Benedict Evans, a partner at the Andreessen Horowitz, a venture capital firm in Silicon Valley that invests in technology companies, said in his tweet that today’s crypto is much identical to the internet in 1993 and 1999. Benedict Evans went on saying that internet in the 90s had huge potential with just a few cases invented.
His tweet reads, “Crypto today has a lot in common with both the internet in 1993 and the internet in 1999. Huge potential with few of the use cases invented yet, amalgamated with froth, scams, and delusion, making it easier to dismiss.”
MIT Digital Currency Initiative Director on Crypto
Dr. Neha Narula, MIT Media Lab’s Digital Currency Initiative director, said that the crypto sector and the virtual technology are yet to be developed as to the 1990s internet. Few analysts, academics, and blockchain developers agreed to state that the blockchain market is in the earlier stage and have a long way ahead.
Dr. Narula thinks that DLT and the infrastructure are more similar to the 1970s development phase even before the IP/TCP protocol was acquired globally.
Benedict Evans also put a point to notice that at present there’re numerous blockchains with relatively nimble use cases. The positive news is that many upcoming startups are working on the ways to develop in order to have atomic swaps and cross-communication between various free blockchain networks.
Taking into consideration the technological obstacles, Benedict Evans believes that in order to lure investors into projects (that are un-achievable for now), a number of crypto projects use hyperbolized rhetoric. He further added that the crypto industry can’t move up unless and until the numerous ICO scams and blockchain hacks are properly labelled.
Co-founder Horowitz’ Viewpoint On Cryptocurrency
Not just Evans who shares the same thoughts, as the co-founder of Andreessen Horowitz, Ben Horowitz also compared the cryptocurrency to the dot-com era when it comes to adoption, growth, and development.
His words were, “It turned out that the dumb thing was it wasn’t to invest in the scam. The dumb thing was to give up on the internet because there were some stupid people in it. That I think is a big lesson from that era.”