Bitcoin might be the first of the cryptocurrencies and its underlying blockchain technology, but that does not mean it will be the most important, the CEO of NextBlock Global, Alex Tapscott has warned.
Speaking to Bloomberg, the founder of the blockchain investment company said: “I think bitcoin is the first killer application for the underlying blockchain technology, in the same way that email is the first killer application for the internet.
“Email is this amazingly powerful tool but it wasn’t the last thing that the internet did and arguably not even the most important.”
Mr Tapscott said that new cryptocurrencies like ethereum are building on the underlying blockchain technology, making them more useful that bitcoin.
He said: “What we’re seeing now is the creation of new kinds of platforms so ethereum is the first general purpose platform.
“But there have been dozens created since then that allow you to basically use the technology to program business logic and program assets and then be part of the economy.
“It could be applied to commodities, it could be applied to stocks, it could be applied to bonds, supply chains, casinos, prediction markets, you name it.
“And we’re already seeing the creation of all sorts of companies and projects which achieve just that.”
Unlike bitcoin, ethereum allows developers to build applications on its network. The majority of initial coin offerings and other trading games are based on ethereum.
Ethereum’s particular blockchain technology means that the currency is more naturally resilient to cyberattacks.
Bitcoin slipped 4.49 percent to $15,451.88, at 9:03 am, in London, after hitting a high of $17,005 on Saturday, according to CoinDesk.
Ethereum rose 3.7 percent to $1,191.1 after reaching a record high of 1.226.93 earlier on Monday.
This article was curated from Google News. You can read the original article here.