Lee: 95% of ICOs promote projects that are not Blockchain
The argument of the co-founder of BTCC is that the projects "are not decentralized, so they would look more like a centralized database"
Through his personal Twitter account, Bobby Lee, co-founder of BTCC and member of the board of directors of Bitcoin Foundation, published a series of comments in which he states that “most of the Initial Coin Offers (ICO) are not related to blockchain projects, but to projects that are only traditional databases. “
The tweets generated a discussion on Twitter about the difference between blockchain and conventional databases, so Lee said it’s not right that every project that uses a digital ledger can be categorized as a blockchain project.
Apparently, Lee’s argument is that some self-styled blockchain projects “are not decentralized to be considered as such, so they would look more like a centralized database.”
“The most commonly ignored aspect of #Blockchain: -> All data that enters Blockchain must be verifiable independently and publicly, and therefore, can be inserted by anyone. <- Otherwise, it is only #DataPrivada where you are the only judge and author == Centralized database. Pathetic! “, said one of the tweets.
In addition, he explained that there is no problem with traditional databases but that it’s not correct to use the blockchain tag in projects that are actually databases with other characteristics. “A Blockchain that you control is not a true Blockchain,” he said, arguing that even if a database is public and immutable, it would not enter the blockchain category while it is centralized.
N. Moncada
Source: CriptoNoticias
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