Opinion: Ethereum and its scaling chains are going to permeate traditional banking — from savings accounts to retirement portfolios.
Ethereum is often depicted as traditional finance’s adversary in a Manichean struggle for decentralization. In reality, there isn’t any conflict at all. Rather than subverting the traditional financial sector, Ethereum is improving it. Soon, the two systems will be inextricably entwined.
To be sure, Ethereum will never replace traditional contracts or legal authorities for mediating disputes. What it promises, with its inviolable and unbiased code, is to prevent countless disputes from arising in the first place.From Celsius to FTX and Silvergate, the events that led up to “crypto winter” speak more to the shortcomings of traditional finance than to the failings of crypto. In each instance, the classic principal-agent problem was worsened by lax oversight and overcentralization.
The future of Ethereum is not permissionless. Identity-based permissioning will be standard fare, but so seamless as to be practically unnoticeable. With the, state censorship will be a serious concern. Laws restraining governments from arbitrarily freezing digital assets will gather significant political momentum.
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