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Emin Gün Sirer, the creator of the Avalanche blockchain protocol, said that the current decline in cryptocurrency prices has not weakened his enthusiasm for the future of the entire market.
speak Cointelegraph ChinaFrom his “unique vantage point”, Sirer drew some behind-the-scenes information about the growing interest in cryptocurrency risks by entities outside the industry.
According to Sirer, everyone from politicians to central banks and even hedge funds has been asking about cryptocurrencies in the past year. In fact, from the fourth quarter of 2020, until the market decline in May, the influx of hedge funds and institutional funds generally seems to have catalyzed the large-scale parabolic rise of the cryptocurrency market.
Now, Cornell University professors say that hedge funds are not the only big money players entering the crypto space.
“I have been getting contact from retirement funds, not hedge funds, but retirement funds,” Sirer said Cointelegraph China, Added:
“Very different piece, moving much slower, but they may control 10 times more dollars, and they are slowly entering the crypto space.”
The Avalanche founder’s comments are consistent with the news of NYDIG and other institutions, which stated that retirement funds and sovereign wealth funds are The next major player to consider cryptographic exposure.
Despite Sirer’s long-term positive stance, the computer scientist said that the short-term price trend of cryptocurrencies may remain in a range-wise accumulation throughout the summer months.
“I expect we will see a sideways market. This will be a summer, and the price level may remain at the level, or it may drop slightly. That may happen. But I expect it to recover in October and November. “
Sirer also talked about the limitations of existing blockchain protocols, such as scalability and other performance issues. As part of the interview, Sirer stated that the architecture of the existing blockchain network is not efficient enough to support all assets around the world.
related: NYDIG CEO confirmed that the government is seeking to buy Bitcoin
According to the professor, trying to solve these problems led to his Create an avalanche blockchainIn detailing the features of Avalanche, Sirer listed attributes such as the ability to create a custom blockchain called a subnet and a community-driven governance structure as a unique combination of the network.
Sirer also compared Avalanche with other major blockchains in the field and added that his agreement provides Outstanding performance With cheaper operating costs on these chains.
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