‘Crypto is Entering the Tech Mainstream’ – Coinbase CTO, Balaji Srinivasan
Coinbase CTO – The chief technical officer at Coinbase, Balaji Srinivasan, said crypto is entering the tech mainstream.
“Sundar Pichai & Sergey Brin’s sons are both mining crypto; Facebook is doing blockchain; Square open sourced some nice cold storage code; Microsoft, Amazon, Google Cloud all have blockchain efforts; crypto is entering the tech mainstream.”
The cryptocurrency and blockchain sector have shown progress in terms of institutionalizing an emerging asset class, improving market structure, and strengthening the underlying technologies of cryptocurrencies since early 2018.
The blockchain as a data processing technology enables the segregation and storage of data in a series of blocks in a peer-to-peer process. Understanding the necessity, structure, and decentralized nature, an increasing number of institutions and enthusiasts have started to mine cryptocurrencies that support major blockchain networks.
Google co-founder Sergey Brin and CEO Sundar Pichai have publicly said their sons have been mining ETH, the native cryptocurrency of the Ethereum blockchain protocol.
Pichai said that his 11-year-old son understood the concept of Ethereum and consensus currencies better than fiat currency.
“Last week I was at dinner with my son, and I was talking about something about bitcoin and my son clarified what I was talking about was ethereum, which is slightly different. He’s 11 years old, and he told me he’s mining it. I had [to] explain to him how paper money actually works. I realized he understood ethereum better than how paper money works. I had to talk to him about the banking system, the importance of it. It was a good conversation.”