The World Economic Forum (WEF), Global Future Council on Cryptocurrencies, has published its inaugural report on digital assets entitled, Crypto, What Is It Good For? An Overview of Cryptocurrency Use Cases.
The report explains:
“While much has been written about blockchain technology, there is little discussion of cryptocurrencies beyond price and financial speculation. The Council has thus created this booklet to highlight a non-exhaustive list of companies, protocols and projects that represent the diversity of use cases that cryptocurrencies and the networks which they power can enable.”
The council is co-chaired by Meltem Demirors, Chief Strategy Officer of CoinShares, and Cuy Sheffield, Head of Crypto at Visa. Members of the Council represent a cross-section of experts working to make cryptocurrencies useful across a wide range of use cases.
In a public statement, Demirors said:
“Many of the conversations you’ll hear about cryptocurrencies, and much of what we aim to do in this Council, is actually not about technology. Rather, meaningful analysis of bitcoin and other cryptocurrencies is about imagining what could be possible in the future with this new technology, which creates a new set of social, political, and economic tools. Our Council draws from a diverse group of individuals and aims to bring together these disciplines and perspectives to explain cryptocurrencies in a new way.”
The report highlights a series of “base layer” protocols, second layers, and service providers. It touches upon both financial services applications as well as non Fintech related services.
The authors state:
“Cryptocurrencies have reached a point of inevitability. We have dedicated our careers to advancing the adoption and use of cryptocurrencies because we believe they represent an enormous opportunity to grow the global digital economy and benefit consumers and businesses across the world.”
Sheffield commented that cryptocurrencies have the potential to create new markets and forms of value exchange that can fuel growth in the global economy.
“This council is focused on finding ways to make cryptocurrencies comprehensible, accessible, and inclusive so that more people can benefit from the new innovations that emerge through them.”