Cryptocurrencies Are Mankind’s ‘Biggest Technological Experiment,’ Says Blockchain Professional
Vinny Lingham, the co-founder and CEO of Civic Technologies, a blockchain-enabled identity verification solution provider, recently noted the world “wants a more stable money supply” and the crypto community could potentially help create a better financial system.
However, as most crypto market analysts have said, Lingham believes it’s still early days for the industry and a lot of work needs to be done to help improve blockchain-based infrastructure. “It will take years of coding, experience, and a lot of failure” before the crypto industry begins to mature,” according to the Bitcoin Foundation board member.
Lingham explained that currently we are in “the phase of consolidation and it’s a bear market.” He added that if the bitcoin (BTC) price drops below the $3,000 mark, which some market analysts have said is possible, then the market could still recover. However, he said it won’t happen before 2020.
“Can’t Wage A War On Every Front”
The Multicoin Capital general partner thinks there are about six to twelve more months of a cryptocurrency bear market left. He went on to argue that if bitcoin’s price remains above the $6,000 mark for the next six months, then “it will [probably] be a short recovery” (by end of 2019) – meaning that cryptocurrency prices will recover to levels comparable to their all-time highs in late 2017.
Commenting on the different skill sets people and organizations have in the crypto industry, Lingham said that “in the [primarily] open-source community we have right now, … the product development skills are [not] homogenous across the ecosystem.”
He added there are obviously “different areas where people are better than others” and that “you can’t wage a war on every front” – meaning you can’t be the best at everything. Going on to discuss the current scalability issues the Ethereum blockchain is facing, Lingham said it’s “probable that Ethereum could win on the ICO realm.”
EOS Has Better “Scaling Potential” Than Ethereum
However, it could also “fail on scaling” as there are now several cryptocurrency projects out there that may potentially be “better at scaling,” Lingham noted. While acknowledging that EOS is much more centralized compared to Ethereum, he thinks it has considerably more “scaling potential” than Ethereum.
Notably, Lingham believes EOS’ centralization is “not that bad” and that it’s decentralized enough to the point that:
no government can attack the system … with EOS, the types of programs and applications you want to run [are] for commercial and enterprise usage [and they don’t] need that level of censorship resistance. So, it can be a bit more centralized.
Reflecting on all the activity in the crypto and blockchain ecosystem, the Civic Technologies co-founder said:
it’s the biggest experimentation on a grand global scale in the history of mankind. Never before have so many people been involved in the technology industry … running a series of experiments with total disregard for profitability and revenue and income … it’s kind of like unbridled technology and innovation … so let’s hope a couple of winners come out of it.