According to Cointelegraph on June 5th, Andreas Antonopoulos is an early evangelist and cryptocurrency critic of Bitcoin and an expert in security and decentralization systems. His book "Proficient in Bitcoin" published in 2014 conducted an in-depth technical analysis of Bitcoin, the top cryptocurrency, and laid a solid foundation for the beginning of the cryptocurrency revolution.
(Source: flickr )
In an interview with Cointelegraph recently, Antonopoulos talked about the impact of the blockchain on society in the future, the current volatility of the cryptocurrency market, and the deficiencies in the cryptocurrency sector.
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This article has carried out a certain degree of editing and content deletion on the interview content.
Is the volatility of the cryptocurrency market a problem or an inevitable fact?
Molly Hane Zuckerman (MZ): In your opinion, is the recent volatility in the cryptocurrency market a positive impact on the full adoption of cryptocurrency?
Andreas Antonopoulos: At present, the size of the cryptocurrency market is still small, and the liquidity of the entire market is very limited, so fluctuations are inevitable. The decline in the entire market will bring panic and bring losses to investors. When the market rises, investors will generate a wave of FOMO emotions (fear of missing opportunities), so investors know little about the fundamentals of technology or related principles.
Fortunately, some of them have persisted in this cycle, trying to learn more about this technology and laying a solider user base for the next cycle.
This cyclical boom and bust pattern in the cryptocurrency market is part of this technological behavior, which has been repeated at least eight times in the past 10 years. Of course, this poses a significant risk to inexperienced investors, but it also provides the funds needed for each stage of infrastructure and technology development. Everyone is responsible for their own money.
MZ: What specific developments do you think the Bitcoin blockchain needs to be more widely used?
Antonopoulos: Since the new technology was developed at the protocol level, it will only be widely adopted as a user interface and user experience, and presented in a clear, clear, secure, and easy-to-use way. This happens at the design level of the product and the application, which is where it is most needed to be developed. Open blockchain spaces generally require more designers and creative staff than more software engineers.
Blockchain adoption and social impact
MZ: In your opinion, what happened to the blockchain and cryptocurrency industries last year, and what did it do well? Do you think that we have improved the adoption of blockchain technology compared to a year ago?
Antonopoulos: In the field of bitcoin, the battle for scale has gradually subsided, because the fork allows everyone to choose any strategy of their size. Unfortunately, this also brings some confusion because more than one fork attempts to use the same name. Of course, at the end of the day, the choice of which fork to support depends on the user, and the name of the forked currency is not that important.
In other open blockchains, the scale battle has only just begun because they have experienced the same growth headaches as Bitcoin for the past three years. Each blockchain will face these problems. To have a high degree of scalability, blockchains must undergo deliberate design trade-offs that ultimately reduce decentralization and security.
Many open blockchain teams say they have solved this trilemma, but they are either lying or unaware of the compromises in decentralization and security for scalability. In this area, the maturity and development of blockchain brings new challenges in terms of expansion and governance. Once the size of all blockchains is large enough, these challenges will be faced.
MZ: What do you think is the impact of blockchain technology on society in the next few years?
Antonopoulos: What I see is mainly the impact of open and non-intermediary financial, governance platforms and protocols. Blockchain technology brings incredible empowerment, especially for those who do not have access to financial services.
The lack of inclusiveness in finance is not a “defect” of the traditional financial system, but a direct result of the regulatory framework and intermediaries’ policies.
An increasingly globalized world needs a neutral, open, borderless financial and governance system. Even in the face of opposition and intervention by the state and the company, the open public blockchain will provide this system. The world really needs this technology too much, and no one can stop this technology.