of BTCC, one of the oldest Bitcoin exchanges, 95 percent of the ICOs no Blockchain projects. You were, even if they claim otherwise, only the development of a database.

Not only outside of the crypto scene, even within the same there are circles, which create a “Blockchain instead of Bitcoin”-attitude. Of these circles, there is criticism that the transaction speed of Bitcoin is too slow or that the transaction fees were too high. A step further, those circles who speak in favour of a delimitation by the Distributed Ledger technology. Not infrequently, it is representative of projects that work without a Public Blockchain. The degree of decentralization is in the case of such projects significantly smaller than the currencies of Bitcoin and many other Crypto.

Without the scaling problem of small talk – the main intention behind the Blockchain is like to forget: The Blockchain is a data structure, the decentralized structure of the Ecosystem is guaranteed. Something has Andreas Antonopoulos on 12. May in Warsaw emphasized. It is with this attitude are not alone; Jimmy Song, and Jonathan Corgan have recently argued in similar directions.

Bobby Lee: databases not to mention Blockchain

These critics of the “Blockchain instead of Bitcoin”Bobby Lee castle. Bobby Lee is the former CEO and Co-Founder of Chinese Bitcoin exchange BTCC. He is also a Board Member of the Bitcoin Foundation. A somewhat controversial celebrity he gained through his passionate commitment to the New York Agreement. Thus, the objective of Segwit2X-Fork of the “true Bitcoin was in his opinion”.

Coherently with the aforementioned debate, Bobby Lee criticised the fact that not a few projects to decorate themselves with the concept of the Blockchain, under the hood, however, a normal database. In his opinion an ignored aspect of the Blockchain, the decentralized verifiability is defined as:

All of the data within the Blockchain must be independent and be publicly verifiable.

As to currencies, Zero Knowledge Proofs and anonymous Crypto like Monero, you can’t see the debate, unfortunately. He is, however, more about that in a real Blockchains, anyone can open up a Full Node and so in full possession of the data on the Blockchain.

95 percent of the ICOs to develop databases and no block chains

Even more extreme is Bobby Lee’s statement to ICOs. In his opinion it is a majority of these databases and not to block chains. He would have nothing to complain about, are databases, but for many cases useful data structures.

What bothers Bobby Lee, he sums up under the term “intellectual dishonesty”. In his opinion many ICOs reasons, the concept of the Blockchain only from Marketing.

Unfortunately, Bobby Lee cites no examples of such ICOs. A little one can understand it, however, are the Ecosystems to ICOs extremely centralized. Furthermore, if the objective of the “Blockchain”solution from a limited number of Super-users should be completely controlled, and lacks the possibility of independent and public confirmation. All issues such as efficiency, targeted transaction costs or potential partnerships should include a critical view of decentralization, therefore, always be for your own critical examination of an asset.

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