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MoneyConf 2018: The Tokenisation of Everything, as Explained by Circle CEO Jeremy Allaire



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Jeremy Allaire of Circle, a peer-to-peer payments technology company backed by Goldman Sachs, spoke on the ‘Tokenisation of Everything’ today at MoneyConf in Dublin, the biggest fintech conference in Europe.

Allaire clarified for newcomers that the cryptocurrency space was far wider than Bitcoin, going on to discuss privacy coins, stablecoins, and tokens used to sell transactions between other currencies like Ripple and Stellar.

He divided crypto assets into three broad categories: stablecoins, crypto-commodities, and crypto-securities. He described stablecoins as a fundamental piece of infrastructure for the crypto-space, and went on to discuss what he refers to as crypto-commodities designed to consume or utilize some infrastructure, resource, or application.

“These are very very ambitious projects and represent the most powerful new computing infrastructure on the internet and in our mind we think of them sort of operating systems for the global economy.”

Allaire cites Ethereum as an example, describing such projects as “operating systems for the global economy.”

circle invest
Circle Invest, the company’s retail brokerage app, allows ordinary investors to purchase cryptocurrencies in increments as small as $1.

However, crypto-securities were what really grabbed his attention:

“In my mind we are at the very beginning of a ‘Tokenisation of Everything’ where every form of asset, every form of value storage, every form of important record becomes a crypto token.”

Allaire believes debt obligations, insurance policies, physical property, and even fiat currency itself will be represented with crypto-tokens in the coming future with contracts build around them creating interconnectivity with the global economy. Even decisions like votes will be tokenized, according to Allaire:

“We believe that the inherent benefits of an immutable, incorruptible, record keeping system like a public blockchain is a far, far superior infrastructure for making decisions and keeping a record of those decisions and keeping people accountable to those decisions so that it really fundamentally changes the nature of global civic society.”

“A lot of projects that have ‘ICOs’ are really just security tokens,” he added, “they’re offering a financial contract to participate in a business in some way.”

The Circle CEO voiced his belief to the audience that global marketplaces with regulatory clarity were needed for adoption. He went on to outline the fundamental role stablecoins will play in the mass adoption of crypto-tokens by allowing people to denominate assets in non-volatile fiat units that people are already familiar with.

Allaire finally raised the question of why we should tokenize everything, and answered his own question.

“Society deserves… record-keeping systems that are incorruptible from human corruption, that allow for automation within enormous areas of civic and economic activity that are really prone to error and corruption. Tokenisation of everything allows us to have fundamentally new avenues for sharing value globally…. in the same way that we can share information and content,” he said.

He also lauded the benefits of the transparency of blockchain systems where auditing is as simple as checking the database that cannot possibly have been altered, increasing user accountability.

Featured Image from Shutterstock

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Forbes Media today launched the beta version of it Forbes CryptoMarkets, in partnership with investment firm NewCity Capital and Trade.io, which suffered a hack that resulted in $7.5 million in cryptocurrency tokens being stolen from a cold storage wallet. Forbes Launches CryptoMarkets Data Portal for Tracking Crypto Prices Media powerhouse Forbes Media LLC, has unveiled a new cryptocurrency market and price data aggregation website, akin to CoinMarketCap. The new portal offers up-to-the-minute, comprehensive data on the top 200 cryptocurrencies by market cap. This includes trading volume data from 31 cryptocurrency exchanges, including Binance, Bitmex, and may other prominent names in the space. Forbes CryptoMarkets also includes content from interviews and articles from Forbes, as well as a “real-time newsfeed aggregating content from leading news organizations and companies.” Forbes will also leverage its unrivaled access to data to publish four different “CryptoMarket indices,” including the “Top Cryptocurrencies, Top 10 Global, Top 30 Global, and Top 10 Blockchain and dApps Global.” The initial offering of indices, Forbes says, are there to serve as an “informational tool” to demonstrate market trends, and will add more indices separated by “sector, industry, and cryptocurrency use-case” in the future. Forbes is launching the CryptoMarkets portal in a partnership that includes NewCity Digital Limited, investment firm NewCity Capital, and “next-generation financial institution based on blockchain technology,” Trade.io. Bad Timing: Forbes’ Partner Trade.io Hacked for $7.5 Million in Crypto Trade.io should be celebrating a successful high-level partnership with an American media mainstay like Forbes. However, the exchange and consultancy firm is currently licking its wounds after suffering an unusual theft of $7.5 million in cryptocurrency tokens. Trade.io confirmed via their Medium blog that a security breach had occurred, resulting in over 50 million in Trade (TIO) tokens being stolen from the firm’s cold storage wallets. The 50 million tokens are valued at $7.5 million at the current $0.15 price per TIO. The ongoing investigation has revealed that some of the TIO tokens had made their way to cryptocurrency exchanges Bancor and Kucoin, and the exchanges themselves are assisting Trade.io with the issue. What’s unusual is that the funds were stolen from the cryptocurrency exchange’s cold storage wallets, which are typically encrypted USB-devices or pieces of paper with private keys written down that the firm says it stored in safety deposit boxes – safety deposit boxes that the company says “were not compromised.” Regardless of where or how the tokens were stored, they somehow ended up in the clutches of hackers. Now the company is considering a fork of the TIO token codebase to render the stolen funds useless and preserve the price of the TIO token for other investors. The hack happened less than 24 hours before the publication went live with its announcement to launch the beta version of its CryptoMarkets product, in a partnership that involves Trade.io. Featured image from Shutterstock. The post Forbes Launches Crypto Portal, Partner Trade.io Hacked for $7.5 Million in Crypto appeared first on NewsBTC.

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