Crypto has a chance to upgrade the legacy financial system By Cointelegraph

Crypto has a chance to upgrade the legacy financial system


Crypto has a chance to upgrade the legacy financial system

If (BTC) was born in response to the systemic failures laid bare by one global financial crisis, then the subsequent rise of various decentralized networks can be seen as differences in opinion on the best way forward. All are in agreement that the existing financial system is broken, but are slightly at odds in terms of how to fix it. In a sense, each of these networks represents a new, if partial, vision of what could make for a better system.

For instance, we’ve seen Celo leverage cryptographic tools and mobile phones to put financial instruments into the hands of the world’s unbanked. We’ve seen Compound reduce friction in financial markets, replacing it with speed, efficiency and openness. And we’ve seen MakerDAO manage to keep something of a stable peg by way of incentives rather than physical backing. In a way, each new project represents a new and different take on what the financial system can be — or even what it should be.

Diogo Monica is a co-founder and the president of Anchorage. Before co-founding Anchorage, Diogo was the security lead at Docker — an open platform for building, shipping and running distributed applications. He has a B.Sc., an M.Sc. and a Ph.D. in computer science, has published several papers in peer-reviewed security conferences on the topic of distributed systems and information security, and is the author of several patents in secure communications, encrypted hardware and payment systems.

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