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Block.one CEO Brendan Blumer Recommends ProFi Over DeFi, Daniel Larimer Disagrees


cryptoknowmics.com 22 March 2021 04:19, UTC
Reading time: ~2 m

Brendan Blumer, the CEO and co-founder of the blockchain software company Block.one, has yet again criticized DeFi protocols. However, Daniel Larimer, the former CTO of Block.one, has shown disagreements over the statement released by his ex-colleague and was in the favor of Decentralized Finance (DeFi).

Brendan Blumer Recommends ProFi Over DeFi

Brendan Blumer has recently slammed DeFi platforms. In addition to this, the entrepreneur said that DeFi protocols are great instruments to avoid practices and measures like Know Your Customer (KYC) and Anti Money Laundering (AML). 

Sharing his predictions about the protocol, he announced that regardless of the popularity of the protocols the ending of these protocols is will be abrupt.

Additionally, Brendan Blumer recommended another model called ProFi or Programmable Finance protocol that is completely cooperative with the regulatory requirements. Moreover, the advocated protocol possesses the potential to make transformations in the financial system.

As per the declarations by Brendan Blumer, ProFi instruments are very similar to the DeFi protocols as they eliminate the role of middlemen and are capable of driving more value to the end-users.

Daniel Larimer Shares Opposite Vision 

Daniel Larimer, the former CTO of Block.one, and the long-time colleague of Brendan Blumer, shares the opposite vision. He in contrast to Blumer is mesmerized about the DeFi possibility as the contrivance for individuals to reclaim their rights.

He said:

“#defi is about empowering individuals to exercise their natural right to peacefully barter without enriching a #privileged class or comprising our need for economic privacy. True #defi has no centralized parties that are able to enforce anything.”

I invented #defi, #bitshares

— Daniel Larimer (@bytemaster7) March 21, 2021

Adding further in his announcement, he said that he was present at the origination of the protocol itself. Also, his BitShares platform launched in 2014 was the very first DeFi Protocol.

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