Coinbase CTO on Crypto Userbase: ’60x Growth’ May Be Coming
July 11, 2018 by William Peaster
Is a 60x boon to cryptocurrencies’ userbase possible? Going off of current global smartphone ownership levels, recently appointed Coinbase Chief Technical Officer Balaji S. Srinivasan argued this boon was possible and that the crypto space is “just getting started.”
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When, Not If?
With the acute cryptoeconomy downtrend in Q1 and Q2, skeptics on the outside looking in have returned to their common redoubt, “bitcoin is doomed again.”
On the opposite end of that spectrum is Balaji Srinivasan, who was appointed as CTO of Coinbase in April 2018. In a July 11th tweet, Srinivasan highlighted statistics from two articles, pointing out that less than one percent of global citizens own crypto while approximately “63% of world adults own smartphones.”
— Balaji S. Srinivasan (@balajis) July 11, 2018
As smartphone’s grow cheaper, so grows lower the barrier to crypto use.
Such napkin math naturally isn’t the definitive statement on where the cryptoeconomy will go from here — there are simply too many complicating variables that figure in. But “definitive” isn’t necessary to understand Srinivasan’s point, namely that the cryptoverse has considerable room to grow. And understanding potential crypto adoption through the perspective of smartphone use is absolutely a fertile place for scrutiny, whatever happens from here.
It’s at least a notion worth considering as those skeptics looking in say, “dying! dying! dying!”
A Full Node for Every Smartphone
On the topic of smartphones, this week Bitsonline talked with Constellation Labs’ VP of Engineering Ryle Goehausen.
Where smartphones figures in is that Constellation Labs’ DAG-based platform is being built around the idea of “universal node accessibility” — essentially that anyone, anywhere should be able to run a full node from as simple and affordable a device as possible, i.e. mobile devices.
It’s an interesting concept, and as Goehausen pointed out to us, it’s centered around the idea of providing scaling though not at the expense of decentralization. He said during our talk:
“Universal node accessibility will require the use of new mechanisms, such as our very own ‘Proof-of-Meme’ consensus mechanism. By rewarding node operators based on reputation and meritable behavior rather than pre-existing wealth, we can achieve transaction throughputs higher than ever before without sacrificing decentralization.”
Interestingly, then, both Srinivasan and Goehausen arrive at a similar conclusion from two separate routes: the confluence between smartphones and crypto can be huge.
What’s your take? Do you think smartphones are the way cryptocurrencies will win over the mainstream? Sound off in the comments below.
Images via Pixabay