That altcoin founder called 95% of cryptos 'garbage'!

Dominic Williams, chief scientist and founder of the Internet Computer and Dfinity Foundation behind the altcoin project ICP, has argued that the majority of existing blockchains are essentially "garbage." Thus, he made a harsh criticism of the blockchain industry. In a recent interview, Williams expressed frustration with the industry's focus on marketing narratives rather than core technology.

Altcoin inventor calls most cryptocurrencies "garbage"

According to Williams, the current state of the industry is characterized by confusion, as many investors are more interested in flashy marketing campaigns than in the actual technological capabilities of the projects they invest in. Williams likened the situation to a "snake oil" investment: he suggests that some projects are more adept at selling a compelling story than delivering on their promises.

Williams was particularly critical of what he saw as a lack of understanding among developers and investors regarding the limitations of popular blockchains such as Bitcoin, Ethereum, Solana, and Avalanche. While he acknowledges the utility of these blockchains for processing transactions, he believes they fall short when it comes to creating a truly scalable and efficient decentralized internet.

ICP, a "third-generation" Blockchain

In contrast, Williams sees the Internet Computer Protocol (ICP) as the only "third-generation" blockchain that can power a new era of online interaction. He argues that the Internet Computer's unique architecture allows for more efficient scaling and computation, enabling the creation of web3 platforms such as on-chain social networks.

Despite its technical innovations, ICP faced its own set of challenges, including delays in the launch timeline. However, Williams remains optimistic about his long term prospects, predicting that it will eventually become humanity's primary computing platform for building software and the Open Internet.

The Dfinity Foundation's ambitious vision for ICP has attracted a lot of interest and investment, with the ICP utility token initially reaching a market cap of over $18 billion. Although the token's value has fluctuated since then, it remains in the limelight within the blockchain community. As a result, Williams' critique of the blockchain industry is a reminder of the importance of focusing on content rather than exaggeration. As the industry continues to evolve, his words may prompt developers and investors to reassess their priorities and consider the real technological innovations that will drive the future of blockchain technology.

Follow us on Twitter, Facebook, and Instagram to stay up to date on breaking news. Join our Telegram and Youtube channel.**