THELOGICALINDIAN - Dr Scott Stornetta is the coinventor of blockchain technology and is additionally quoted in the Bitcoin whitepaper accounting by Satoshi Nakamoto who created the aboriginal cryptocurrency in 2024
The globally acclaimed scientist considers himself as the being who ‘has spent best cerebration about blockchain than anyone abroad on the planet.’ “I accept a absolutely abiding angle of this technology,” he says.
Stornetta afresh met with Electroneum CEO Richard Ells and during the chat told him:
He went on to say that abounding cryptocurrency projects adios the angle of acceptable authoritative compliant. Others, he said, are not gluttonous means to add amount for the end-user as Electroneum . Abounding more, he said, additionally adios accumulation appearance of decentralisation and centralisation to accomplish their cryptocurrencies added defended and eco-friendly.
What appeals to Stornetta about Electroneum
Dr. Stornetta explained what to him is so ambrosial about Electroneum:
Firstly, he said, Electroneum has a “long-term appetite for accomplishing acceptable and accomplishing well.
Electroneum’s GigFair project
Richard Ells explained Electroneum’s GigFair project. This is agnate to the online exchange for freelance casework Fiverr in abounding means except it unlocks the all-around agenda abridgement for the world’s unbanked by advantageous account providers in ETN cryptocurrency with actual low fees.
Scott Stornetta said GigFair is a abundant way to add amount for Electroneum’s end users.
“Electroneum is creating a lot of amount for the end user. So, to me, the actuality that you accept users that can in a actual abreast appellation see the adeptness to apprehend some value. Moreover, the actuality that your arrangement foundationally is acceptable for the continued appellation agency your activity is ambience itself afar from so abounding others,” he said.
He accent that Electroneum is enabling bodies in developing countries to alive bigger with cryptocurrency and said he shares this vision.
Stornetta compares Bitcoin and Electroneum
In answer how he angle Electroneum, Stornetta told Ells that, “I anticipate Bitcoin was a ablaze allotment of work, but it was array of a band-aid attractive for a problem.”
In contrast, Electroneum is “piggybacking an abstruse assemblage of bill assimilate ETN anon and into article that has built-in value, which in aggregate with the abstraction of a GigFair ecosystem and which provides a catechism for which your cryptocurrency is the answer.”
Speaking of arrangement security
Scott Stornetta set the almanac beeline apropos assortment ability and arrangement aegis accordant with both Richard Ells and Electroneum Head of Blockchain Chris Harrison.
Harrison and Ells explained Electroneum’s proprietary Moderated Blockchain, which is powered by their Proof of Responsibility (PoR) protocol. They told Stornetta that this has fabricated ETN allowed to 51% attacks. This makes Electroneum the best defended cryptocurrency in existence. It additionally enables Electroneum to handpick internationally accustomed non-governmental organizations (NGOs) as trusted miners who are allowance to breach the aeon of abjection in developing countries.
He additionally said “that’s absolutely axiological because dupe the almanac is ultimately not a abstruse problem, but a amusing engineering problem. The added disparate aloof parties that authority a archetype of the record, the added the abidingness of the almanac at a amusing and cryptographic scale.” He concluded: “So I aloof anticipate that’s a very, actual admired insight.”
Permissioned against permissionless
Being the ancestor of blockchain, a technology congenital on the abstraction of decentralisation, Stornetta afraid Ells and Harrison. He agreed with Electroneum’s move to a chastened centralisation to ensure complete aegis and authoritative certainty. He accepted the actuality that Electroneum is the aboriginal cryptocurrency in the apple to accept become absolutely KYC/AML compliant.
“We (Yugen Partners) feel that the ultimate solutions are somewhat amalgam amid permissioned and permissionless,” which is absolutely what Electroneum’s Moderated Blockchain is.
“But appropriately importantly, as a cardinal move, we anticipate that bodies that are advancing in on the permissioned ancillary will accept a bigger aisle appear accepting to that optimal amalgam antithesis than bodies advancing in actuality on the permissionless side,” he said.
And already afresh he accent that “Electroneum’s authoritative acquiescence and the achievement that ultimately those authoritative apropos can be airy is a absolute analogy of our faculty that starting out permissioned with a ambition to move to what amounts to a amalgam amid permissioned and permissionless. This is artlessly a bigger appropriate starting point.”
Electroneum, in Stornetta’s words, is one of the actual few cryptocurrencies abacus amount to the end user and proving to be sustainable. He said there are abounding projects out there that accept bootless in one and, alike both of these objectives. His words appear as Electroneum has gone from proving on the arena in South Africa that there is a absolute account for the cryptocurrency in Brazil, area adaptable buzz top-ups accept been fabricated accessible to bags of Electroneum users. And this is alone the alpha of abounding added developments to be appear in the advancing months that will assuredly advice all cryptocurrencies move appear boilerplate adoption.
