Blockchain Tech Helps Support Consistent Systems
The co-founder of Symbiont, a BTC startup company in NY, Adam Krellenstein, talked about the continuous development of cryptocurrencies as ten years have passed since the release of BTC’s whitepaper; this is where it all began for the industry.
As a number of other experts in the field have stated, Krellenstein pointed out that a token system is more efficient than a smart contract system when embedded with a blockchain-powered algorithm. He further stated that the BTC whitepaper had revealed just the main concept behind developing and deploying token systems using DLT. Furthermore, today the cryptocurrency industry that this whitepaper had started has now progressed extensively with currently thousands of blockchain-based projects.
Living Up to Early Expectations
Krellenstein also explains how cryptocurrencies have lived up to what has been expected early on after a lot of experimentations and projects, and also after taking into account every potential aspect of the technology. Blockchain technology is very valuable when changing a consistent centralized system to a decentralized one the same way cryptos are taking the place of fiat currencies, or even when changing an inconsistent decentralized network to a consistent one.
The Potential of Smart Contracts
The developers of smart contracts have been trying to implement more consistency via their products. The automated structure behind smart contracts is in effect replacing the infrastructure of the crypto market. Furthermore, tokens, which he describes as a simple form of smart contracts, should be highly accessible in order to be useful. Other more complicated kinds of smart contracts will only be useful with permission ledgers.
Moreover, Krellenstein explained how smart contracts will only work in an effective way, producing a high performance when they are implemented privately via DLT platforms, which will help to reach performance goals in a more controlled way.
There is a common misinterpretation about smart contracts, in which most people believe that they can help in reducing costs and eliminate intermediaries by themselves. It may not be true, upon taking a closer look, according to Jimmy Song, a BTC dev, who reveals that writing normal contracts takes many years.
There are various companies who have employed individuals with the required experience for designing software programs, but with no legal expertise, and that’s why the required skill to create smart contracts is still not fulfilled. As the industry expands, universities and other organizations are offering more and more training in the crypto and blockchain fields, so the workforce will eventually expand considerably.