Vitalik Buterin: a blockchain is needed for criptomoedas, everything else is a waste of time


Blockchain technology is the most viable for international payments and as a basis for crypto-coins. Prospects for the use of technology in other areas raise doubts. This was announced by the founder of Ethereum Vitalik Buterin in an interview with Quartz.

"All other ideas still require much more time so that we can understand whether it makes sense to work on them on a large scale" added Vitalik Buterin.

It does not exclude that some developers use the Ethereum network only for hyip marketing. Some, added Buterin, resort to the blockchain to simplify the interaction between them. However, sometimes the use of distributed registration technology in some areas is nothing more than "time wasted," says the founder of Ethereum.

Commenting on the blockchain projects of IBM technology giant, Buterin said:

"I did not understand this deeply, but something caught my attention. They say, "Hey, we have all the IP addresses, and this is our platform, and you have to use it." And as if … the meaning is nothing like that … "

He also questioned the need for a blockchain to track supply chain products. Buterin noted that it is impossible to verify that the correct information about the product was placed in the blockchain before being sent. In addition, the quality standards of producers and consumers may vary, Buterin added.

"Blockchain does not provide an absolute guarantee and especially in the real world" he noticed, too.

Notwithstanding the above, Buterin said he liked the blockchain verification system for diplomas developed in Singapore.

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

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