BTCC exchange boss says 95% of blockchain projects are just databases

Companies putting together centralised blockchain projects are being “intellectually dishonest”, claims Bobby Lee.

Bobby Lee, one of the creators of the BTCC crypto-exchange, has taken a dig at the current shift towards more centralised blockchain-based technologies, calling them little more than “databases”. His reflects a growing body of opinion that goes against the received thinking that the application blockchain technology, not necessarily cryptocurrency per se, represents the future of the sector.

In something of a Tweet-storm, Lee echoed recent comments by Andreas Antonopoulos, author of the excellent book The Internet Of Money (a great primer on the philosophy of bitcoin and decentralisation, if you haven’t read it), who has controversially called increasingly centralised blockchain projects “bullshit” – as he feels it represents the corporatisation and ‘gentrification’ of the technology, and removes many of the traits that make cryptocurrency so useful and interesting as a technology.

You can see his recent comments to the Polish Bitcoin Congress, where he compares a potential future for cryptocurrency with the corporatisation of the internet, in the video below – the most pertinent comments start at around 14 minutes in.

In his addition to the debate, Lee said began with:

He then went on to clarify his postion, which roughly chimes with Antonopoulos’ take – roughly summarised as ‘Blockchain is currently a really slow database, so unless you need something to be decentralised, anonymous and immutable, you need a database’.

And then summed up his take on the current ICO market:

These two voices are part of a growing number of commenters who are railing against the buzzwordy use of ‘Blockchain’ by companies looking to hop onto the fashionable technology.