Christine Lagarde, managing director of the International Monetary Fund [IMF], spoke at the Kissinger Lecture in Foreign Policy and International Relations about the changing scenarios in the economic and the financial industries and also addressed the growing need for cryptocurrency adoption.
Lagarde, who is currently ranking number 3 on the Forbes’ Power Women 2018, said that cryptocurrency regulation is important and should not be entirely left in the hands of corporate sectors or representatives. She continued:
“They’re [corporate sectors] dealing with the common good and your privacy and their data and they’re dealing with your freedom. So governmental authorities, parliamentarians, have to be involved. And they have to be helped along the way for those, who are not computer literate, those who feel completely alien to these digital transformations.”
Lagarde strengthened her statement by saying that it is the public’s responsibility to include all the related sectors like the IMF or the banks and educate them on these technologies [blockchain].
She said that all the important people like the engineers and the corporations who understand the implications of the data and how it affects the future must be informed about such technologies. She stated:
“So there are many technologies that you don’t master and I don’t, either, but having enough knowledge to understand the key principles that need to be respected, is something that I believe falls on the shoulders of the parliamentarians and the governments because they today have the responsibility to represent the people.”
Christine Lagarde recently even detailed the benefits of Bitcoin [BTC], Ethereum [ETH] and cryptocurrencies in general. In an IMF blog post, Lagarde wrote:
“Just as a few technologies that emerged from the dot-com era have transformed our lives, the crypto assets that survive could have a significant impact on how we save, invest and pay our bills.”
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Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
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