Will Google stop using links as a ranking factor?

Will Google stop using links as a ranking factor?

In a recent interview with John Muller of Google, he stated "links aren't the most important thing on the web" and when asked if they would stop using links as a ranking factor he said "I don't know, maybe we will". He also said that there are many ranking signals.

Does this mean that we can expect link value to decrease in the future? If so, how will sites be ranked? Social media is good but it still relies on links. Perhaps they will evolve into a brand/mention style to rank a site?

What do you think?