Ben Horowitz Says Crypto Developer Activity is Highest Since Internet’s Rising Experience
Ben Horowitz Says Cryptos Experience the Highest Developer Activity Since Internet
Cryptocurrencies are experiencing the highest developer activity since the internet says Ben Horowitz. The legendary investor is the co-founder of Andreessen Horowitz and has always been giving insights about the cryptocurrency market.
During a conversation at TCDisrupt, Mr. Horowitz said that both blockchain technology and cryptocurrencies should be considered as a new computing platforms. He mentioned that every 20 years there are new developments that end up becoming new and revolutionary platforms.
Ben Horowitz explains the rise of crypto #TCDisrupt pic.twitter.com/fTGndiKhcw
— TechCrunch (@TechCrunch) September 10, 2018
Horowitz explained that cryptocurrencies work in a similar way than older platforms. It’s slow, it’s complex but it has one feature that it has never existed before: trust. For him, this is a very important thing because it is powerful, users do not have to trust third parties to participate in the network.
Moreover he said that developers have a completely new world, since they can build new applications such as money. It is possible to program law, money, digital property. It is not necessary to trust a platform, another third party or a judge or lawyer.
Then he talked about initial coin offerings (ICOs). He compared them with the dot-com bubble.
About it he mentioned:
“Somebody at the office said the other day: ‘Not all ICOs are bad but all bad companies have an ICO. I think that’s right.”
Horowitz said that companies back in the 90s were adding ‘dotcom’ to their names, something that helped them skyrocket in the market. However, after it, they experienced a sell off and did not contribute to the overall genuine growth of the space.
The same is happening nowadays with some companies in the cryptocurrency market. They are changing their names adding the word ‘blockchain’ to receive an influx of new investors. Nonetheless, in a very short period of time, they fall to previous price levels.
Back in July, Aragon co-founder Luis Cuende, said that there is a new wave of developers that are entering into the space. About it he mentioned:
“I don’t know any good Ethereum developer that isn’t a millionaire, and it’s only a matter of time before it will become a gold rush among developers to learn the technology.”
The number of developers using Ethereum has increased exponentially in the las months. Additionally, several universities and colleges are working with its platform.
At the moment, the cryptocurrency market is expanding. Companies are testing different solutions and new merchants are starting to accept virtual currencies as a means of payment.
Both Bitcoin and Ethereum are going to see huge updates in the middle-term including the Lightning Network (LN), and Sharding and Plasma n Ethereum. This increased activity in the number of developers working in the space means that cryptocurrencies are useful and that we need to wait until they will become mainstream.