“I think now it’s like stepping back 25 years ago when people started wondering what the internet is and how it will affect our lives; there were objections mainly from more traditional organizations,” explained Idan Ofrat, co-founder and CTO of Fireblocks, whose company provides a platform for custody, transfer and settlement of digital assets, arguing that opinions on blockchain and web3 reflect those internet skeptics of the 1990s.
He continued, “Some of them said they didn’t want to have anything on the internet, and some of them said they wanted something in between, they called it the intranet. Now my 8 year old doesn’t even know what the internet is. Everything is internet. When she goes online, she sends text messages to her friends on WhatsApp or when she watches content on YouTube, she uses the Internet as the underlying infrastructure.
Ofrat predicts that in 5-10 years there will be a new layer of the internet called web3 that will house financial services provided by companies like Fireblocks. “I think some organizations are either afraid of this change and are against it for the wrong reasons, or some of them have a pretty good case for regulation. But that will also change. We are also trying to make regulators more comfortable with the technology,” he concluded.
You can watch the entire exchange in the video above.