Paul Brody, a Blockchain Lead at Ernest & Young, one of the top four global auditors, thinks private blockchains don’t stand if more protocols are built on public networks, especially Ethereum. Brody tweeted his opinion on the speeches at the Real World Summit.
Brody believes that big banks building or exploring private chains like R3 Corda will soon realize their approach is “ineffective in driving adoption.”
Ernest & Young Blockchain Lead Endorses Public Networks
The Real World Asset Summit, sponsored by top crypto firms, including Coinbase—a crypto exchange—and Circle—the issuer of USDC—the second largest stablecoin after USDT–was an invite-only conference held on September 19. Brody and other attendees heard about tokenization, cryptocurrency, and credit from experts.
The event in New York invited 250 people, and there were 40 speakers, including leaders in decentralized finance (DeFi) like Robert Leshner of Compound and Jesse Pollak of Base, a layer-2 protocol for Ethereum. Given Brody’s comment, it is unclear which of the attendees the expert referred to.
Unlike private, closed chains, public networks like Bitcoin and Ethereum are rooted in decentralization and openness. Because of the freedom presented by public chains, anyone is free to interact with the base layer, provided they have a crypto wallet and…
