Circle CEO Jeremy Allaire in Davos: Humanity Can’t Survive The Digital Age Without Crypto

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Jeremy Allaire, CEO of one of the world’s largest crypto-finance companies, was invited to speak about crypto and blockchain technologies and take on noted critics like Ken Rogoff, former Economic Counsellor and Director, Research Department of the International Monetary Fund on the panel of  “Building A Sustainable Crypto-Architecture.”  

Allaire shared his insights on the events and undoubtedly shored up confidence of crypto holders:

Crypto will be more transformative than the internet and will transform civic and economic institutions around the world. “I think currency is a great use case [for crypto], that’s why we launched USD Coin--but they really touch almost every single record keeping industry in the world from governance of corporations, to voting, to health records, to reconstructing the fundamental primitives of the entire global financial system. We see this as much more transformative even than the web. We think this has an arc--a long arc--that 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.”

Humanity can’t survive the digital age without crypto. “I think people throw around crypto like it’s a bad thing, it’s crypto, it’s scary. Guess what? Cryptography is at the foundation of protecting modern society, human privacy, it’s a fundamental tool of our cyber defenses. It’s a fundamental tool of every corporation. And in fact that is radically increasing as we go forward because our systems are so vulnerable and so much of our society relies upon digital infrastructure. Crypto is fundamental to the future-- and so crypto computing, which is what these blockchains platforms really are, they’re open computing platforms--we need tamper-proof, resilient, decentralized infrastructure if we want society to survive the digital age.” 

Crypto is much more diverse and many critics have a simplistic view of cryptocurrencies and blockchain technologies. “Generally speaking, when people think about cryptocurrency they have very very simplistic views: it’s bitcoin. This is an incredibly diverse technical landscape, there are an incredibly diverse range of projects with different technical philosophies, economic philosophies--and much of it is really best thought of as a natural evolution of the basic protocols and infrastructure of the internet.”

Crypto assets are going to continue to grow. “I think the thing I think that’s challenging for people to understand sometimes is that if you want a decentralized system...for resiliency that’s a public good, that everyone can benefit from… There’s a fundamental difference in our topology between cryptocurrencies...versus crypto assets that are commodities, they’re more like oil. And these commodity assets are perfectly legal. They’re as legal as any other form of data. Ether is a great example of that…digital commodities that power this new fundamental infrastructure layer of the internet, these are gonna grow and grow and grow and they’re going to be bigger, bigger, and bigger.” 

    Adapted from: Executive editor: Red
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