Ethereum Greatest Crypto Innovation so Far
The past ten years have seen exponential growth of innovation and research in the crypto and blockchain world. However, within the period, Ethereum has been the greatest innovation in the space, says the CEO of Ambrosus, a blockchain ecosystem that assures quality of products.
Angel Versetti notes that Ethereum’s idea of a decentralized computer that is capable of executing any contract in a decentralised and censorship-free environment, has huge implications and potential use cases for a variety of social and economic purposes.
With its proposed non-contentious fork later this week, the Ethereum network led by Vitalik Buterin is touted to see a rebirth that can improve its market stand. Most notably, the fork is expected to reduce ether’s issuance by 33% to 2 ETH per block as well as a few other upgrades.
Trust in traditional financial institutions today is not as it was 10 years ago. Cryptocurrencies represent an entirely new asset class that Versetti thinks removes significant amounts of friction from the global financial markets. He praises their tendency to “offer an opportunity to have a truly safe-haven asset class” especially as there are claims of another major financial crisis looming.
However, while crypto and blockchain may continue to deliver on their core value and benefits especially Bitcoin as a censorship-resistant and truly limited digital asset that is not subject to control, Blocksmart Capital’s Chris Baker does not agree that Bitcoin would be a reliable safe haven in a global financial crisis.
“In my opinion, Bitcoin would most likely not act as a safe haven as it would still be a volatile asset class in the circumstance of a global financial crisis. A financial crisis would however create significant awareness of the asset class, which is very positive for the long term.”
Baker made the conclusion on the basis that “there is no historical data that could accurately suggest that Bitcoin would be a reliable safe haven in a global financial crisis.” Further, he says there may be significant repercussions relating to the unprecedented levels of debt in leading countries but it may not result in a recession.