Circle CEO: Ethereum, BTC to Power Blockchain to Internet-Level Popularity

Circle CEO: Ethereum, BTC to Power Blockchain to Internet-Level Popularity

Jeremy Allaire, CEO of Goldman Sachs-backed cryptocurrency exchange Circle, is confident the use of blockchain technology and crypto will become as conventional as the internet is in 2018. Per Allaire, the ease of building smart contracts, decentralized applications (DApps), and even other digital tokens will be key in promoting distributed ledger tech adoption in the wider mainstream.

Also see: European Parliament’s TAX3 Crypto Report: ‘Unveil the Anonymity’

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Crypto to Hit Internet-Sized Proportions, Says Allaire

In a new interview with CNBC, Circle co-founder Jeremy Allaire highlighted that blockchains like Bitcoin and Ethereum are the contemporary substratum on which futuristic applications that pivot toward transparency and massive adoption will be built. To him, the horizon seems the limit here. 

“Any kind of trust-oriented record keeping application in the world can be improved with crypto assets and blockchain technology,” Allaire said. “We believe it is just going to be a fundamental horizontal technology as broadly adopted as the internet is today.”

Blockchain … the “next internet” in the making?

Allaire went on to highlight how Circle, which acquired the Poloniex crypto exchange for $400 million USD, shares the same vision with its financial backer, crypto mining giant Bitmain — namely to revolutionize the financial industry infrastructure with blockchain tech and crypto assets. Recently, Bitmain led Circle’s recent $110 million funding round.    

What’s Past Is Prologue: Ethereum Primed for Future?

Allaire argued Ethereum is and will continue to be a platform of choice for crypto entrepreneurs to innovate, saying the blockchain already has an “enormous amount of developer activity.”

Allaire continued:

“One of the things that really catalyzed the market last year was actually that Ethereum, in particular, kind of got to a place where you could build apps on top of it. You could issue new tokens on top of it; you could create new kinds of financial contracts, using the smart contracts technology.”

Indeed, Ethereum played a pivotal role in the boom of Initial Coin Offerings, which reached a fever pitch in 2017.

Ethereum also stimulated many rival infrastructures, such as EOS and Cardano. Even with the rise of these competitors, Ethereum still accounts for the majority of the cryptoverse’s developer activity for now.

However, when it comes to investment, Allaire pointed out that the narrative is shifting from “core commodities” such as bitcoin and ethereum to “higher-level utilities” built on top of these blockchains’ core protocols. To that end, he opined that BTC and ETH were good investment options, insofar as they fuel applications built on their respective platforms.  

If Allaire’s right, then we’re all watching the “next internet” actualize in fits and bursts before our very eyes.

Will Ethereum stay the preferred platform for developing DApps? Share your views in the comments section.  

Images via DLDconference, Pixabay

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