Fred Krueger of Lynx Wallet Shares His Thoughts on the State of Blockchain
Post written by Fred Krueger, Founder and CEO of Lynx Wallet.
The new, bullish case for Blockchain, and a possible scenario on how this will play out. (important: this is not investment advice)
With Bitcoin now back around $4,000 and 15 months into the crypto winter, there are definite signs that we may be at the verge of a major bull market.
The core consensus dPOS mechanism is in stake for super fast transactions: EOS and EOS forks, Tron, many others (Hashgraph etc..) just months away.
Facebook and Telegram are both going to be integrating crypto into messengers in the very near future exposing the very idea of crypto to 100s of millions of people.
IInstitutional custody / hedging is now very close with Fidelity and Bakkt in particular.
The scammers have left the room (mainly). ICOs with ETH have dumped their ETH, and ETH is now climbing.
My target for end of year is $10K BTC.
EOS Specific Comments
I can just say this: nobody has ever lost (to my knowledge) even $1 on EOS transactions because of a double spend or a BP collusion. If people start to, I am sure the entire dPos story changes dramatically.
However I do see two specific vulnerabilities:
The idea that token transfer contracts can be re-written in EOS at will is not great. There should be a way to finalize them. Right now, the contract writer can pretty much change the contract in any way they want. That means, for example, freezing tokens, zeroing out accounts etc..
The ability to claw back transactions / move tokens with 2/3 BP votes plus one is a problem. I would like to see no such power.
The other vulnerability concerns [are] executing malicious smart contracts in dApps. As the number of dApps in wallets like Lynx increases, these dApps are likely to try various shenanigans. Various buffers / controls need to be put in place, just like the App Store. But I do think all this will get resolved.
Again, this is not investment advice.