More than 20,000 currently on the market cryptocurrency and the Blockchain project, each competing with the others to gain market share and dominance.
Phantom (FTM) Foundation CEO made statements about the future of cryptocurrencies and the Blockchain industry.
“Most Blockchains Will Fail In The Future, But The Multi-Chain Cryptocurrency Environment Will Continue”
“Competition is good because it can give you a better result, a better technology,” Michael Kong, CEO of the Fantom Foundation, told Decrypt at Chainlink SmartCon in New York this week, as crypto users are used to using multiple Blockchains. He added that more than one chain will continue to exist in the future.
Phantom CEO continued his thoughts on the subject as follows:
“I think we may not have 20 or 30 different chains in the future… But I think there will be more than one chain in the market and I think they will take a big market share.
People are using multiple different Blockchains, this is the case today and I think it will continue to be so in the future.”
on September 15 Ethereum has completed the long-awaited transition from the high energy consuming Proof of Work consensus algorithm to the more environmentally friendly Proof of Stake consensus mechanism.
However, after this update, called Merge, the Ethereum price suffered a great decrease. According to Kong, the ETH cryptocurrency community did not fully understand what the Merge update meant:
“I think a lot of people in the community were wrongly expecting that the Ethereum Merge update would significantly increase network throughput or make the technology much more scalable. But the Ethereum Foundation has repeatedly said no. Merge’s intent was to simply remove the Proof of Work components inside the chain.”
According to Kong, the misunderstandings involving Merge were more about community excitement and had nothing to do with any mistakes made by the Ethereum Foundation in managing expectations.
Kong said that, contrary to what Ethereum fans were hoping for, Merge “is not about increasing scalability or significantly reducing transaction fees.”
As for how Fantom can compete with Ethereum and other cryptocurrency chains, Kong said, “Our competitive advantage remains, at least for now, when it comes to our ability to process transactions asynchronously.”
Kong noted that the most worrying aspect of blockchain technology going forward is the recent alarming statements from regulators.
Kong referred to the recent actions of the SEC, which claimed that all Ethereum transactions fall under US jurisdiction, and the CFTC, which last week sued the Ooki DAO and its founders.
*Not investment advice.
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