04.03.2024

Ethereum and blockchain will improve the lives of ordinary people

Billionaire Mark Cuban is quickly becoming an ardent fan of the cryptocurrency world. The day before, he gave an exclusive interview to the news outlet Decrypt, in which he focused on the potential of Ethereum and smart contracts.

In his opinion, this ecosystem may well change the world of the future and the services that are now popular in the field of information technology.

Recall that the Ethereum blockchain is really distinguished by the active use of smart contracts and is the most popular in terms of the intensity of their use. In fact, smart contracts are software code that runs on the blockchain. They perform the functions provided by the developers in advance. However, since all this is done within the blockchain, each participant in the cryptocurrency network can use a smart contract and get the desired final result.

Moreover, all this will be provided regardless of his views, the size of the balance on the cryptocurrency address and other variables. Equality of participants and the continuity of smart contracts are some of their key features.

In mid-February, Mark Cuban already praised Ethereum and named the main advantage of this blockchain over the Bitcoin network. It just became the massive popularity of smart contracts within this network.

So now the billionaire continues to praise Ethereum. The day before, he appreciated the advantages of different protocols within this blockchain and was amazed at the situation. Now he has shared his experience with the others.

Ethereum benefits

Cuban admires the «simplicity of smart contracts» and their implementation on the Ethereum blockchain. If this area continues to develop at the same rate, large SaaS companies may face problems, the investor said.

Recall that SaaS or software as a service is a form of service in which ready-made software is provided to service customers, while fully serviced by the provider.

Here is a quote from Cuban in which he shared his opinion on what is happening. The cue is from Decrypt.

All of these SaaS companies could be on the brink of collapse. Imagine a universal accounting system where you have independent accountants who can operate on a decentralized basis and reconcile across the same ledger [blockchain].

And that’s not all – blockchain will find wide application in almost every area of ​​human life, including healthcare. In particular, we are talking about insurance of people against accidents that can be confirmed using smart contracts. According to Cuban, once the corresponding record remains on the blockchain, the insurance company will have no options to «get out» from paying compensation to its client, as is often the case with conventional contracts.

Here is a quote from an entrepreneur.

Imagine that within the health care system you have a claim against an insurance company and they want to reject it. And while the insurance company, claims evaluators – or validators, in fact – want to reject your claim, you know that they do it on purpose and out of unwillingness to pay. Now imagine if you had many validators. Now, all of a sudden, if they all independently have to validate this block and this transaction, you’ve changed the course of the game. Now you go to the hospital and you know that you will receive a fair treatment – as opposed to the same insurance company, which will look at the drug you want and say no.

That is, Cuban makes it clear that decentralization in such services will benefit people, since they will no longer depend on a single center that makes decisions. In this case, they can really count on fair treatment in any area. It can be both medicine and insurance, finance and other niches.

Here is a transcript of a conversation with Mark. We recommend that you watch if you understand English by ear.

In general, the billionaire sees even more potential in Ethereum than in Bitcoin. Here is his line.

Bitcoin is kind of stuck on the fact that it is only a store of capital. It exists simply to confirm the transactions that occur with the purchase and sale of bitcoins. Ethereum has a more flexible application, taking into account smart contracts. I started learning the Solidity programming language myself to better understand it.

Mark Cuban billionaire

Mark Cuban

At the same time, Cuban will continue to invest in Bitcoin, as he did before. The main cryptocurrency, in his opinion, «is still better than gold.» And in any case, the very fact of owning Bitcoin, Ethereum or other cryptocurrency makes a person less dependent on the traditional financial system. And this in itself is worth a lot.

Note that not only Mark hinted at the slow development of the first cryptocurrency and the limitations of its capabilities. Last week, representatives of the FD7 Ventures cryptocurrency fund from Dubai revealed that they plan to get rid of more than $ 750 million BTC in March this year. They will spend the money received on Cardano ADA and Polkadot DOT tokens.

Here is a line from FD7 Managing Director Prakash Chand in which he shares his attitude to the market.

Apart from the fact that Bitcoin was the first cryptocurrency on the market and the public saw it as a store of value, I think BTC is actually pretty useless.

We believe that Mark Cuban’s comments are indeed valid. Younger blockchains offer more opportunities for their users, and support for smart contracts makes cryptocurrency networks applicable to almost all spheres of human activity. Therefore, these statements should not be taken as criticism of Bitcoin. Rather, it should be treated as a confirmation of a bright future for a world with massive use of cryptocurrencies and blockchain. Alas, some still doubt this.

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