- Michael Kong, speaks at Chainlink SmartCon in New York that multiple blockchains will succeed in future.
- Also he said that not all the blockchains out there can survive.
More than 20,000 blockchain projects are currently available in the market, while each of them are competing with others to boost market share and dominance. But the current crypto downtown drops the prices of almost all tokens.
In a recent meeting, the CEO of Fantom Foundation, Michael Kong expressed his thoughts.
At present, the Fantom is one of the better-known chains. The native token Fantom, FTM is currently trading at a price of $0.21 with 2.59% down in the recent 24 hours, as per the CoinMarketCap.
Kong’s Thoughts
On ‘Blockchains’
Michael Kong shared at Chainlink SmartCon in New York this week, that “Competition is good because it can get you a better result, better technology.”
Kong also added “I think in the future, you might not have 20 or 30 different chains… but I think you’ll have a few chains out there, and I think they will get a large market share. People use multiple different blockchains, that’s the case today, and I think that will continue to be the case into the future.”
On ‘Ethereum Merge’
He also shares his thoughts on the recent transition on the Ethereum network that “I think a lot of people were expecting, wrongly, in the community, that the Ethereum merge would significantly increase network throughput or significantly make the technology a lot more scalable. But the Ethereum Foundation repeatedly came out and said no, the purpose of the merge is to basically remove the proof-of-work component of the chain.”
On ‘The SEC’
He also pointed towards the SEC decisions and added “To me, the regulatory uncertainty about who’s supposed to regulate what, like the SEC and the CFTC publicly disputing with one another, is really what could damper innovation, and really cause people to think twice about blockchain technology and not want to get into any trouble. And so it kind of has a bit of a chilling effect on the industry.”
Source: https://www.thecoinrepublic.com/2022/10/02/amid-crypto-downtown-michael-kong-sees-bright-future-for-fantom/