Thousands of years ago, the idea of paper money seemed rather absurd or unachievable let alone virtual currency, this proves that money has naturally evolved coming from the gold bullion age to paper and now to digital currency.
The idea of paper money did not get into the mainstream until the 17th Century. This can be said of the cryptocurrency which is a new generation money transferred from one computer network to another, it appears that the adoption of cryptocurrency is at its struggling stage which is usually preceded by the mainstream acceptance stage.
The Evolution of Money Orchestrated by Nature
According to the founder of ConsenSys and co-founder of Ethereum, Joe Lubin, crypto emergence is simply the newest form of value representation and the 21st-century version of paper currency. He carved out a quote from the cognitive scientist Margaret Boden’s writing in The Creative Mind: Myths and Mechanisms:
“Some of the most important human creations have been new representation systems. These include formal notations, such as Arabic numerals (not forgetting zero), chemical formulae, or the staves, minims, and crotchets used by musicians. Programming languages are a more recent example.”
Tolling this line of thought, virtual currencies can be rightly regarded as a natural evolution of pre-existing value representation system. However, it is like the government-run finance as it reduced the risk of trust amongst users of the system due to the peer-to-peer trust that is both decentralized and transparent.
Adversarial Relationship would Do Crypto No Good
Lubin was also of the opinion that the adversarial relationships between corporation and customer are not good enough and he suggested that the cryptocurrency sector should allow for a mutual common-good relationship, the Ethereum co-founder explained that though “It’ll take time, yes, but the uptake [so far] has been swift.”
Lubin had earlier stated this month, supporting his claims about the prospect of cryptocurrencies in the nearest future to the extent that he said that it would get to a point where assets of today will all be represented by a crypto asset at some point, he further elaborated on the subject matter, saying;
“[Cryptocurrencies] are a technology that is going to impact how economic, social and political systems are built over the next few decades. So we are really just at the start of this. There will be so much evolution, [as] the technology is still fairly immature and there is so much evolution in this space [already]. Everything that is an asset right now is probably going to have representation as a crypto asset at some point in the future, so there’s so much growth ahead.”