You can be assured crypto believers. Anatoly Yakhenko predicts that blockchain technology, which is a dramatic change from the current financial system, will be adopted in the US.
As soon as Congress approves a bill for stablecoins.
“There is just a massive regulatory roadblock right now,” He says. Solana’s co-founder, speaking on the 1,000X podcast (Spotify/Apple), says: “Everyone knows this technology is better. It’s easier. All the APIs are easier.”
Yakovenko compares merchant experiences with services such as Stripe and PayPal. The old system is slow to get started. “a pound of flesh and a firstborn to deal with the mess,” “He says”
Merchant experience “sucks” Yakovenko says that crypto-technology is easier to set up than traditional technology. “I just generate an address with a private key and I’m good to go,” “He says”
Yakovenko pointing to the “bizarre” The nature of the system for credit cards as an example. “When I do a credit card transaction, it’s equivalent to me sharing my private key with the merchant.”
“Then there’s this massive process to figure out if…somebody stole the private key in the process and did an invalid transaction,” He laughs. “You step back for a second and you’re like, What? Who built this?”
“If and when we get a stablecoin bill,” “He says” “and we can start actually using these technologies, I think it will explode.”
“Your bank accounts will take USDC deposits across a bunch of networks, just like exchanges do. People will forget about wires and all this other stuff.”
‘There’s just no way that would fly’
Yakovenko believes that Solana is the best network for stablecoin use, because “it’s cheaper and faster” Blockchains such as Ethereum are more secure than other blockchains.
“I don’t see Congress being super supportive of something that increases financial costs for the majority of Americans,” “He says” “Something in Solana definitely will decrease it.”
Yakovenko gives the example of a trade that costs $0.05 for a multiple-route on Jupiter. Jupiter is a swapping aggregater on Solana. “It can touch 50 different markets and find you the most liquidity across a bunch of markets for $0.05 without incurring any additional fees.”
Yakovenko gives Visa as an illustration of a financial giant that’s dabbling with optimization using crypto technology. For any blockchain solution to work at a satisfactory level, credit card checkout times have to be fast — completed in under two and a half seconds — he says.
He adds that cost is also a big factor. Being a “profit-driven company,” Yakovenko says that Visa wouldn’t implement blockchain-based services that would increase the fees. “There’s just no way that would fly.”
“Everyone should intuitively agree that finance is moving numbers around computers,” “He says” “It’s a regressive tax on the entire economy. It should be as cheap as possible. Like, that’s a win for the entire world if we reduce those costs.”
Yakovenko still says that it will be hard for crypto technology “go mainstream” in America until “some actual stablecoin legislation” The system is now in place. He says it will come.
“They’ll do everything else before they do the right thing. But eventually, they’ll do the right thing.”
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