In 2024, the crypto industry needs to provide users with “real-world use cases and applications” that are not necessarily based on a token or blockchain, according to Tether CEO Paolo Ardoino.
“Crypto doesn’t need a blockchain. It doesn’t need a token,” he told Cointelegraph in an exclusive interview.
Ardoino argued that the next crypto killer app should be focused on the fundamental value proposition offered by cryptography, which consists of peer-to-peer transactions and privacy protections.
“It could be a booking system or an Uber competitor,” Ardoino explained.
According to the CEO, introducing a token means creating a centralized point of failure and increasing the likelihood that the project will be considered a security by regulators.
“Many projects that issued tokens are now in the crosshairs of the SEC,” Ardoino pointed out.
To be decentralized, this system wouldn’t need blockchain technology, which is “slow and requires a global shared state.”
“BitTorrent didn’t have a blockchain and was decentralized,” he added.
To find out more about Ardoino’s crypto outlook for 2024, check out the full interview on Cointelegraph's YouTube channel, and don’t forget to subscribe!