The next chapter of crypto
The next chapter of crypto
UST ’ s Daniel Field looks ahead to the future of crypto , in which its mythology may be stripped away as the industry comes to see its value as a tool .
“ With the exception of those early to the crypto party , who for one conviction or another held long enough to turn a profit , the vast majority of investors who have done well were those who knew least and cared even less – they saw a trend , booked their returns and moved on to other investments .
“ A little learning is a dangerous thing , and the remainder have been harangued continuously with emotional appeals intent on mythologising the technology , creating a sense of belonging and of being privy to some esoteric enlightenment .
“ We will see this stripped away in the next chapter of crypto where technology will be seen as a tool , its users and creators as flesh and bone and benefits will be realised for the many , not the few .
“ The social promise may well be met , not through beating the system , but reforming it : the same but cheaper , more secure , more useful .
“ This comes from taking those incredible inventions for what they always were : ledgers for accounting , automation to execute conditional transactions and applying them right to where the whole world needs them most : collecting our pay cheques , paying our bills , saving for the future and buying goods . “ But it can ’ t interact with that world without agreement on some essential rules designed to protect society from fraudsters and the economy from systemic risks . UST , building on Quant technology , delivered the CBDC prototype for Project Rosalind , an experiment in API prototypes for CBDC from the Bank of England and Bank of International Settlements .
“ We witnessed how the private sector can innovate on top of a light central bank ledger and build new capabilities that retained privacy – things like lower costs to borrowers , quicker cross-border payments , safeguards for parents of minors or better citizen protection for online retail .
“ Fear not . This and all the other tokenisation projects around the world are not trying to kill crypto but breathe life into it . Follow the builders , consider yourself as a user , invest rationally , scrutinise judiciously and think for yourself .” fintechmagazine . com 125