ABRA CEO: Private blockchains like JPM Coin will fail miserably

28 Feb, 2019 | Updated: 28 Feb, 2019
by Fifi Arisandi
ABRA CEO: Private blockchains like JPM Coin will fail miserably

ABRA CEO is not a fan of any forms of private blockchains, including JP Morgan's JPM Coin. 

ABRA CEO, Bill Barhydt is obviously not a supporter of JP Morgan Chase’s latest debut, the JPM Coin. As someone who got involved in the early days of the internet, Barhydt compares it with Netscape, the once-booming web browser and thinks the JPM Coin has “little of value”.

Read more: What does JPM Coin mean for Ripple and the wider crypto industry?

He went on further by saying that JP Morgan’s idea of “a virtual currency designed for the bank’s institutional customers to make payments” is a complete a waste of time.

Read more: Max Keiser on JP Morgan coin: "Epic failure according to the market"

He sees similarities in the idea of private or enterprise blockchains and public blockchains, like Bitcoin and Ethereum with the intranet to the internet years ago.

“We went through this craziness in the late ’90s where for about a year and a half everyone was talking about this term ‘extranet,” he said.

Barhydt believes that private or enterprise blockchains will be overthrown by public cryptocurrencies any time on any days, just like the public internet triumphed over private networks in the past.

“People have this fallacy idea that they’re going to make blockchain work inside the firewall. It’s all going to fail miserably,” he said as quoted by Fortune.

Commenting on the scaling up challenges faced by open crypto networks that the enterprise blockchains’ proponents bring up, he referred to Robert Metcalfe, the creator of Ethernet, who once said that the internet would “go spectacularly supernova” in 1996 due to an “influx of traffic”.

“Well, that was obviously wrong. The same will hold true of Bitcoin,” he closed his statement.

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