CEO Mark Yusko of Morgan Creek Depicts Ethereum (ETH) Creating the ‘TrustNet’ Internet Protocol
Morgan Creek CEO says That Ethereum Will Create the ‘TrustNet’
Mark W. Yusok, the CEO of Morgan Creek, said that the problems that Ethereum faces are same as those the internet faced when it was starting. He went ahead to predict a bright future for the network, saying that it will create the ‘TrustNet’.
The CEO of Morgan Creek, Yusok, was speaking during a Yahoo Finance discussion panel, debating on the topic of the downtrend of Ethereum with Rick Newman, Dion Rabouin, and Dan Roberts, the panel’s host. The three gentlemen discussed the belief that the downslope of cryptocurrencies is because of project developers scrambling to sell their Ethereum tokens and ICO scams.
Speaking through Skype, Mark W. Yusok shared the sentiments that some ICOs were indeed fraudlent, stating that it’s common for bad actors to appear anywhere there is a capital. He was also quick to concede that the prices of digital assets had been above their value, calling the bearish trend ‘a correction’.
Addressing Jordan Belfort’s comments on cryptocurrencies being a scam, something that he proved claiming to have been a ‘scammer himself’, Yusok said that:
“The fact that people are looking to Belford and say ‘Well, he’s a bad guy, he did bad things, so I should trust him’? Absolutely nonsensical.”
Ethereum is “the www. Of the TrustNet”
Mark W. Yusok also defended the importance of blockchain technology and cryptocurrencies, comparing them to 1993/94 internet and how Google only existed as a concept that time. According to him, Ethereum will create the ‘TrustNet’ by 2024, similar to the internet protocol suite that was required for creating the World Wide Web. He noted that:
“The internet in 1996 created an opportunity for us to digitize information….Then the mobile net really allowed us in 2010 to start thinking about the digitization of commerce. If you think about the Internet, the protocols themselves – TCP/IP, HTTP, SMTP – those are the things that enabled us to have all these wonderful creations, smartphones that we all live by. And that’s what Ethereum is – the protocol that would allow us to create a TrustNet.”
Yusko also believes that, unlike the internet protocol suite, whereby the value of money is in the developed applications, Ethereum is different because it captures most of that value, making it very profitable. Alongside other blockchain projects, the Morgan Creek executive thinks that Ethereum is going to become the world’s biggest asset in the next decade.
“Five of the ten biggest companies in the world today aren’t really standard corporations,” Yusko said, “they are networks. And the power of the network is really what we’re talking about.”
You can see the video here: