Crypto will have a profound and long-lasting impact, says ETH developer

Lane Rettig says crypto is going to change the world by providing the “fuel” that drives the next generation of entrepreneurs.

He compares this disruptive technology to what happened in information technology due to cloud computing.

Crypto adoption continues to gather pace even as the space attracts new developments that could see the cryptocurrencies permeate every facet of the society, says Ethereum developer Lane Rettig.

According to the developer, cryptocurrency has provided a new start for the global economy, creating value for everyone regardless of where they are around the world. With crypto projects now virtually in every sector of the economy and daily life,  Rettig believes the impact of the whole ecosystem will be “profound and long lasting.”

He suggests that what the world has seen so far in crypto space is just the beginning, with further developments to entrench it even deeper into social life.

“[Crypto] is going to impact every corner of society in our daily lives,” the developer told Yahoo Finance.

Rettig shared his optimistic view of the crypto space during a Yahoo Finance interview on Wednesday.

Crypto is taking over the world

Asked to comment on where crypto is at the moment, he said it’s still early. There is a lot still to be done to really bring cryptocurrencies to the masses. One way is to make it even more user-friendly, he said.

Crypto is a disruptive innovation much like cloud computing in the formative years of information technology, he explained. He said that developments in the sector took time, but tech eventually took over the world through giants like Amazon and Microsoft.

Cryptocurrency is taking the same steps and apart from finance, crypto applications are already revolutionising the health, supply chain, agriculture, education, and even investment sectors. The sector is changing all facets of our lives, but that is not all.

Rettig opines that crypto is going to be the fuel that drives an entirely new group of youthful entrepreneurs, with the DAO likely to take center stage in this growth trajectory.

According to the developer, the next chapter of revolution is entrepreneurial growth through blockchain-based ‘companies’ dubbed decentralized autonomous organisations (DAOs).

Although he notes there are still issues around DAOs, he remains adamant the sector will “take over the world.”

“I think DAOs are the next step in the evolution of human organisation, and I think this is a generational shift that will take decades to play out,” he pointed out.

He says cryptocurrency has made it possible for people to unveil projects and applications that would not have been possible a few years ago