Industry Experts

MIT postgraduate engineer: Only 10% of humans will need physical cryptocurrency interaction in the near future

In 20 years, only 10 percent of humans will need physical cryptocurrency interaction. This is according to Rhett Creighton, an MIT postgraduate engineer.

The engineer’s sentiments were first reported by CryptoGlobe, a crypto news outlet. Creighton has in the past participated in the coding of some aspects of Bitcoin and other blockchain platforms like Zclassic and Bitcoin private.

After coming across a number of mechanism in use today, the engineer noted that the implementation of the Proof of Work mechanism on the Bitcoin blockchain surpasses any other implementation of the same mechanism in terms of security.

Rhett notes that the security of a blockchain platform, especially those using the Proof of Work mechanism, is greatly undermined when the hashrate drops and the algorithm employed is one meant to accommodate a higher hashrate.

On why he thinks humans will have minimal physical cryptocurrency interaction, Creighton told CryptoGlobe:

…In 20 years, the GDP of the planet will be 10X what it is today measured in ounces of gold or some long term store f real value (obviously not measuring n fiat dollars, which will go to zero). The economy will be 90 percent machine driven. Humans won’t be required to [have physical cryptocurrency interaction or] to have jobs if they don’t want them.

For the engineer, the management of private keys “will be a task mostly for machines and large decentralized organizations.”

Creighton’s views come at a time when Rovolut, a mobile finance application, has unveiled a functionality that enables for automatic exchange of fiat and crypto.

According to Revolut:

Your money will only be exchanged when the stars align and the markets work in your favor, automatically giving you the most bang for your buck.

Do you think limited physical cryptocurrency interaction by humans has already kicked in with the rise of bots?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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