Most financial institutions will not use Bitcoin (BTC), said the co-founder of the Stellar payment network, and CTO Jed McCaleb, who was interviewed by Yahoo Finance on 31 December.
Speaking to the financial news division, McCaleb – also known as the founder of the late Japanese Bitcoin exchange Mt.Gox and Ripple’s co-founder – argued for the use of unauthorized, open blockchains in finance.
He issued the sharply worded statement:
“It doesn’t need to be the Bitcoin blockchain, but if it’s not a public chain, then you’re missing the point.”
McCaleb also criticized cryptocurrency projects that were not Bitcoin, Ethereum or his own Stellar.
“Ninety percent of these projects are B.S. I’m looking forward to that changing,” he said when questioned about the future of cryptocurrency industry in 2019, continuing:
“Things like Tron, it’s just garbage. But people dump tons of money into it, these things that just do not technically work.”
TRON (TRX) has increased its advertising efforts this year as an alternative token development platform to Ethereum, with CEO Justin Sun regularly blaming the Ethereum network for its alleged shortcomings.
Celebrations of TRON’s one-millionth user account this month have also been skeptical. However, for McCaleb, no single cryptocurrency network or associated token is a comprehensive solution— including Stellar and its in-house coin, Lumens (XLM).
McCaleb said “There are some things bitcoin is good at, some things Ethereum is good at, and some things Stellar is good at. And none of them can do all the things well. That’s just not how software works.”
Last month, Stellar partnered with the Blockchain.com cryptocurrency wallet provider to expand the circulation and usage of XLM with a massive $125 million airdrop for users.
