The creator of the EOS blockchain platform, Daniel Larimer, has told CNR that blockchain technology will only reach mass adoption when it becomes invisible.
Following his Keynote presentation, ‘Secure Your Business With Blockchain Technology’ at the recent Blockchain Live event in London, Daniel Larimer took a few moments to chat with CNR about the current climate for dApps, EOS, and Blockchain Technology as a whole.
Having put across what he described as a “high-level pitch” for a three-pronged system to secure information on a decentralised web – involving hardware keys; blockchain based services; and the human-readable, cryptographically secure, Ricardian contracts that his team has recently added to the EOS.IO platform – “The bottom line,” Larimer had told a packed room, ” is that Blockchain is just a fundamentally better architecture. A more secure architecture, more accountable architecture.”
Afterward, we began by asking him about the relatively low current adoption numbers for dApps based on his own plaftorm and Ethereum, and what may change that. His response was a bullish sentiment that “Blockchain will be heavily adopted when people no longer talk about blockchain,” and that “all businesses will be using the blockchain in the future.”
“To get from where we are today to there,” he says, is “a matter of getting the existing businesses and existing proven business models to upgrade their software to use blockchain give users greater security.”
And it’s this role in presenting a more secure version of the services that we have now – that are safe from financial and identity fraud – that he sees as an essential use case for his platform going forward.
“Banks lose hundreds of billions of dollars every year to fraud, either from inside or outside,” he told us. “The biggest use cases are actually coming from the businesses which have these huge liabilities adopting the blockchain… Then their customers are going to benefit from it automatically and transparently.”
“The other big use case is eliminating the need for constantly changing your password – or complex passwords – because that actually makes things harder for users. When people start making things easier, when blockchain actually makes people’s lives easier and more secure, that’s when it’ll get widespread adoption.”
EOS, which famously raised an eye-watering $4bn-plus by the time it closed its ICO earlier this year, has already pulled ahead of Ethereum in some metrics regarding the use of decentralised applications. However, in the process it has highlighted some of the features that have simultaneously attracted and put off varying sub-sections of the crypto community, such as the ability to withdraw and edit smart contracts.
Indeed, earlier in the day, Nick Szabo – one of the originators of the smart contract concept – took what appeared to be a side-swipe at platforms like EOS by describing their pursuit of computational scalability (the ability to deal with more transactions) at the expense of trust-minimisation as a “penny-wise, and pound-foolish” approach to implementing the ethos of cryptocurrency that ultimately sacrifices social scalability. “You want a really secure, trust-minimised, blockchain,” Szabo asserted, “Social scalability gives you much more value than computational scalability does… Blockchain should be the armour, not the fins. We’re trying to build the Brinks trucks of the future, not the race cars.”
Larimer is far more pragmatic, however. “It doesn’t matter what blockchain you’re on,” he asserts, “you’re trusting the website that you’re downloading the wallet from.”
This goes some way to explaining his drive towards updating security, as “by moving to hardware devices, you know that you’re sealing the key itself – you know that if you throw it in a volcano it’s not going to sign anything anymore.”
“So far, the early adoption of Bitcoin and cryptocurrencies,” he concludes, “is very philosophical”
“It’s inherently limited to people who actually believe in the cause. That’s true with all early adoption. It’s true with electric cars. It’s true with blockchain.”