Todd Morley, a co-founder and former executive of investment powerhouse Guggenheim Partners, has said that Ethereum has “much higher utility” than Bitcoin.
Speaking to Bloomberg TV on Monday, Morley said Bitcoin is “a thing,” but “Ethereum to me has a much higher utility through smart contracts.”
Any industry that doesn’t have a technology strategy to digitize is “going out of business,” according to Morley. He gave an example of the insurance industry and said that such industries should better have a technology strategy, or “suddenly something shows up, and your walkman looks like an abacus.”
Blockchain technology is moving very fast into other parts of the world, according to Morley. He said app developers on Ethereum, for instance, are growing at 20x for six years straight, “much much faster than Moore’s Law, so that’s where the action is.”
Moore’s Law is the observation made by American engineer Gordon Moore in 1965 that states that the number of transistors in a dense integrated circuit doubles about every two years. In other words, the speed and capability of computers will increase every couple of years, and people will pay less for them.
Morley said the large-scale deployment of Ethereum’s utility function and access to assets “hasn’t quite happened, and so we’re hoping to be leaders in that.”
Overline.Network
Morley is currently the chairman of the blockchain project Overline Network, which is building a wireless protocol. Overline, formerly Block Collider, is an interoperability protocol that can connect all blockchains, including bitcoin to decentralized finance (DeFi), allowing users to move and trade freely, according to its website.
Earlier this year, Overline launched its decentralized marketplace called Interchange that claims to enable collateral-based trading across multiple blockchains without wrapped tokens or gas fees.
The Overline Network has two coins of itself: Emblems (EMB) and Overline (OL). EMB is an ERC-20 token that provides block rewards to Overline miners that stake them, whereas OL is to Overline what ETH is to Ethereum, according to Overline’s website.
As for Overline’s business model, Morley said that the project would make money as OL’s usage and value increase over time. Further, as the world moves farther into tokenized assets, one can utilize a digital asset, according to Morley.
It is one of the reasons why Overline, along with the real-estate development group JDS, is building a new blockchain tower in New York. The tower, at 111 West 57th Street, will include “the world’s largest NFT museum,” said Morley.
“So that’s kind of the utility function inside a building rather than just owning bricks and mortar,” said Morley. “We think that Overline will be the progenitor of many projects that people can own.”
Morley also spoke about the crypto market’s price swings during the interview, and said “it’s still a very small market, so it’s illiquid,” and that’s just “typical of a young market.”
But the utility function of the crypto market, the way to connect people, and the way to create new levels of access is “really spectacular,” according to Morley. “We think it’s going to be a very very positive development for the world,” he said.
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