Saturday, May 30, 2020

South Korea’s ‘Blockchain Not Crypto’, Not Possible Says Vitalik Buterin

Supporting blockchain but not cryptocurrencies? Ethereum founder Vitalik Buterin says this cannot be done.

South Korean Forum For Blockchain Technology

Recently, an event titled ‘blockchain and economy’ was held at the Yeouido National Assembly Hall in Seoul, South Korea. This forum was made as a welcome presentation for the arising blockchain technology in the country on which various personalities from the industry and the government were invited. Part of this event was Ethereum founder Vitalik Buterin.

Although the concept of the event was to explain the different depths of blockchain to the public, Buterin seemed to be unconvinced with what South Korean government has been promoting in the past months, in terms of being supportive to blockchain but not in cryptocurrencies.

Blockchain And Crypto Should Not Be Separated

According to him, blockchain technology should not be separated with the concept of cryptocurrencies and that the idea of operating blockchain without cryptography cannot be done.

“Blockchain is a technology that can be run without cryptocurrencies, but there is no crypto without blockchain. Public blockchains rely heavily on cryptography. Therefore, cryptocurrencies are absolutely necessary.”

Unfazed Perspective Of South Korea

In the midst of crypto’s unstable stance in the market, South Korea has been overly promoting blockchain while disregarding the relevance of virtual currencies in the technology. As a matter of fact, the country even banned Initial Coin Offerings (ICOs) as they described these as ‘high-risk investment vehicle’ for many users.

This mindset was taken as an off perspective for Buterin since he detailed that ICOs are definitely developing until now which makes it as an attractive and safe medium for investors.

Buterin also debated against South Korea’s claim of crypto’s volatility in its value. As shared by him, crypto’s bearish state in the past had become a trigger alert for businesses that are really sustainable for the industry.

“The recent crypto scandals and market recession have [uncovered which projects] turned out to be scams and which projects are going to be sustainable.”

South Korean government already explained their side regarding this matter but people especially from the country’s growing cryptocurrency community had expressed their dismay on the matter.

On The Other Hand

Still, Buterin did not just bashed South Korea’s plan for crypto but also gave his approval on what they are going with on blockchain. According to him, the right of every citizen in the country to experience the benefits of blockchain must be met as it can massively affect the society in many ways– and South Korea seemed to be superb with their blockchain way.

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