IBM praises Stellar XLM

During a Reddit Ask Me Anything (AMA) session on r/btc, Jesse Lund of IBM sung the praises of Stellar.

Lund clarified questions about the adoption of blockchain and cryptocurrencies and the viability of proof-of-work systems.

The Head of Blockchain Solutions at IBM reveals that companies are flooding into the cryptocurrency exchange space.

This interest is drawing firms to utilize the Blockchain team at IBM.

Addressing questions regarding the hurdles facing the adoption of blockchain and cryptocurrencies, Lund says that it depends on the familiarity, dependency, and the reputation of the technology.

He explains that these attributes will be earned over time.

He drew comparisons with minted coins evolving to paper banknotes.

At the time, this transition was met with a lot of resistance from authorities.

He adds that businesses will adopt the technology further as the controversy surrounding digital assets settles, saying:

“I see Bitcoin as an utility as it is a fully operational, autonomous, global real-time settlement system that is integrated with all major currencies.”

When asked about the efficiency and viability of proof-of-work systems, the IBM executive describes its consumption of electricity as inefficient.

However, Lund says that he believes it is an “equitable way of distributing money supply.”

He also predicts that there will come the point in time where “mining goes away.”

Speaking about the presence of tokens on a public ledger, the IBM Blockchain Team head says:

“If you have tokens on a private network you limit the accessibility by which they can be traded with other people.

“That may be intentional or there may be a reason for that, but in the general case…

“we see that many assets today are digital…

“There is friction because networks don’t work together, these assets [equities, securities, commodities, utilities] become more widely accessible if they are on a public network.”

IBM bullish about Steller XLM

Lund confesses that he is a great admirer of the Stellar Consensus Protocol.

Speaking about the platform, he says IBM as a company is “implementing solutions on the Stellar network.”

Describing the “very strong” partnership between Stellar and IBM, he said:

“ This is part of our partnership with Stellar and why we like it so much because there’s a lot of flexibility…

Stellar is a wonderful, scaleable, high-performance, publicly accessible digital asset registry”.

At the time of press, Stellar Lumens (XLM) is valued at $0.30 with a total market cap of $5.9 billion, according to the Coin Thud live price charts.