Adam Back compared Ethereum(ETH) with the now-defunct biotech startup Theranos.
Adam Back,Blockstream CEO -discoverer of the hash cash Proof-of-Work( PoW) system later utilized in Bitcoin’s mining formula has polemically compared Ethereum(ETH) with the now-defunct biotech startup Theranos.
Back claimed that Ethereum’s allegedly overweening guarantees may well be compared to the failures of Theranos,as part of Twitter exchange printed on November 26. He argued:
“Theranos had several generations of medical testing devices, and pushed their engineers extremely hard. The management just went too far into overselling what it could do and misrepresentation about the state of the tech. Uncannily ethereum-like”.
From Stanford to Silicon Valley to the SEC
The cautionary tale of Theranos has earned near-legendary status due to both its dizzying trajectory of hype and collapse and the precocity of its founder.
Founded by Elizabeth Holmes, a 19 year old Stanford drop-out, the startup was hailed for its revolutionary guarantees to reshape the medical specialty trade with a pioneering new kind of blood sample testing,AI and using nanotechnology.
Holmes terminated her public career in disgrace once Theranos came beneath investigation by the United States Securities and Exchange Commission, from her acme as the world’s youngest succsssful female billionaire. In charges settled in 2018, the regulator agency judged the enterprise once valued at $9 billion as a closelipped and “elaborate, years-long fraud”.
Responding to Back’s argument on Twitter yesterday, Peter Todd, former Bitcoin Core developer extended the teachings of Theranos on the far side Ethereum, pointedly dispute that:
“Theranos was a successful scam because they really were developing new technology. The scam was in lying about what that technology could actually do and covering up failures. So much of blockchain tech this: ETH, Teechan, Tierion, Ripple, even Zcash to a degree.”
Both Todd and Back’s comments sparked fervent disagreements from community members- one that maybe predictably split on tribalistic divide between so- dubbed Ethereum advocates and Bitcoin Maximalists.
Other voiced their distress at the comparison between a established fraud that courted the chance of endangering lives with the aspirations of the Ethereum project.
Another bone of competition invigorated on the auditability of the ASCII text file development and testing that’s prevailing within the Ethereum community which match against the grain of Theranos’ ill-famed stealing ways.
Ethereum Foundation team lead Peter Szilagyi confirmed the date December 4 for the network’s upcoming upgrade, Istanbul,development of that has been channeled via a series of Ethereum Improvement Proposals printed as a GitHub repository earlier this month.