London, UK, 7th August 2021, ZEXPRWIRE – Vincent Koston, a broker from FinancialCentre sheds light on the history by saying that in the year 2016, we saw a surge in cryptocurrencies. That was the time when people were starting new blockchain projects left and right and there was all sorts of excitement around this new technology. The total crypto market cap back then was under $20 billion and that is considered to be an insane amount for a nascent industry today.
As with any technology that is new, it has to go through a curve. The first generation of cryptocurrencies was all about being decentralized and trustless with anonymous participants. People were getting excited because they thought this tech can potentially disrupt traditional financial systems and change the way we think about money in general.
But, the initial excitement came with problems. We are talking about security issues, crazy pump and dump schemes, scams, and a lack of user friendliness. The use cases were also limited and most people who got into the scene did not know what they could do with cryptocurrencies in the first place.
We saw the market cap dropping down from $20 billion to just over $3 billion in 12 months! The crash happened because the market woke up to these issues. Investors and newcomers wanted projects that had a team behind them, real use cases, clear benefits over traditional systems, transparent vision and solid tech.
And that’s what we have right now. We have hundreds of good teams out there making great products for this industry; all sorts of companies whose mission it is to bring the blockchain technology to the masses.
Market cap of cryptocurrencies increased from $3 billion in January 2017 to over $600 billion at the beginning of 2018! That’s a 7x increase in total market cap and it happened because we saw real utility, real vision, and truly transparent companies being built by top-notch teams.
Now, we are in the year 2021 and we believe that there are projects on the horizon that will take blockchain technology to the next level.
Here are a few of them:
Uniswap: First decentralized and trustless cryptocurrency exchange protocol. Allows anyone to build their own crypto exchange powered by Uniswap protocol without any hassle. Enables trustless connections between peers and allows anyone to become a market maker.
Bitcoin Cash: If you haven’t heard about Bitcoin cash – don’t be fooled by the name! It’s not related to Bitcoin in any way. It’s the best digital currency for payments out there right now. Great team behind it, very fast transactions with low fees and everything that makes Bitcoin useful.
Polkadot: Very unique project that connects all blockchains together as a single network with the ability to exchange any token on-chain instantly and without any third parties. This means that you will be able to trade cryptocurrencies in real-time directly from your personal wallet without having to go through gatekeepers or any other intermediaries.
Ripple: This is the payment protocol that banks and financial institutions use to send money around the world instantly with very low fees attached. They have developed a blockchain technology that works perfectly for slow and old-fashioned companies like banks as it has no unnecessary features or clutter but it still keeps decentralization at heart.
Cardano: This is a true 3rd generation cryptocurrency that has all the features of Bitcoin, Ethereum and smart contract platforms built into it. It’s very fast, secure and future-proof. Cardano team aims to make it the best platform for smart contracts by adding layers on top based on academic research in cryptography and trusted computing systems.
Blockchain technology will become ubiquitous in 2021 and we believe that the projects above are some of the ones that will help it get to that point.
Cryptocurrencies will become fully integrated into our lives; we’ll pay bills with them, store value in them, use them for buying stuff from merchants and even betting at online casinos!
It’s very easy right now to think that it’s all a bubble and cryptocurrencies will disappear as quick as they appeared. But, we believe that new innovations which are being built right now will have more impact on our lives than anything else in the last decade.
And here is why:
Gaming industry has always been an early adopter of emerging technologies and it will adopt blockchain technology as well. This new development will give us access to games that are provably fair, allow us to gamble anonymously in online casinos or play lotteries with very low house edge (if any).
Most crypto tokens today have poor usability. They can’t be used in everyday life because their underlying value is poorly linked to any real world use-case. We believe that crypto tokens of companies which have a clear utility will be the most successful in 2021 as they will be accepted and used by an ever growing number of retailers, merchants and service providers.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.