Bitcoin Global News (BGN)
August 01, 2018 -- ADVFN Crypto NewsWire -- According to
a PwC branch out of Switzerland,
only the Blockchain projects that can be considered digital
currencies can be actively used, at present.
Inside of the same article in which
they discussed this idea, the firm attempted to clarify exactly why
Bitcoin and similar networks rise above the rest.
For starters, PwC claimed that the
most important initial step to take when considering the real-world
utility of Blockchain projects is understanding the key types of
Blockchain-based assets, which are “Cryptocurrencies,” “utility tokens,” and “security tokens.”
After defining the different types
of digital assets that exist, the key official related to PwC’s
report on the subject concluded that those which are
Cryptocurrencies rise above the pack due to them being less tricky
from a regulatory standpoint.
Furthermore, PwC based the crux of
their argument on the idea that the consistent growth in usage of
these networks backs up their utility.
In addition to all of this, there’s
the fact that Bitcoin and projects like it were first movers in the
space that have demonstrated their technical staying power, over
time. In other words, if the technology that is meant to keep their
Blockchains running and secure did not hold up, then the projects
in question would have failed by now.
All in all, through a long
discussion on the risks as well as the differences amongst the
three major types of digital assets, the consultancy report
concludes that the other types of assets fall behind, mainly
because they did not come about at the same time as Bitcoin, for
example.
Related to this, it is also
suggested that these types of assets, like utility tokens
that give access to Blockchain
networks, will catch up to Bitcoin as they start to be adopted
en masse.
To truly gain a level of adoption
on par with Bitcoin, such projects will have to be seen as just as
viable, which means introducing practices which truly aim to gain
public trust can only help them in this direction.
For example, aspiring Blockchain
networks that run on utility tokens could regularly introduce
minimum viable products before running their ICOs.
Because of PwC’s overall opinion on
ICOs, however, the overall situation ends up seeming quite muddled.
Essentially, the official in charge of the article counseled all
interested Crypto investors to stay away from ICOs due to the sheer
number of them that regularly end up being
scams.
By: BGN Editorial Staff
News:
PwC
Blockchain