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Expert says, ‘the promise of DeFi is real,’ Bitcoin headed in this direction
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ambcrypto.comBitcoin‘s struggle to break free from its current price barriers is turning out to be detrimental for the top cryptocurrency’s future outlook. Speaking to CNBC, Eswar Prasad, who is Senior Professor of International Trade Policy at Cornell University said,
“The promise of decentralized finance using blockchain technology is a real one but Bitcoin itself may not last that much longer.”
Noting that blockchain technology itself will be “fundamentally transformative” in finance and day to day transactions, he said,
“Bitcoin’s use of the blockchain technology is not very efficient. It uses a validation mechanism for transactions that is environmentally destructive that doesn’t scale up very well.”
He argued that newer cryptocurrency networks are
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