The sophisticated and mysterious technology, blockchain has surprised the world within only a few years of its inception. The power of blockchain has empowered the cryptocurrencies to make transfers independently without the interference of banks or the government. In recent years, it has been backed by various industries as a resolve to address issues like fraud management, identity verification. However, despite getting a lot of hype, its use seems to have remained mostly theoretical.
The noted advocate and contributor of Ethereum Classic (ETC), Donald McIntyre has recently expressed his views on the blockchain. He believes that the current trend followed by the blockchain industry will not survive for long. The blockchain space seems to be already showing signs of becoming obsolete. McIntyre predicts that there will only be a few competing platforms and only the fittest in the industry will stay.
“There Will Only Be 3 or 4 Surviving Blockchains in the Future” – #BlogPost by notable ETC advocate and contributor Donald McIntyre (@TokenHash) #ClassicIsComing #EthereumClassic https://t.co/FmmsAYnRD2 @MyEtherplan
— Ethereum Classic (@eth_classic) May 1, 2019
Price of Bitcoin rose to a high of $20,000 but came down drastically during the crypto market crash in 2018. Bitcoin price went further down to $4,000 only last year. This brought the entire blockchain industry under the scanner. Doubts emerged regarding the driving technology of cryptocurrencies that records transactions.
McIntyre feels exchange cost, security cost and coordination cost are the few reasons to be blamed for the extinction of some of the blockchains in the future.
The security cost does not remain the same if the values are transferred using the Bitcoin blockchain or any other altcoin blockchain. Naturally, the industry would choose highly secured transfer for large amounts. The people who need highly secured transfers will choose the Bitcoin blockchain.
Sending and receiving values on the Bitcoin…