Ahead of the first White House Crypto Summit, which he attended alongside other web3 industry leaders, Chainlink co-founder Sergey Nazarov joined Fox & Friends’ Carley Shimkus to explain what cryptocurrency and blockchain mean for the average American.
“Crypto is the next version of the internet,” Nazarov said.
He anticipates a significant increase in global efficiencies will follow the shift from internet to blockchain, just as it followed the shift from paper to internet.
“Going onchain is the new online.”
He described cryptocurrency as blockchain’s earliest use case, just as email was the defining use case for the nascent internet.
“Most people would have known about the internet from the point of view of email, but the internet was actually about many more things than email,” he explained.
“It’s the same thing with the crypto world. Ownership, communication – all digital relationships will eventually be powered by this technology, because it’s better and more efficient.”
One of the biggest advantages of blockchain technology is the advent of cryptographic guarantees that eliminate information asymmetries and give owners direct control over their assets, creating what Nazarov envisions as the verifiable web.
“I would just think about it as the new version of the internet – the entire internet will be powered by this technology and you will be able to own things through it, and when you own things there you control them.”
During the White House Crypto Summit, President Trump expressed support for new stablecoin and market structure legislation alongside an executive order to establish a strategic Bitcoin reserve and digital asset stockpile as a “virtual Fort Knox for digital gold.”
At the summit and in meetings with Representative Bryan Steil and Counselor to the Secretary of Treasury for Digital Assets, Tyler Williams, earlier this year, Nazarov asserted his belief that the path to American leadership in blockchain adoption is through tokenizing U.S. assets onchain.
“I think this administration’s focus is on America being a leader in every market that it’s in,” Nazarov told Shimkus. “Holistically, the point of the summit, I think, is to figure out: how does the U.S. acquire a leadership position globally in this new trend?”