Crypto Exchange Coinbase CEO Predicts an Anoncoin to Receive Mainstream Adoption in 20s
US-based cryptocurrency exchange Coinbase’ co-founder and CEO Brian Armstrong predicts that a “privacy coin” will see mainstream adoption in the 20s.
Armstrong, in his official blog post, has stated that he trusts one of the popular blockchain will go through incorporation of privacy features.
He also predicts a crypto incorporated with privacy features to receive mainstream adoption in the years to come:
“Just like how the internet launched with HTTP, and only later introduced HTTPS as a default on many websites, I believe we’ll eventually see a “privacy coin” or blockchain with built in privacy features get mainstream adoption in the 2020s.”
Armstrong’s forecasts are intriguing, considering the recent clampdown on privacy centered cryptos and the obvious general view that privacy should be the most important objective of Bitcoin (BTC) advancement.
Last March, a prohibition on anoncoins was proposed by the head of Finance Committee of France’s National Assembly. Likewise, in May 2019, Japanese cryptocurrency exchange Coincheck suspended four privacy coins and the decision was recommended to other cryptocurrency exchanges by the Japan Virtual Currency Exchange Association.
The aforementioned development makes Armstrong’s forecast that a privacy centered crypto will see mainstream adoption staggering.
As far as incorporation of privacy features in top blockchains are concerned, some crypto enthusiasts point out that the process has already commenced. In fact, there are crypto advocates who believe that Bitcoin’s rising anonymity is already threatening anoncoins.
For example, last February, blockchain technology company Blockstream released trial code for utilizing Schnorr signatures on the Bitcoin blockchain.
The code assists with the network privacy while also boosting the scalability. Discussions on likely incorporation are still taking place.
On the contrary, in September 2017, Ethereum’s blockchain gave support for zero-knowledge proofs (ZK-Proofs), a specific kind of cryptography that permits for the assessment of info without getting full control over it.
In the final week of October 2018, Ernst & Young, a multinational auditing and consulting company, unveiled its prototype launch of ZK-Proofs on the public Ethereum blockchain.
Crypto privacy has always been a controversial subject. The rationale is that some assume privacy as a fundamental proviso for safety and serenity, whereas others believe that anonymity will be a boon to criminals.
Additionally, Armstrong points out that a major portion of billionaires across the globe will be from the cryptocurrency sector in the 20s. Armstrong said:
“My friends Olaf Carlson-Wee and Balaji Srinivasan estimate that at a price of $200,000 per Bitcoin, more than half the world’s billionaires will be from cryptocurrency.”
As a result, he trusts that the quantum of capital spent on science and technology will rise and more people from the crypto sector will look at sharing their wealth.
The final forecast is in accordance with a report created by digital asset handling company Coinshares, which projects that Millennial with knowledge of Bitcoin are on track to receive roughly $70 trillion wealth from the generation of Baby Boomers by 2045.