The Founder and CEO of Block.one, Brendon Blumer earlier this month had commented on Bitcoin at the 4th Annual DC Blockchain Summit which invited criticism from the Crypto Twitter community. He was apparently accused of shilling EOS by bad-mouthing Bitcoin. Block.one is the firm that provides for the different applications and development on the EOS platform.
He stated that:
“Bitcoin is Fundamentally transformative… But actually Transfer takes an hour It’s expensive. Taking inflation into account each transaction costs about $50-$100, it can only perform 3 transactions per second for every person on the network…its huge scaling limitations”
The criticism from Brendon about Bitcoin invited negative feedback from the community as they presumed that Brendon was shilling EOS by highlighting the limitations on Bitcoin.
A disgruntled twitter member took it to Brendan Blumer by called his criticism as “ridiculous.” He mentioned in his tweet:
“CEO of http://Block.one
@BrendanBlumer spreading ridiculous mischaracterizations about Bitcoin at a @DigitalChamber event.”
Nevertheless, Brendon came with a quick reply to the critics stating that he just stated that facts that would still love to see Bitcoin on top.
“I love #Bitcoin too, but that won’t make it fast or cheap
Bitcoin has everything it needs to succeed, and I think in time it will become the largest store of value in the world#EOS isn’t designed to compete with Bitcoin, it’s optimized for different use cases”
Bitcoin onto EOS: Blummer’s Vision
In an additional tweet today the Co-Founder of block one also outlined an ambitious project that could solve the scalability issue on Bitcoin and also benefit EOS in the long run. The idea apparently suggests as adding Bitcoin as an asset onto the EOS smart contracts.
This would enable instantaneous transactions conducted on the EOS network which would, however, involve the transfer of value in Bitcoins (BTC).
EOS is leading the race for the number of daily transactions and decentralized applications on its platforms ahead of Ethereum and Tron. Last month, it was also ranked as the top cryptocurrency in the list published by two independent research entities: CCID Public Blockchain Rankings and Weiss Cryptocurrency Ratings. Hence, there is a lot of reason to believe in Brendon Blummer as a visionary of the crypto-space.
Do you think Block.one will be able to deliver the visions of Blumer? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com