In the light of recent events in the crypto world, we’ve decided to share a recent discussion with had with Maxime Boonen, the founder of B2C2 and crypto expert. Coming back on the pure definition of cryptocurrency, and what we can expect in the future.
What is the value proposition of crypto?
Although cryptocurrencies are getting more and more popular, it is common to not have a real understanding of how cryptomarkets work or what’s the actual value proposition there. The lack of knowledge can create a lot of confusion in this sector.
One of the popular misconceptions is that cryptocurrencies are about privacy. But the exact opposite of that is true, which is that your crypto transactions are visible to everyone. Even though they’re anonymous in theory, it’s not exactly rocket science to figure out who made the payment.
Furthermore, cryptocurrencies have a big promise: censorship resistance. Censorship resistance refers to the fact that crypto is decentralised (in terms of the technology it uses, not the market). There are no intermediaries within crypto payments, which means that they’re literally unstoppable (not even by shutting down the internet).
But that’s not all. The same way as financial services got disrupted by technology, the blockchain world will also see the impact of technologies. Fast-forwarding to the future, let’s consider the possible impacts of probably the most exciting technologies out there:
Quantum Computing. At this stage, it’s not clear whether quantum computing will happen or not, but let’s assume for a moment that it will. The basic idea behind this concept is that computing power will be way bigger than it is now. It would encourage the upgrading of blockchain systems, especially when it comes to security. A password that would take years to hack today, could be figured out in a matter of hours using this technology.
AI & Machine Learning. Those technologies are all about letting computers find the correlations between different moving parts of our world, which is basically what humans do. The automated version of this process allows computers to learn on their own. Albeit sounds thrilling, the real impact of AI and machine learning on the crypto market isn’t that different from the impact they have on the traditional market. It’s just another tool that we can use, which allows us to tackle problems more efficiently.
This is just a sample of our insightful conversation with Maxime Boonen. To learn more and get an insight into the crypto world through the eyes of an entrepreneur, enrol to our new course for free.