Crypto Isn’t Dead, It’s Evolving Fast to Create a New World

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There are few technologies as confusing to most people as crypto and blockchain. Technology and the regulations behind it evolve so rapidly that it is often difficult even for technologists to make sense of it. servers around the world, unlike today where data is stored in one place or consolidated in a few places. This data is open, meaning it can be viewed and verified by anyone participating in that particular system. Concretely, this means that an individual can transfer crypto assets without the help of intermediaries, for example banks or government agencies, thus guaranteeing confidentiality, speed and reduced costs. The first cryptocurrency, Bitcoin, was created with anonymity in mind. way for people to conduct financial transactions away from the prying eyes of governments. While it has become a speculative asset, today crypto and the underlying blockchain technology have a much bigger goal, the transformation of the internet. Vivek Gupta, CTO of CoinDCX, says the technology can help usher in Web 3.0, a decentralized form of the internet where users can actually monetize their time spent online. Whatever Web3 use case you’re driving, the value that comes from it has to be distributed, and you can’t distribute it without crypto. For something as simple as depositing money into a pool and getting a receipt token, that receipt token is crypto. This is proof that I deposited the money. Without crypto, there is no Web3 use case, he says. Decentralized finance (DeFi) is a big part of what makes blockchain technology so disruptive. Imagine being able to lend your money to strangers on the internet and get paid interest. Or imagine spending time on social media platforms or playing video games and getting paid for your time spent by someone who needs data on you. Web3 makes this possible because the data is not controlled by any particular company or country. Decentralized applications (dApps) are another feature of Web3. Unlike traditional applications hosted on centralized servers, dApps operate on a peer-to-peer network and use the consensus mechanism and transparency features of blockchain technology. Ravi Chamria, co-founder and CEO of Zeeve, a blockchain automation platform. Ashish Singhal, co-founder and CEO of CoinSwitch, says technology can revolutionize the way we conduct business, store data, and even vote, as technology enables people to effectively verify data of any kind.

Regulatory landscape

Governments worry about what crypto could mean for monetary policy, for their ability to regulate people’s lives. But disruption almost never requires consensus. If a new technology proves to be better than an old one, people will drift towards it. Central banks have recognized the importance of technology and some are creating central bank digital currencies (CBDCs) based on blockchain technology. There is a lot of activity happening in the regulated DeFi space. Looking to the future, we think guardrails are probably a good thing to have around these types of technologies, says Andrew Vranjes, vice president of sales at Blockdaemon, a blockchain infrastructure platform. Cryptocurrencies are also evolving rapidly. Where previously the value of cryptocurrencies was based on what people were willing to pay, today there are cryptoassets backed by real-world assets such as stocks and real estate. Silvina Moschinis Unicoin is one of them. It is an asset-backed, audited and SEC-compliant cryptocurrency, she says.

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