DAOs will eventually replace traditional corporate structures, allowing users to vote or move funds in a few minutes. NFTs will have other applications besides buying and selling art, music, and videos, in the future.
Over time, cryptocurrencies are becoming a crucial component for buying tickets, forming and managing businesses, and paying salaries. That is the opinion of Lane Rettig, a former developer of Ethereum, the second most popular decentralized system.
Rettig stated that cryptocurrencies would have a profound and lasting impact on people. He believes that what has happened so far is relatively superficial since the social impact has only just begun.
The developer considers that cryptocurrencies have only taken the first steps towards their adoption. He compared the current situation to 1980 before Apple introduced its Mac personal computer.
A DAO Is a New Form of Business Organization
The cryptocurrency sector will make the creation and management of companies easier and cheaper, generating new kinds of entrepreneurs and businesses. In that regard, Rettig referred to DAOs (decentralized autonomous organizations), whose operation occurs through blockchain technology and smart contracts.
Token owners democratically and automatically manage DAOs, which will replace traditional corporate structures. That will allow users to vote or move funds in a few minutes.
The expert believes that DAOs are the next step in the evolution of the human organization. He also highlighted they are a generational change that will take decades to occur.
NFTs Have a Growing Number of Applications
Non-fungible tokens (NFTs), assets not mutually exchangeable claiming to have collectible value, have become extremely popular. Rettig considers that they will have other applications besides buying and selling art, music, and videos, in the future.
He said that anyone could buy tickets to the theater, movies, or concerts in the form of NFTs, which offer an open protocol. For that reason, access to the platform would eliminate intermediaries, thus reducing prices and fees and promoting competitiveness. The expert thinks that people could also acquire plane tickets.
Similarly, smart-contract technology could have applications in the payment of wages. In that way, employees could receive funds every second instead of once in two weeks.
Ethereum Has many Uses in Different Kinds of Projects
The decentralized system Ethereum, released in 2015, has many uses in different projects, including NFTs. Rettig said that the popularity of this network comes from the superiority of its technology. He compares it to Javascript, the well-known programming language.
He said that many professional software developers would refuse to work with Ethereum. However, he noted that it established itself in the world despite its many flaws. He added that the network is imperfect and complex but works quite well.
The expert foresaw mass adoption when he joined the project in 2017, after meeting Vitalik Buterin and his team.
Since he abandoned Ethereum, he started working on an alternative platform, seeking better efficiency and greater scalability. He also wants it to be more environmentally friendly than Ethereum and Bitcoin and use hard disk space and minimal power for data processing.
By Alexander Salazar
