Todd Morley, co-founder and former executive of $315 billion asset manager Guggenheim Partners has revealed he believes that Ethereum has “much higher utility” than the flagship cryptocurrency Bitcoin because of its smart contracts.
Speaking to Bloomberg TV, Morley addressed Bitcoin saying it’s “a thing” but noted that “Ethereum to me has much higher utility through smart contracts,” when asked about his investments in the cryptocurrency space.
To Morley, as The Block reported, any industry that doesn’t use technology to digitize its operations is “going out of business.” He pointed specifically to the insurance industry, saying it better have a technology strategy to digitize its operations or “suddenly something shows up, and your Walkman looks like an abacus.”
Per his words, blockchain technology is moving very fast in other parts of the world. The number of developers on the Ethereum blockchain, he added, has been growing at “20x the prior year for six years straight,” which is “much much faster than Moore’s Law, so that’s where the action is.”
Moore’s Law states we can expect the speed and capability of computers to increase every couple of years. In 1965, Gordon Moore, the co-founder of Intel, postulated that the number of transistors that can be packed into a unit of space doubles every two years, meaning the speed and capability of devices doubles very quickly.
To the co-founder of Guggenheim, the large-scale deployment of Ethereum’s utility function and the creation of new levels of access to assets “hasn’t quite happened,” and the firm Overline Network is planning on leading on that.
Overline Network is an interoperability protocol that has launched a decentralized marketplace earlier this year. It supposedly enables collateral-based trading across multiple blockchains without the need for wrapped tokens or gas fees. The project, along with real estate development group JDS, is building a “blockchain tower” in New York to include the “world’s largest NFT museum.”
So that’s kind of the utility function inside a building rather than just owning bricks and mortar. We think that Overline will be the progenitor of many projects that people can own.
Morley added during the interview he thinks the new levels of access being created by the cryptocurrency markets are “going to be a very very positive development for the world.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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