Incentives May Drive Blockchain Adoption: Ethereum Co-Founder

Ethereum (ETH) has become a dominant force in the cryptocurrency market with 19.4% dominance in the sector. The term blockchain was introduced to the people alongside the emergence of Bitcoin (BTC), however, little do they know that the technology’s use cases go beyond virtual currencies. Anthony Di Iorio, Ethereum co-founder, discussed in an interview about what may drive global blockchain adoption.

People Are Not Aware of Technology’s Full Potential

In a roundtable discussion, first reported by TheStreet, Anthony told Rob Nelson, a talk show host, said that he didn’t think of the success Ethereum is currently experiencing. He simply thought of usual ideas like what if ETH price would reach $100.

Today, the industry has grown significantly, sitting atop over a trillion dollar market capitalization. The Ethereum co-founder said that we are not aware of the full potential of these technologies. It’s just a matter of time until we realize it. This is something like the Internet that grew exponentially in the later years.

He highlighted the fact that everyone strives for liberty and more control over their lives. Crypto sector holds such potential considering the decentralized nature of several projects. There are a myriad of initiatives in the sector and it can get challenging for the ones navigating the sector to identify a valuable project.

Furthermore, Lorio mentioned problem solving, better leadership, trust, and more as key drivers to blockchain adoption. He also emphasized people’s freedom, saying that “People trying to restrict people trying to be free, is a losing battle.” Security is another concern when it comes to financial liberty.

Enabling funds to be managed by others might not be safe at all. The Ethereum co-founder said that there are instances where people’s funds weren’t safe with banks, theri money was taken out of the bank. There are weaknesses in the systems that require fixing. Furthermore, he stressed on the fact that industry leaders need to step up to show why there may be better paths to choose from.

Finally, he believes incentives may be a major driver of blockchain adoption. Cryptocurrency is simply an incentivizing mechanism. “People are willing to earn by doing something, while others are willing to pay to use something.” The sentence precisely explains how the web3 ecosystem should be.

Blockchain is More Than Cryptocurrencies

It’s not about digital currencies, but about how incentives are aligned. This all boils down to problem solving. Developers should take note of faulty mechanisms that need fixing. Moreover, there are projects providing eye-catchy offers but complex mechanisms push potential users away.

Major companies including IBM, Alphabet, Nvidia and more are already working on blockchain development. Research shows that 81 of the top 100 companies are involved in some way with the technology. Although these organizations do not offer cryptocurrencies in form of incentives, they concrete the fact that blockchain goes beyond digital currencies.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.