Various Bitcoin, crypto, and finetech innovators headed to Dublin, Ireland to kick off MoneyConf which is a two-day tech networking event. More than 5,000 people from 84 countries will be attending the prestigious event.
On the first day of the event, Ethereum and ConsenSys founder Joe Lubin addressed the attendees with a straight line regarding the current state of Internat affairs.
Blockchain can enhance safety
“The internet is awesome,” he said, “but it is broken.”
He said that the blockchain technology is the only one that can offer online security and that can create a safe infrastructure unlike the Internet itself.
He also believes that a blockchain network with a natively built currency of identity construct at the core has the ability to power a revolutionary model.
The Irish Times reported that Lubin who is also a former executive at Goldman Sachs is sure that a collaborative infrastructure that is built on a public blockchain has the ability to lead to “a radically free market architecture with low barriers to entry.”
“We have built a world of internet services that have turned out to be wonderful in so many ways, but they have outgrown the architecture of the internet and the web.”
Chief financial officer at Square, Sarah Friar, explained the slow process of dealing with bankers who are currently tied to legacy platforms.
“It is always harder for the incumbents to truly disrupt. They tend to come from tech stacks that are older, so much harder for them to be nimble and quick-footed,” she said.
“When we work with the banks it is slow-going. Even getting a non-disclosure agreement signed can be a three-month extravaganza, which hardly bodes well for the pace at which the sector is going to innovate,” she concluded.
More speakers at MoneyConf include representatives from Circle, Coinbase, TransferWise, Visa, Credit Karma, Revolut, eToro and more.