Circle CEO says blockchain industry is transitioning from dial-up to broadband phase

Allaire believes that privacy and identity are two fundamental pillars of a new Web3.

At the Converge22 conference in San Francisco, Jeremy Allaire, CEO of stablecoin issuer Circle, said that the world is finally moving from the speculative value phase of crypto to the utility phase. Drawing parallels to the early days of the internet, he said:

“It is an architecture that the internet was founded on many decades ago — this idea of open networks, of open standards and protocols, of connecting entities, devices and people in interoperable ways, of a globally intertwined world of decentralized systems.”

As told by Allaire, there are currently on-chain mechanisms to ensure safe, trustworthy interactions between crypto users. However, there need to be “advancements” in technologies such as zero-knowledge proofs that prove identities and credentials while simultaneously ensuring individuals’ privacy:

“People need to be able to interact with apps, and services, and content and transactions without knowing that they’re using crypto. I don’t know I’m using SMTP [Simple Mail Transfer Protocol] when I send an email with Gmail — I do know that, but a lot of people don’t know that, and that’s okay.”

Allaire explained that for mass crypto adoption to happen, participants would need to be introduced to a much more simplified version of the underlying technology. “People don’t need to know what chain they’re on or even what stablecoin they’re using,” he said. “They just need to know that it’s frictionless interaction with data and money.”

Finally, Allaire said we are reaching the next “broadband” phase of blockchain, referencing the dial-up era in the early days of the internet. “We need safe, scalable and energy-efficient public blockchains” just as we did with the internet, he stated, raising the example of new developments such as Ethereum’s recent move to proof-of-stake and the emergence of layer-2 and layer-1 scaling models. He said the step was “necessary for this [blockchain] to become something that is used by everyday society for mission-critical applications.”

*Converge22 in San Francisco.* *Source: Sam Bourgi*

from https://ift.tt/DZSFWod
https://ift.tt/SN38JTe

Comments

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community. Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad. In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world. Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations. Once a system is mature, there’s a better idea of what we would like to change and improve. We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs. The Internet has followed this model since its inception, evolving through three distinct stages. We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...

INX submits bid for Voyager Digital's assets

FTX US won a $1.4-billion bid to purchase Voyager’s assets in September, but with the firm filing for bankruptcy, the funds were once again up for grabs. Trading platform INX has submitted a bid for an undisclosed amount to purchase the assets of crypto brokerage firm Voyager Digital. In a Nov. 30 announcement, INX said it had sent a non-binding letter of intent for Voyager’s assets following the platform filing for bankruptcy in July. According to INX CEO Shy Datika, the bid was aimed at providing “credibility, technology, and unique regulatory positioning” for Voyager users seeking stability in a volatile market. Voyager’s original bankruptcy filing from the Southern District Court of New York suggested the firm could owe between $1 billion to $10 billion to more than 100,000 creditors amid a bear market and exposure to Three Arrows Capital. In September, FTX US won a $1.4-billion bid to purchase Voyager’s assets, but with FTX Group itself filing for bankruptcy in November, th...

Crypto Coin Search

Search This Blog