One day cryptocurrencies may be as broadly adopted as the internet is today

19.07.2018 / 09:25

Rating:

Blockchain and cryptocurrency may one day be "as broadly adopted as the internet is today," Jeremy Allaire, CEO and co-founder of fintech company Circle, told.

"It’s a really fertile space in terms of the fundamental, technical and infrastructure," Allaire said on Wednesday.

One major driver for this possible occurrence: ethereum. "Right now ethereum has an enormous amount of developer activity," Allaire said.

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

Ethereum is the name of the company that created the digital token ether. The company created a platform for applications built on blockchain, the same technology that underpins bitcoin. Ether was first launched as a fundraising effort to develop the platform.

As a result, Allaire concluded, ICOs, or initial coin offerings — a crowdfunding way to raise funds for cryptocurrency ventures — have dramatically increased. For all of 2017, ICOs raised $3.8 billion. But in only six months this year, companies have raised more than three times that amount, or $12.4 billion in ICOs, according to CoinSchedule.

"It also catalyzed a lot of competing infrastructures to ethereum," Allaire said, pointing out that there are a lot of new blockchain platforms on the market right now. Some to consider are EOS, NEO and Cardano, he said.

Source: CNBC

Trader Georgi Bozhidarov

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

One day cryptocurrencies may be as broadly adopted as the internet is today

London

Universal numbers