Brian Armstrong, CEO of Coinbase, recently expressed his admiration for how the vision of the Internet of Money, championed by crypto and blockchain, is already taking shape.
In a recent tweet, Armstrong highlighted that key technological innovations are coming together to create an accessible, scalable and easy-to-use decentralized financial system. He pointed to four critical components, which he calls “Lego pieces,” that help bring this vision to life.
Lego parts are assembled for the Internet of Money
As a frontrunner, Armstrong pointed to Base, Coinbase’s Layer 2 blockchain solution. He noted that Base is a crucial component for blockchain networks to scale.
As a Layer 2 chain, the network is designed to process high transaction volumes at lower costs, making decentralized applications (dApps) faster, more efficient and more cost-effective. This helps address a key challenge facing blockchain adoption today.
Second, Armstrong cited the Ethereum Name Service (ENS), which provides crypto users with a decentralized, human-readable identity on the blockchain. ENS allows individuals to replace complex wallet addresses with simple names such as ‘yourname.eth’. A classic case is vitalik.eth.
Third, Armstrong highlighted stablecoins as another crucial element in the vision of the Internet of Money, emphasizing their role as a reliable medium of exchange.
Unlike volatile crypto assets like Bitcoin or XRP, stablecoins provide the stability needed for everyday transactions, making them more practical for everyday use.
Finally, Armstrong mentioned Smart Wallets as a key to lowering the barriers to entry for newcomers to the crypto world. These wallets go beyond simple asset storage and include features such as key recovery and support for decentralized applications.
This functionality makes navigating the space easier for the average crypto user without the complexity of traditional wallets.
By combining these technologies, Armstrong believes the “Lego pieces” will fall into place for a fully decentralized financial system that brings broader consumer utility to blockchain technology.
Comments from industry participants
In response to Armstrong’s tweet, other crypto leaders weighed in on additional factors they believe are crucial in shaping the future of the Internet of Value.
Cory Klippsten, CEO of Swan Bitcoin, and Pierre Rochard, VP at Riot Platforms, both emphasized the importance of Bitcoin in this vision. Klippsten calls BTC the “Internet of Money” due to its role as a superior store of value to fiat currency.
Meanwhile, Cardano Whale argued that Cardano acts as a decentralized global financial operating system.
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Zach Rynes, Community Liaison at Chainlink, noted that Chainlink plays an important role in connecting traditional financial institutions to blockchain networks.
Interestingly, some also point to the role of meme coins, claiming that they are crucial in introducing the masses to the crypto ecosystem.
Credit : cryptonews.net
