Ethereum [ETH] based blockchain technologies may be the next internet: Circle CEO

On 19th July, Jeremy Allaire, the Chief Executive Officer and Co-Founder of Circle has stated that blockchain and cryptocurrency would be as broadly adopted as the internet. He also went on to say that blockchain technologies built by Ethereum will act as a foundation for future applications. He remarked:

“One of the things that really catalyzed the [cryptocurrency] market last year was actually that Ethereum, in particular, kind of got to a place where you could build apps on top of it. You could issue new tokens on top of it; you could create new kinds of financial contracts, using the smart contracts technology.”

Circle, recently received funding from Bitmain, the Japanese semiconductor manufacturer and believes that both Jihan Wu and he share the same vision of furthering the use of blockchain technology. Allaire believes that new technological infrastructures can be built with blockchain technology as the central component.

Circle’s official website states that:

“It’s Crypto-powered and people-centric platform. Money that unites us instead of divides us. With open platforms, mindsets, and possibility. Connecting everyone, everywhere so we can exchange just about anything of value. And fundamentally shape the world for the better.”

He stated that using blockchain, trust-oriented record keeping can be improved with the fundamental beneficiaries being institutional bodies. Allaire went on to say that with a multitude of applications being built and published on the Google Play Store or the iOS App Store, blockchain can play a crucial role in making the applications more engaging and easily available.

To a question about the recent surge of blockchains and cryptocurrencies,  he responded that Ethereum has created the biggest splash in the industry last year. He said that users could use the Ethereum platform to build applications, tokens, and financial contracts.

During the interview with CNBC, Allaire also talked about the trend of multiple ICO’s occurring on a daily basis and warned users and fans that they should be wary of the ones that promise the world and don’t deliver. He claims that the biggest shift in the industry because of the adoption of blockchain technology has been in the developer sphere. Application developers now have an entirely new avenue to hone their craft and blockchain provides them that extra push to create new, exciting and engaging applications.

Allaire said:

“It also catalyzed a lot of competing infrastructures to Ethereum,”

He pointed out that there are a lot of new blockchain platforms on the market right now and mentioned EOS and NEO. He also said that blockchain technology and cryptocurrencies have provided users and developers with a new layer of infrastructure, much like the internet.

Allaire has gone ahead and claimed that blockchain and cryptocurrencies have multiple fundamental applications and assets like Ether, which will become as valuable as oil. From his point of view, all the new developments in the cryptocurrency is a boon to investors as many of them are waiting to pounce on the next ‘internet’.

This week saw Bitcoin[BTC], shoot above the $7000 range benefitting a lot of holders who were disappointed by the slow fluctuations over the past few weeks.

Barry Silbert, the CEO of Digital Currency Group said:

“When the chair of the Fed says a negative thing about bitcoin, and Howard Marks says negative things about bitcoin, and Ken Griffin says negative things about bitcoin, and bitcoin doesn’t move, I think that’s a really bullish sign”

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