The world of digital assets has been the subject for multiple speculations and reviews lately, with many proponents trying to combat criticism by clearing the air about the industry’s negative aspects. During the recently concluded NYC Blockchain Week, Longhash conducted an interview with popular luminaries in the space about the most over-hyped aspect of the cryptocurrency industry right now.
Erik Voorhees, the Chief Executive Officer [CEO] of Shapeshift, stated that corporate closed blockchains remained the most overhyped in the crypto-verse. He added:
“I’m not aware that any have been successfully used, and they kind of destroy the point of why blockchains are useful in the first place. That’s not to say they don’t have any value, but I think they are overhyped.”
The panel also included Justin Sun, the CEO of the Tron Foundation, who opined that the sentiment of ‘crypto will change everything’ was the most overhyped topic ever. He claimed that the effects of cryptocurrencies willwould be felt the most in the decentralized technology department and in the world of finance, rather than each and every aspect of modern life.
He further added that a project should be taken into consideration by looking at the utility of the token rather than the hype surrounding it and popularity.
Another crypto proponent who pitched in for the debate was Tone Vays, a popular cryptocurrency analyst and YouTuber who claimed that smart contracts were the most ‘grossly overhyped’ topic in the crypto-verse. He even compared smart contracts to a ‘soda machine’, drawing parallels between the basic functionality of the system and its end product. In his words:
“It’s a great smart contract, but there is no reason to have that contract be so grossly, technologically inefficient that it takes global electricity power and decentralization, of storing this contract on hundreds of thousands of computers, in fear of somebody forgetting that this contract took place and computational power.”