Emin Gün Sirer, founder and CEO of the blockchain protocol, Avalanche, took to Twitter to elucidate why he considers that many blockchain initiatives maintain making use of doubtful methods within the business.
Sirer considers that some initiatives are primarily based on “numerous hype, numerous technical-sounding claims,” partnership with firms “too embarrassed to say they had been duped,” and in addition with no precise working novel system.
General, he says that every one is simply “smoke and mirrors round outdated tech” inside most blockchain initiatives’ operations.
Sirer issued such opinions within the wake of a report revealed by a forensic monetary analysis agency Hindenburg Analysis, which compiled shreds of proof on alleged doubtful enterprise techniques employed by the US-based startup headed by Trevor Milton, Nikola, accusing them of operating the enterprise as an “intricate fraud” scheme.”
Avalanche’s CEO additionally added:
“In the meantime, we’ve seen crypto initiatives that simply rebranded outdated protocols from 1999 as if that they had a brand new invention. We have seen centralized coordinators, equal to a hid wire. Better of all, we’re starting to see techniques that do not even tolerate Byzantine faults!”
Like Nikola did with Tesla, Sirer says, all the crypto initiatives he referred on his remark make “robust claims” and use the “identical actual language” because the genuinely innovating initiatives by mirroring all their strikes.