According to Morgan Creek CEO Mark W. Yusko, the problems Ethereum faces are the same problems the Internet faced in its dawn – and predicts a bright future ahead for the network.
Morgan Creek CEO Mark W. Yusko voiced an optimistic opinion about the future of Ethereum. During a Yahoo Finance discussion panel on Wall Street’s cryptocurrency skepticism, Yusko debated the topic of Ethereum’s downward trend with panel hosts Dan Roberts, Dion Rabouin, and Rick Newman.
During the panel on September 8, the hosts discussed the belief that crypto coins’ downslope is due to ICO scams and project developers scrambling to cash out their Ethereum tokens. Speaking over Skype, Yusko agreed that some ICOs were fraudulent, but stated that bad actors would appear anywhere where there’s a capital. The executive conceded that digital asset prices had been ‘well above’ their value and called the bearish trend ‘a correction’.
Yusko also addressed Jordan Belfort’s comments that cryptocurrencies are a ‘scam’ – a claim Belfort backed with the fact he used to be a ‘scammer’ himself. “The fact that people are looking to Belford and say ‘Well, he’s a bad guy, he did bad things, so I should trust him’? Absolutely nonsensical.”
Ethereum is ‘the www. of the TrustNet’
Yusko went on to defend the importance of cryptocurrencies and blockchain technology, comparing the current situation to 1993/94 in the Internet and how at that point Google existed only as a concept. According to the Morgan Creek executive, by 2024 Ethereum will give birth to the ‘TrustNet’, much in the same manner that the Internet protocol suite was required for the creation of the World Wide Web.
“The internet in 1996 created an opportunity for us to digitize information,” said Yusko. “Then the mobile net really allowed us in 2010 to start thinking about the digitization of commerce. If you think about the Internet, the protocols themselves – TCP/IP, HTTP, SMTP – those are the things that enabled us to have all these wonderful creations, smartphones, that we all live by. And that’s what Ethereum is – the protocol that would allow us to create a TrustNet.”
According to Yusko, unlike the Internet protocol suite, where the monetary value is in the applications developed on those protocols, Ethereum captures a lot of that value, and is going to be very profitable. Yusko believes Ethereum, alongside other blockchain networks, is going to become the biggest asset in the world in the next ten years.
“Five of the ten biggest companies in the world today aren’t really standard corporations,” said Yusko, “they are networks. And the power of the network is really what we’re talking about.”