Sami Sørensen, founder and CEO of metaverse provider IoTAL – and ex-Goldman Sachs and Deutsche Bank trading VP – is optimistic about the future of blockchain.
Blockchain is intrinsic to the future of the internet, Sørensen says. “Web3 is not about crypto. It is about data-rich physical and digital experiences,” he explains.
He predicts that Web3 developer jobs, using languages like Solidity and Rust will remain in demand as the internet evolves and smart contracts become the norm. “I assume that most corporates will build a web3 team with 2-10 dedicated developers”, Sørensen predicted last month. “That compounds fast.”
“Banks will compete with luxury, retail, and traditional software companies for a small pool of talent,” he says, pointing to the importance of smart contracts in a Web3 future.
Smart contracts are essentially “normal” contracts that know how to execute certain clauses when market conditions become favourable to them – Sørensen gives as a basic example a smart fridge. It can be programmed to order, on your behalf, more milk once it can sense that your stockpile has run out.
Solidity is vital to “building” smart contracts, Sørensen says. It’s based on the Ethereum “ecosystem”, meaning it’s attached to the cryptocurrency of the same name.
Sørensen points out that big brands are already staking their claim in the Ethereum ecosystem – Qantas, Etihad, Prada, Balenciaga, and Starbucks are already there, among others.
He says that smart contracts’ advantage is that they reduce friction. “It’s an automated process. It’s adding a lot of transparency to all stakeholders involved.”
And they also save time and labor – a major corporation, and especially a bank, has thousands, if not tens of thousands, of contracts ongoing at any one time. For example, under a smart contract, it can be easier to activate a particular cause to achieve a more profitable result.
Sørensen isn’t the only ex-Goldman guy who believes that what remains after the crypto meltdown will be blockchain. Sam Peurifoy, an ex-Goldman researcher, said in a blog post this week that “The implosion of centralized trading entities has little to nothing to do with the core software proposals that comprise blockchain [such as Ethereum] & Web3.”
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