Monitoring the evolution of blockchain by Eos Network Foundation exec
Over the last ten years, the blockchain space has undergone a remarkable transformation, from a technology primarily associated with Bitcoin (BTC) to a multifaceted ecosystem powering industries beyond finance.
What started as a decentralized ledger for cryptocurrencies has now grown to include smart contracts, non-sniffing tokens, decentralized identities and other innovations in gaming, supply chains and even artificial intelligence. This change highlights the growing role of blockchain in shaping the future of the digital world.
In the latest episode of Cointelegraph Decentralized, host Savannah Fortis explores the landscape of blockchain technology with Bart White, Chief Technology Officer of the EOS Network Foundation.
This episode explores blockchain's transformation from a buzzword to the technology that will revolutionize the future of decentralized systems.
From listener to utility
The early days of the decentralized space were characterized by high volume cycles, which focused on speculative investments and the rise of cryptocurrencies.
While this can be seen to some extent in today's industry, this initial excitement gradually turned into practical application as the technology developed.
“It's not just money. It's not just about Ponzi schemes or pump and dump schemes. All these things, also exist in blockchain. We cannot distinguish the good from the bad, but blockchain is a very powerful technology for this other set of goods.
Wyatt points to a key moment in this evolution – his work on the Omni protocol, which led to the creation of Tether USDT, a stablecoin that introduced much-needed stability to the volatile crypto market.
Projects like the EOS Network, in which Wyatt played a key role, highlight blockchain's transition from incentive to utility. Developers are focused on solving real-world problems like optimization, transaction speed, and management.
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While early blockchain projects had their limitations, White said, the lessons learned during these years of development have led to more robust and scalable platforms that can support decentralized applications that can transform industries from finance to gaming.
“When we go through these hype cycles, I think we sometimes forget that that message is out there and it's starting to resonate and that's what blockchain can do.
To hear more from someone at the forefront of this evolution today as blockchain technology moves across the industry, listen to Cointelegraph's full episode of Cointelegraph on Cointelegraph's podcast page, Spotify, Apple Podcasts, or your podcast platform of choice. And don't forget to check out Cointelegraph's full lineup of other shows.
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This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.
