Opinions

Blockchain Last Week, from being Fantastic to Failure

Blockchain is Fantastic

Blockchain technology has made an impact and caught the attention of many people. CEO of ODEM, Richard Maaghul revealed his take on the blockchain technology. He stated that blockchain is fantastic as it allowed transactions to be securely stored on the network. In addition to secured transactions, he further added that blockchain made the transactions transparent and immutable at the same time. Besides this, Richard shared his idea about the blockchain’s contribution in the future. He mentioned that blockchain will transform the peer to peer business model and will open a competitive landscape between centralized and decentralized markets.

ProximaX platform uses PoCA

A consensus mechanism is a backbone of the blockchain based solutions. CEO of ProximaX, Lon Wong explained the consensus mechanism used by his company. He stated that Proof of Conflation Aggregate (PoCA), used at ProximaX, was the combination of other consensus mechanisms such as Proof of Stake (PoS), Proof of Storage (PoSt) and Proof of Bandwith (PoB). He further added that each node was selected on the blockchain to perform a specific task. According to him, each node was enlisted on the reputation system and PoCA of each node decided its task.

Like other Startups, Blockchain Startups will Fail

There’s an attribute associated with blockchain based projects and startups i.e the probability of startup to survive. Ragnar Lifthrasir, the founder and CEO of Velox.RE, mentioned about the likelihood of the survival of blockchain startups. He stated that like any other startup, blockchain startups are bound to fail. He further added that the ones who had ICO before are more likely to see failure in the future. Moreover, Ragnar said that bitcoin startups, rather blockchain startups, are more prospective and promising for the long term.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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