Industry Analysis

Conflicts that will shape the Blockchain industry in 2019

Crypto enthusiasts and those who oppose it

A few years back cryptocurrencies were considered to be nothing than a bubble or a fast way of make money. Out of the individuals who entered, some die-hard crypto evangelists were born, who always tried to keep the public´s interest in crypto and Blockchain technology. Some opposed everything cryptocurrencies stood for like the JP Morgan Chase bank along with other financial institutions as well.

The cryptocurrency market has been evolving for years, and it is these specific changes that has brought forth this kind of crypto sphere today. The market has evolve over the years and is now going into the direction of consulting and account-based businesses, with the introduction of many firms taking Blockchain development seriously. There is now a huge influx of companies, Governments and Institutions that are ready to spend millions to billions of dollars on Blockchain development and deployment. With more decentralized exchanges, utility tokens and security tokens on the way.

The focus on ICOs grew last year in popularity which most quickly saw was not worth the process for the required Blockchain results. The Blockchain space still has a stigma or reputation problem, because of the large amount of hacks and scams being reported. However, this has been pushing the industry to evolve to become more resilient in the financial system. While the terms Blockchain and Distributed Ledger remain interchangeable there are some differences in its implementation.

Adoption and Market capitalization

Decentralized platforms like Ethereum have been pushing out large amounts of Dapp´s for users on the market. Which has earned it a market capitalization of approximately $131,000,000,000, with a spread of over 2000 crypto assets.

There are a lot of great things expected to come forth in the crypto sector in 2019. The industry is not currently using the best metrics for the valuation of the space however. One is the multiplication of circulating tokens along with the price mechanism, which is not an accurate metric. Today there are more than 15,000 venues that accept Bitcoin worldwide, with popular Ethereum decentralized exchanges having just over 700 daily active users.

The ideologies of individuals and Product markets

Along the years the internet has seen the changes of the Web (Web 1.0), which was the first World Wide Web. Then saw the introduction of the Web 2.0 that came with a accessibility, versatility and more user friendly content that proved useful for daily lives. Web 2.0 is well known for its contextual advertising as its revenue model.

The internet has now been shifting into the new wave of Web 3.0 developments, which is proving to be a phenomenal development. The Blockchain Technology that bitcoin has introduced is at the forefront of this amazing value transition. Users can now retain full ownership of their data and assets without the need for a central party. The development of Web 3.0 is expected to start showing light this year, to make Web 3.0 companies move into a more profit-oriented phase in the global financial market.

Blockchain projects today are busy smoothing out the road towards Web 3.0, These applications are similar to Web 2.0, but with the benefits of the Blockchain and cryptocurrency applications. Making it into a internet based economy with its own decentralized currencies.

What are your thoughts on these developing conflicts that is set to shape the Blockchain industry in the years to coming? Feel free to leave a comment down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

Comments are off this post!