0
📰 News
259 views

Bancor Co-Founder Compares Blockchain to the Early Internet

  • Alex Dovbnya
    📰 News

    If Amazon managed to recover from its 98% drop and become the world’s biggest company, there is no reason to write off Blockchain so soon   

     

Bancor Co-Founder Compares Blockchain to the Early Internet
Contents

The downfall of Bancor didn’t make Eyal Hertzog, the co-founder of the Israeli startup, lose faith in Blockchain and crypto. The entrepreneur, who also got burned during the dot-com crash, now compares Blockchain to the Internet.  

👉MUST READ

It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future

It Would Take Several Seconds to Hack Every Cryptocurrency in the Nearest Future

Bancor’s fall from grace   

Bancor, the biggest decentralized exchange in the world, was the darling of ICO investors with a record-breaking $153 mln raised in less than three hours. Despite being the biggest ICO in history at that time, Tim Draper-backed Bancor didn’t stand the test of time with its price suffering since its very debut (the $23.5 mln hack that took place back in July also didn’t help).

That, however, doesn’t stop Hertzog from believing in the future of Blockchain. He was forced to shut down his company called Contact Networks Inc. at the age 26 after the dot-com bubble painfully collapsed.

“The hype was even greater, and the crash was, in a way, almost more complete. And since it hit the global stock markets, the damage was in trillions of dollars,” Hertzog describes the dot-com crash.
 

👉MUST READ

ICO Market Is Dead, Only $118 Mln Raised in Q1: WSJ Report

ICO Market Is Dead, Only $118 Mln Raised in Q1: WSJ Report

Déjà vu

Hertzog further compares Blockchain to the Internet since there was a similar feeling of a groundbreaking technology ‘that could change everything’. That explains why many investors were blinded by the disruptive potential of Blockchain and rode the bullish wave without foreseeing an imminent downfall.

At the same time, Hertzog is not that enthusiastic about Bitcoin. He thinks that crypto will work, but BTC will never be a viable replacement to fiat money due to its speculative nature.

Cover image via twitter.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings