Author: Vivek Ventures, former high-yield bond trader on Wall Street, cryptocurrency KOL; translated by: LianGuai0xjs
Cryptocurrency KOL Vivek Ventures summarized the 10 key takeaways from the Mainnet conference hosted by Messari last week:
1. We need to better educate the public about cryptocurrency!
Cryptocurrency is a “bipartisan” technology that can benefit all segments of society – from fiscal conservatives to progressive liberals.
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Fred Wilson and Congressman Torres believe that our liberal cryptocurrency information is too isolated, and cryptocurrency has done a poor job of marketing its value to the general public: cryptocurrency can help provide banking services to those overlooked by big banks!
Cryptocurrency empowers people with sovereignty over their funds – whether it’s in dollars, bitcoin, or ethereum, we can do better with more inclusive messaging.
2. Payments are the easiest to understand and most common use case for cryptocurrency.
Cryptocurrency infrastructure will make payments faster, cheaper, more transparent, and available 24/7 on a global scale. LianGuaiyLianGuail and LianGuaixos are leading the charge by bringing cryptocurrency technology to over 400 million users.
3. Stablecoins are the killer application of cryptocurrencies today.
Circle CEO Jeremy Allaire is making the US dollar interoperable with the internet through USDC. Nic Carter showed that stablecoin issuers are now the 16th largest holders of US government debt.
Stablecoins are solidifying the global reserve status of the US dollar!
4. Cryptocurrency needs to build “boring” applications – and that’s a good thing!
In the words of Robert Leshner: before we tackle more complex products, we need to tokenize the most basic, boring assets into cryptocurrencies. Tokenizing the US dollar discovered product-market fit (stablecoins), and now we need to gradually introduce more boring assets onto the chain.
Leshner believes that real-world yields are the next easiest target to achieve – bringing government bonds and corporate bonds onto the chain (through tokenized funds as “wrappers”). Then comes stocks and real estate.
5. Zero-knowledge proofs will enable the scalability, privacy, and interoperability of cryptocurrencies and other encrypted assets.
The conference also explored cutting-edge technology; a16zcrypto partner Ali Yahya delved into how cryptocurrency is sparking a Cambrian explosion of ZK technology and why ZK will ultimately be the driver of expanding cryptography to the masses. Ali stated that Moore’s Law is being applied to ZK infrastructure, with the computational resources and time required by ZK provers decreasing, opening up more use cases within and outside of cryptocurrency – ZK could be the next AI!
6. Ethereum’s expansion to the masses will happen – it’s a “when” not “if” question.
Brendan Farmer from Polygon, Steven Goldfeder, co-founder of Arbtrum, and Tess Rinearson, Product Lead at OP Labs, demonstrated the technical power of the ETH community and concluded that the ultimate result of scalability is actually a combination of Optimistic and ZK rollup technologies.
7. Private enterprise blockchains are just temporary band-aid solutions, not the ultimate state of cryptocurrencies.
During the bear market, the idea of “blockchain, not cryptocurrency” resurfaced. Ty Lobban, Head of Blockchain at JPMorgan, and others have been building private blockchains because (1) of regulatory uncertainty and (2) the immaturity of existing L1 and L2 infrastructures.
Therefore, companies need privacy on public chains to protect customer data, and they need infrastructure that can scale to over 1 billion users. Both will come!
8. The crypto industry needs to collaborate more with policymakers.
The crypto industry needs to work with Washington, instead of taking a zero-sum attitude of “crypto replacing the government.” Fortunately, we have participants like LianGuaiul Grewal, Chief Legal Officer of Coinbase, and Kristin Smith, CEO of the Blockchain Association.
9. Cryptocurrencies will not become irrelevant due to coercion by a few unelected officials.
Messari CEO Ryan Selkis once felt angry alone about excessive regulation, and this passion has inspired other industry leaders like Brian Armstrong and amplified it.
The determination of cryptocurrencies is growing stronger!
10. The United States needs cryptocurrencies, and cryptocurrencies need the United States.
We are facing attacks through regulatory enforcement. This is not unique to the United States.
Next-generation leaders, such as U.S. presidential candidate Vivek Ramaswamy, recognize this and are formulating policies to responsibly integrate cryptocurrencies into the U.S. regulatory framework.
Cryptocurrencies are a cutting-edge technology that upgrades the global financial system. The values of cryptocurrencies – property rights, freedom of speech – represent the American dream.
It will thrive with or without the United States, but we hope the United States embraces it!
Conclusion
Despite his anger, Brian Armstrong acknowledges that only the United States gives us the freedom to criticize regulatory agencies and fight back in court. Churchill once said, “Americans always do the right thing, but only after exhausting all other options.”
Cryptocurrency is a disruptive technology that scares existing businesses. Now, the bad actors have mostly disappeared from our industry and have been replaced by the most talented people. Our job is to prove that cryptocurrency is a positive force that will create new job opportunities and chances!
Let’s rebuild hope and trust in our industry through the following rallying cries (this is the main conclusion of the closing roundtable by Congressman Ritchie Torres and Fred Wilson):
Let’s call our Congressional representatives to express support for the two bills in the House – the “Stablecoin Act” and the “FIT Act” – we need these bills to be passed with bipartisan support!
Let the United States become the home of cryptocurrencies.
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