In an interview with The Block, DFINITY President Dominic Williams criticized the investment decisions of users of the crypto industry and called 95% of blockchains "junk".
"We've gotten to the point where people are actually investing in snake oil. Like, “I'm going to invest in a project with better snake oil because their marketing is better.” There is a lot of confusion today, and people are buying into these narratives," he said.According to Williams, this is "the industry's biggest problem today."
"To be honest, there is a lot of junk [in the industry]. 95% of blockchains are just junk, and they just sell snake oil. It's not about technology anymore. It's often about who can screw in the best narrative and make it sound the most convincing," he explained.Williams noted the usefulness of Bitcoin, Ethereum, Solana and Avalanche blockchains, but questioned the audience's understanding of their limitations in terms of creating a scalable Internet that works efficiently in time and cost.
The founder of DFINITY called the Internet Computer protocol "the only third-generation network." It is he who can create a new on-chain era of online interactions, Williams stressed.
According to him, some popular blockchains are good for processing transactions, but they are unlikely to form the basis of a completely new decentralized Internet, which the main users will massively accept.
"Blockchain is a kind of computing platform. It can be similar either to a traditional blockchain that computes sequentially, like Ethereum or Solana, or to a third-generation blockchain that can scale and compute more efficiently, which allows you to create Web3 platforms such as on-chain social networks," said the president of DFINITY.Earlier, Matty Taylor, co-founder of Colosseum and former head of growth at the Solana Foundation, predicted Solana's leadership in the number of consumer decentralized applications.
Recall that in August 2022, JPMorgan called most cryptocurrencies "garbage".
In April 2024, Peter Schiff, president of Euro Pacific Capital, criticized bitcoin for expensive transactions.