Allaire believes that privacy and identity are two fundamental pillars of a new Web3.
At the Converge22 conference in San Francisco, Jeremy Allaire, CEO of stablecoin issuer Circle, said that the world is finally moving from the speculative value phase of crypto to the utility phase. Drawing parallels to the early days of the internet, he said:
âIt is an architecture that the internet was founded on many decades ago â this idea of open networks, of open standards and protocols, of connecting entities, devices and people in interoperable ways, of a globally intertwined world of decentralized systems.â
As told by Allaire, there are currently on-chain mechanisms to ensure safe, trustworthy interactions between crypto users. However, there need to be âadvancementsâ in technologies such as zero-knowledge proofs that prove identities and credentials while simultaneously ensuring individualsâ privacy:
âPeople need to be able to interact with apps, and services, and content and transactions without knowing that theyâre using crypto. I donât know Iâm using SMTP [Simple Mail Transfer Protocol] when I send an email with Gmail â I do know that, but a lot of people donât know that, and thatâs okay.â
Allaire explained that for mass crypto adoption to happen, participants would need to be introduced to a much more simplified version of the underlying technology. âPeople donât need to know what chain theyâre on or even what stablecoin theyâre using,â he said. âThey just need to know that itâs frictionless interaction with data and money.â
Finally, Allaire said we are reaching the next âbroadbandâ phase of blockchain, referencing the dial-up era in the early days of the internet. âWe need safe, scalable and energy-efficient public blockchainsâ just as we did with the internet, he stated, raising the example of new developments such as Ethereumâs recent move to proof-of-stake and the emergence of layer-2 and layer-1 scaling models. He said the step was ânecessary for this [blockchain] to become something that is used by everyday society for mission-critical applications.â
Source: Chointelegraph