Sergey Brin, Google’s co-founder and the President of its parent organization Alphabet Inc, has admitted to mining Ethereum (the second overall digital currency in terms of market cap) with his 10-year old son, and was full of praises for the potential of blockchain and allied technology. The Blockchain Summit hosted at Morocco saw Brin make a surprise appearance and the billionaire spoke on the potential blockchain technology holds that can benefit the world and society.
— Michael del Castillo (@DelRayMan) July 8, 2018
Brin also gushed about the immense potential of zero-knowledge proofs as a transformative kind of technology and said that he found them absolutely “mind-boggling”. A principle of cryptography that can very well turn existing systems on their heads, zero-knowledge proofs allow for proving something without revealing the underlying evidence.
As Neha Narula, another speaker at the event explained, “Basically, you will be able to prove that something is true, without revealing the reasons for why it’s true. So to prove you’re 21, you don’t have to show the official documentation that you’re 21.” Narula, working as the director of the Digital Currency Initiative under the MIT Media Lab, emphasized on zero-knowledge proof as one of the most intriguing and promising forms of blockchain technology solution in a not-so-distant future.
In a letter to Investors some time ago, Brin himself had linked the mining of Ethereum with the recent “boom in computing”, propelling the sector to something he called a “technology renaissance”. However, despite Sergey Brin’s public appreciation for blockchain technology and cryptocurrency, Google has yet not lifted its ban on crypto ads that had been recently put into effect. However, many other tech giants have realized that the future we are looking at would invariably involve a great deal of blockchain technology and have begun to embrace its potential, albeit cautiously. Facebook, for example, has recently appointed a new engineering director for their blockchain department and has withdrawn its ban on crypto ads, allowing pre-approved ad regulated advertisers to join the fray.
The Morocco Summit also saw several other notable people speak on the growing potential of this space. Former SEC Commissioner Annette Nazareth stated that regulators were well aware of the fact that blockchain technology presented a “tremendous opportunity” and that the regulators accepting that Bitcoin and Ether are not securities is a step in the right direction. While Jim Newsome, the former Chair of CFTC, agreed with this viewpoint, he remained convinced that more time would be needed for adequate regulations to be framed. Elizabeth Stark of the Lightning Labs also spoke on the future prospects of the space and about the lightning network technology. As experts are convinced, the digital space seems to be headed for the stars.