An internet-driven economy held together by bitcoin (BTC) is on its way, with a “BTC-based economic system” to surface “in the next 20 to 30 years with almost no doubt,“ says an industry insider.
The claims were made by Knox founder Thibaud Marechal, the former head of portfolio services at Real Ventures, in an opinion piece for media outlet Bitcoin Magazine.
Marechal claimed that “Bitcoin native companies are creating massive economic upside potential for a new internet monetary layer” and would work on “building an economic system” with BTC at its center over the next two-three decades.
He opined that a layer that has already been built on top of the Bitcoin network – the Lightning Network protocol (LNP) – will couple with the original Bitcoin protocol (BP) to play an integral role in the blockchain’s evolution into its new incarnation as the internet’s go-to currency.
“LNP/BP are joining the ranks of other open network protocols akin to TCP/IP. The BP has movable units of scarce value that can flow within its network, similar to IP. The LNP acts as a second layer built on top of BP, which permits nearly instant, cheap and anonymous exchanges of data packets on BP, similarly to how the TCP does it with the IP.”
The consequences, he opined, would be far-reaching and would put BTC at the forefront of a new economic revolution that would eventually leave the traditional banking sector in the shade.