Crypto Industry Should Focus Beyond Blockchain by 2024, Says Tether CEO
Summary:
Tether CEO, Paolo Ardoino, advises the crypto industry to focus on developing real-world use cases by 2024 that don't necessarily need tokens or blockchain technology. He argues that decentralization does not imply the need for blockchain and adding tokens might increase chances of projects being labeled as securities. An interview on this perspective is available on a YouTube channel.
By 2024, it is essential for the cryptocurrency industry to develop "real world use cases and applications" that aren't necessarily reliant on tokens or blockchain technology, as per Tether CEO Paolo Ardoino's statements. He has openly expressed to Cointelegraph during an exclusive conversation that "crypto doesn't necessarily need blockchain or a token." He passionately advocates that the next ground-breaking crypto application should primarily focus on the intrinsic benefits cryptography offers, including person-to-person transactions and data privacy. "It could be an alternative for Uber or a booking system," says Ardoino. The CEO implies that implementing a token increases the risk of introducing a centralized point of failure, raising the project's vulnerability to be classified as a regulated security. He highlights, "A significant number of projects that initiated tokens now have the SEC's attention." According to Ardoino, for such a system to be decentralized, there is no need for blockchain technology, claiming it is "sluggish and necessitates a globally shared state." "BitTorrent was decentralized and it didn't incorporate blockchain," he further adds. For a comprehensive understanding of Ardoino's 2024 crypto perspective, view the complete interview on our YouTube channel and remember to subscribe!
Published At
1/4/2024 8:00:00 PM
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