'No Doubt’ Bitcoin Will Soon Rule an Internet-Powered Economy - Expert
An internet-driven economy held together by bitcoin (BTC) is on its way, with a “BTC-based economic system” to surface “in the next 20 to 30 years with almost no doubt,“ says an industry insider.
The claims were made by Knox founder Thibaud Marechal, the former head of portfolio services at Real Ventures, in an opinion piece for media outlet Bitcoin Magazine.
Marechal claimed that “Bitcoin native companies are creating massive economic upside potential for a new internet monetary layer” and would work on “building an economic system” with BTC at its center over the next two-three decades.
He opined that a layer that has already been built on top of the Bitcoin network – the Lightning Network protocol (LNP) – will couple with the original Bitcoin protocol (BP) to play an integral role in the blockchain’s evolution into its new incarnation as the internet’s go-to currency.
“Bitcoin is growing into the internet’s native monetary layer. Functioning as a suite of public network protocols, referred to as LNP/BP, bitcoin has undeniably scarce units of value. It is a network of storable, movable and quantifiable value.”
He went on to state that the LNP/BP protocols could become as integral to the new internet economy as the Transmission Control Protocol/Internet Protocol (TCP/IP) dynamic has become to the internet itself.
Together, these two protocols comprise four layers, each of which has its own set of fixed protocols. From a technological standpoint, TCP/IP is the cornerstone of the internet itself, as browsers, email apps and more use TCP/IP to communicate with servers – driving internet traffic.
Marechal justified his reasoning, adding,
“LNP/BP are joining the ranks of other open network protocols akin to TCP/IP. The BP has movable units of scarce value that can flow within its network, similar to IP. The LNP acts as a second layer built on top of BP, which permits nearly instant, cheap and anonymous exchanges of data packets on BP, similarly to how the TCP does it with the IP.”
The consequences, he opined, would be far-reaching and would put BTC at the forefront of a new economic revolution that would eventually leave the traditional banking sector in the shade.
“Bitcoin is liberating capital exchange, creating open, fair and social markets in which anyone can participate. New companies exclusively built on Bitcoin’s base layer and/or Lightning are making it safer and easier for sovereign people to opt-out of the legacy banking system. […] Bitcoin native companies make the capital flow from the legacy banking system into Bitcoin possible.”
Thibaud Marechal is one of many entrepreneurs who are convinced of the transformational effects of Bitcoin. Last year, CEO of Twitter and Square Jack Dorsey admitted he thinks bitcoin could become "the native currency of the internet," while billionaire entrepreneur Elon Musk said "the Bitcoin structure is quite brilliant," and crypto is a way better method of transferring value.