Ethereum co-founder Vitalik Buterin has declared that he is sceptical about China’s Consortium Chains, the cryptocurrency expert made these declarations while participating in an interview with Technode.
Despite the vast progress that has been recorded by the Chinese Government and large corporations in the crypto space, the Ethereum co-founder said other issues might need to be addressed to achieve international recognition aside building and deploying private or semi-private enterprise blockchains.
Buterin in his words explained that the actions of the Chinese Blockchain Consortiums will only aid blockchain growth within China and this is invariance with the best technology use cases which are meant to be utilized internationally.
He further added that it would be difficult for cryptocurrency enthusiasts from other countries to trust and use the Chinese Consortium Chains.
It is impossible to assume there is a single government trusted by everyone in the international context but the public blockchain is being perceived to be neutral, said Buterin.
He also pointed out to that it will be better if the Chinese Government work on creating more public blockchains that would offer similar services to that of Blockchain Service Network (BSN), a blockchain platform developed by the Chinese Government to offer cloud services and different chain protocols on city nodes.
Furthermore, the on-chain expert explained that the Chinese Consortium Chains gained Eminence due to the security and scalability services they offer to private entities which are highly prudent, however, Buterin reiterated that public blockchains would likely render safety and security services to outshine the consortium blockchains soon.
Speaking about BSN’s progress, Buterin averred that it was too early to pass a comment about the project; he claimed that it will be reasonable to pass comments after seeing how the network evolves and the kinds of projects that are being developed on the network.
When asked where he feels the blockchain technology is being concentrated geographically, the Ethereum boss averred that blockchain technology has been widely distributed with hubs of talents evenly situated in the nooks and crannies of the globe with numerous successful teams in Europe, US, Australia, and recently in China.