The emergence of the Internet of Money is gaining momentum, as highlighted by Coinbase CEO Brian Armstrong’s recent admiration for the vision championed by crypto and blockchain technologies. Armstrong pointed out that key technological innovations are converging to create an accessible, scalable, and user-friendly decentralized financial system, likening these components to essential “Lego pieces” that are building towards this vision.
One crucial piece in this puzzle is Base, Coinbase’s Layer 2 blockchain solution. This network is designed to handle high transaction volumes with lower fees, making decentralized applications faster, more efficient, and cost-effective. Another important component is the Ethereum Name Service (ENS), which provides users with a decentralized, human-readable identity on the blockchain, simplifying the process of sending and receiving cryptocurrencies.
Stablecoins also play a vital role in the Internet of Money vision, offering a reliable medium of exchange that is less volatile than traditional cryptocurrencies like Bitcoin or XRP. Smart Wallets are another key element, offering features like key recovery and support for decentralized applications, making it easier for newcomers to navigate the crypto space.
Industry participants have also shared their insights on the future of the Internet of Value. Cory Klippsten and Pierre Rochard emphasized Bitcoin’s role as a superior store of value, while Cardano Whale highlighted Cardano’s potential as a decentralized global financial operating system. Zach Rynes of Chainlink pointed out the importance of connecting traditional financial institutions with blockchain networks, showcasing the role of Chainlink in this process.
Some industry experts also noted the significance of meme coins in onboarding the masses into the crypto ecosystem, showcasing the diverse range of factors shaping the future of decentralized finance.
Overall, the vision of the Internet of Money is rapidly taking shape, with various technological innovations coming together to create a more accessible and efficient financial system. As these “Lego pieces” continue to assemble, the potential for broader consumer utility and adoption of blockchain technology becomes increasingly promising.