Kin Founder Belittles the Blockchain
What made the statement highly pessimistic is the fact that Livingston raised over $100 million via an Initial Coin Offering for his company in 2017. However, the CEO explained his ideology as the conference proceeded, providing respite to attendees:
“Unless you’re trying to build one of the most-used cryptocurrencies in the world, it’s very low odds that blockchain is going to create value for you.”
The entrepreneur provided insight into his experience with Kin, Kik’s native digital token, and said that the technology wasn’t “very convincing” in terms of widespread practical usage – adding that bitcoin and a few other cryptocurrencies were seemingly the only real use-case.
Livingston said he’s not convinced that there are a whole lot of practical applications for blockchain technology other than Bitcoin and other cryptocurrencies.
He added that the “genius” of having digital currencies is their scarcity, which allows for a worldwide ecosystem of participants that exchange a limited number of tokens – regardless of trust.
However, while the trustless system is great for controlling transactions between strangers, this very factor makes the blockchain “not so great” for other applications…