Jeremy Allaire, the CEO and Founder at stablecoin issuer Circle, says he’s more bullish than he has ever been about crypto.
Deeper Dive into my Long Form Post/Cast on why
I’m more bullish than I have ever been about crypto.https://t.co/BuQ5UoaQSg
“Public blockchain infrastructure has evolved into its 3rd generation, providing global scale network computers that can handle large scale applications…
— Jeremy Allaire – jda.eth on Farcaster (@jerallaire) June 24, 2024
As Allaire noted via social media, public blockchain infrastructure has “evolved into its 3rd generation, providing global scale network computers that can handle large scale applications with trusted data, transactions and compute.”
Allaire added that his mental model for blockchain networks has always been “network operating systems.”
According to the Circle founder, this is “one of the most important things to help people understand what’s happening with this new infrastructure layer on the internet.”
As mentioned in a social media update, the way that most “important people” (e.g. MSM, policymakers, people running big financial institutions) filter the concept of “blockchain” is typically hyper narrow – it’s a technology for “cryptocurrency”, which is “mostly bad and useless”, and even as a technology its never been proven “to be useful for anything other than constructing online casinos and proliferating scams.”
As an internet technologist, practicing in building important internet infrastructure for over 30 years, Allaire says he tries to explain the basics “to people away from all of the dismissive narratives.”
As stated in the update, Blockchain networks are “new internet operating systems; most of these networks provide a means to store data, conduct transactions on data, and execute code that can execute these transactions.”
He added that they are special “because they can do this and ensure that the data and code is tamper-resistant, incontrovertible, publicly verifiable, etc.”
Most importantly, these networks are “designed to be decentralized, providing a surface for society to engage and transact without interference, and in a direct and efficient manner, no matter the person, entity or location.”
He claims that this is “super powerful stuff for all manner of applications.”
Anyway, this is the super basics, and has always been (for most practicing in this field) the goal for the past 10+ years, he added.
Allaire clarified that when he says:
“Public blockchain infrastructure has evolved into its 3rd generation, providing global scale network computers that can handle large scale applications with trusted data, transactions and compute.”
He’s actually saying this:
“We are now in a place where these new internet operating systems can support apps and services that work at scale, handling millions of users, and fulfilling the promise that we all have been chasing for the past decade.”
Allaire pointed out that “the first generation was Bitcoin and related forks, the second generation was Ethereum and related / similar attempts in the 2015-2020 epoch, and the 3rd generation includes Ethereum 2.0, Solana, Layer 2’s and scalable EVM chains (Avax, Near, etc.) new platforms like Aptos, Sui, Monad, etc. (Please don’t get upset at me if I didn’t list a particular project).”
Jeremy Allaire of Circle Internet Financial concluded:
“From a technologist perspective, it’s pretty incredible to see how far the infrastructure has come, inclusive of the tooling, security, scaling, and so many other things. This is like moving from WAP 1.0 to iOS (almost), or from HTML 1.0 to HTML 5.0. We can measure these improvements based on transactions, apps, nodes, active developers, speed, fees, and so many other measures. All of which continue to improve at an accelerating pace. Just apply Moore’s Law, Metcalfe’s Law, etc. and you can get a sense for where this is going to be in 3,5,7,10 years.”