Conference Presentation, Keynote
Crypto, the Future of Trust
- A new paradigm of software and mathematically guaranteed trust is expected to replace the failing institutional trust model driven by frequent corporate and bank failures.
- Crypto networks will shift trust to a programmable foundation using Web 1.0 protocols and cryptography to create neutral, collectively owned user data repositories free from single-institution control.
- Bitcoin is forecast to serve as a self-policing, community-owned transaction database securing ledger state through incentives for distrustful participants, while Ethereum will operate as a decentralized world computer executing code obediently without human authority.
- Smart contracts on programmable trust are expected to facilitate agreements between strangers without mediators, enabling systems like the combined DAI and Compound platform to function as fully software-based consumer banks that originate loans and execute margin calls autonomously.
- DAI is projected as a credible fiat alternative for countries facing hyperinflation and the 1.7 billion unbanked globally, while Filecoin will act as a storage marketplace where strangers trust via mathematical rules rather than intermediaries.
- CryptoKitties are expected to pioneer persistent digital ownership allowing assets to transfer across games even after the original creator ceases operations.
- Current technological limitations regarding performance, privacy, custody, key management, identity, compliance, developer and user experience, and governance are anticipated to be addressed over time.
- Resolved limitations will form a new building block set for complex future applications such as social networks and search engines, supporting an evolution from financial efficiency to programmable marketplaces and Web 3.0 games.
- This technological evolution is predicted to catalyze a "golden wave" of internet innovation exceeding the current startup ecosystem, enabling unprecedented cooperation scaling through bottom-up trust flow from individuals and software.