Coinbase Protocol Lead Envisions 8 Billion People to Shift to On-Chain in Next Decade
A report issued by the Coinbase protocol lead Jesse Pollak revealed that crypto adoption will immensely increase in the next decade. The executive forecasted that a larger population would transition to on-chain protocols.
Speaking at the Ethereum community conference (EthCC) in Paris, Pollak expressed optimism that the crypto space would gradually grow. Even though the on-chain sector has failed to onboard more than 10 million people, Pollak believes that in the next decade, 8 billion people will migrate to the on-chain sector.
Coinbase Protocol Lead Projects More People to Move to On-Chain Projects
In his projection, the executive mentioned that technology will significantly impact people’s lives. Pollak envisioned most people depending on the on-chain platform would enable people to easily assess similar products and services anywhere in the world. The executive labelled the main feature of on-chain service as “fundamentally global by default.”
A recent study by the United stated demonstrated that by 2030 the world population would reach 8.5 billion. This illustrates that if Pollak’s projection materializes, the 8 billion would represent today’s population.
However, Pollak’s projection might be limited by the growing numbers of non-internet users. According to Statista, there are 5.18 billion internet users worldwide. This implies that a third of the world’s population is not connected to the world wide web. In contrast, two-thirds of people rely on the internet for real-life activities.
Coinbase Invest in Mainstream Adoption of Cryptos
Citing a recent court filing, Coinbase, the largest crypto exchange in the US by daily trading volume, completed approximately 8.4 million monthly transactions in Q1 of 2023. The report illustrated that Coinbase’s monthly transactions dipped by 9% from last year.
Besides the drop in transaction activities, Coinbase announced plans to onboard 1 million people to the crypto sector.
A few months ago, Pollak led the Coinbase team in launching an Ethereum-powered layer 2 scaling solution, “Base platform.” The launch of Coinbase Base aimed at supporting the firm to bring 1 million people to the crypto sector.
In an earlier interview, Pollak shared the main objective of the Coinbase Base protocol. Referring to the Coinbase thesis, Pollak mentioned that the Base protocol aims to reduce transaction costs and improve the network’s efficiency by leveraging Optimism OP Stack.
The executive admitted that the Coinbase upgrade aimed at enabling the user to do different tasks on the Base platform. He added that Coinbase plans to create more user opportunities by introducing new features.
Factors Contributing to High Crypto Adoption
Pollak’s report demonstrated that Coinbase will not only major in the buying and selling of crypto assets, the exchange platform also plans to launch music, art, gaming, and other consumer products.
In his July 19 prediction, Pollak revealed that more focus will be on blockchain technology. Even though the crypto sector suffered from last year’s market uncertainties, Pollak remains optimistic that blockchain technology will be a “nascent corner” in the financial industry.
The Coinbase announcement validated Deutsche Bank 2020 research findings. With the exciting growth of the internet, the Deutsche group renewed hopes that crypto will transcend cash. The bank predicted that the number of crypto wallets will increase to 200 million in 2030.
The bank prediction mirrors the recent move by the key market player in the gaming and nonfungible token sector. Most influential players in the digital industry have geared up to push for crypto adoption.
The commendable contribution to push for mainstream crypto adoption has brought positive changes to the digital sector. In March, Citi Bank announced that the mass adoption of crypto was around the corner. The bank stated that tokenizing conventional assets and adopting central bank digital currencies (CBDC) are the main contributors to the push toward mass adoption of crypto assets.
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