Monday, December 16, 2019

Circle’s CEO Says Crypto Will Be More Transformative Than the Internet

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

Jeremy Allaire, Circle’s CEO at the 2019 World Economic Forum which held in Davos, Switzerland said cryptocurrencies will be more transformative than the internet. In the one hour discussion on January 23, the CEO also pointed out the limitations that make people reluctant to adopt these virtual currencies.

People Use the Word Crypto Cautiously

According to Jeremy Allaire, people use the word crypto with caution as if it is a bad or scary thing. In the same vein, their view of crypto is very simple and as such, it makes them neglect the projects that are being developed as well as the “incredibly diverse technical landscape”.

Allaire also stated that the foundation of protecting society and human privacy is the fundamental tool of any corporation. But then, society depends on digital infrastructures and systems which may be vulnerable to attack. Therefore, crypto is fundamental to the future and for society to survive the digital age. He adds that crypto is a tamperproof, resilient, and decentralized infrastructure.

CEO Compares Crypto to Internet’s Lifecycle

While concerns were raised about the attitude people have when it comes to the decentralized transformation of money, the CEO likened it to the early days of the internet before it gained massive adoption. He also pointed out that virtual currencies “will power a new fundamental infrastructure layer of the internet and will grow and grow and grow.”

In a later post on Twitter, Jeremy Allaire said:

Crypto and blockchain technologies will have a “far greater impact on our civic institutions, our economic institutions, and on the nature of the firm itself in the long run” than the internet.

Reputable Members of Industries Also Believe in Blockchain’s Potential

While some reputable members of industries do not really take a liking to cryptocurrencies, they have however pointed out that Blockchain has a lot of potentials. BTCNN on January 24 reported of a debate conducted by CNBC to ascertain the future of Blockchain Technology. One of the Panelists was Brad Garlinghouse, Ripple’s CEO who said he expects that Blockchain will gain massive adoption within the next five years.

In the same vein, BTCNN informed on January 21 of the United Nation’s report titled, “World economy and social survey”. The UN in the paper, categorized Blockchain, and cryptocurrencies as frontier technologies which can bring about a sustainable economy. Moreover, this is a technology which does not require a central authority in order to prevent fraudulent transactions, says the report.

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