- Blockchain will progress, and Ethereum 2.0 might be the big red button which launches it off of dial-up and into broadband.
- Andrew Keys feels that Blockchain will play a pivotal role in the year 2020.
The managing partner of Managing Partner at Digital Asset Risk Management Advisors (DARMA Capital) Andrew Keys has done various inside look at the blockchain technology and how it is emerging lately.
He is also the former Head of Global Business Development at blockchain software powerhouse ConsenSys. He feels that Blockchain will play a pivotal role in the year 2020, and if it flourishes, it might also become the deciding future of cryptocurrency.
Have a look at the top 20 predictions for Blockchain in 2020:
1. Ethereum may be similar to a dial-up internet right now is but will soon become the equivalent of broadband.
The AOL may have become a household name, getting online for most required swapping tangled wired connections. Still, with a 14.4kpbs respect, intrepid retail consumers could browse the world wide web while transferring data at 1.8kbs per second.
This is quite analogous to where the Blockchain currently stands. However, as per the expectations, Blockchain will progress, and Ethereum 2.0 might be the big red button which launches it off of dial-up and into broadband. This year might witness what a decentralized future looks like.
2. There will be a breakup of Bitcoin and Blockchain.
Bitcoin is practically the patriarch of digital assets. Bitcoin confluences cryptography, peer-to-peer networking, and a consensus formation algorithm so that it can solve “the double-spend” elegantly.
As Blockchain reaches a scaling watershed, there’s one key differentiation that the world will come to acknowledge, which is the difference between Bitcoin, Ethereum and other decentralizing technologies.
3. The warning to fiat currencies due to the potential for global economic recession looms.
Economic uncertainty has been over the globe for years. Europe will most likely hit the recession first. Germany’sGermany’s Deutschebank is on life support.
The United Kingdom has been eating itself with Brexit for years. France is at a state of constant protest. The Spanish and Italian economies are drowning. The European Union is nominally a union, and the growing divisions will leave many nations vulnerable.
4. The U.S. will catch-up after China’sChina’s big play in crypto as well as Blockchain.
In January 2020, a new suite of regulation will come into effect representing a sharp about-turn by the Chinese government towards a pro-blockchain and cryptocurrency stance.
China’s central bank will soon test its digital currency in the cities of Shenzhen and Suzhou with four state-owned commercial banks. Countries like the United States will hence take a leading role in supporting blockchain development.
5. The march towards Ethereum 2.0
Ethereum developers have long back, proved their ability to work wonders. This decentralized team is literally on the verge of hitting ambitious roadmap targets which might help in the emergence of Blockchain for future success.
6. The solutions to Layer two scaling will help turbocharge Ethereum.
As the Istanbul hard fork rolls out, Ethereum is on its way towards 2.0 levels of scalability at layer one. How it will achieve this is a combination of steady upgrades to layer one network as well as the integration of layer two scaling implementations.
7. The Layers of the Web3.0 stack will go live.
A decentralized environment is more than just shards and nodes, and we’ll see that manifest in 2020. The year 2020 will see many essential infrastructural elements of Web3.0 go live. The digitization of Stocks, bonds, fiat currencies, etc.. Expected to become natively digital this year.
8. A radically altered blockchain landscape by 2021 can be expected.
By the turn of 2021, everyone will have a clearer picture of whether blockchain networks like Near, Polkadot, etc.. will be able to contribute substantially to the blockchain ecosystem or not.
9. The tribulations of Libra to continue.
Facebook’s Libra won’t go live in 2020 in any form of scale. However, when it does go live, Libra will undoubtedly be the force of education and adoption for billions of people.
10. The 3rd industrial revolution will face its climax and come to an end which will be witnessed by the Trillion dollar companies.
When the next behemoth rises over trillion-dollar valuation companies like Apple, Microsoft, PetroChina, will stay there to witness all of it. This sets a prime example of vast inequality in the value capture of economic systems, which is only getting worse.
11. Self Sovereignty on the web will most likely become a human right.
Web2.0 stalwarts like IBM and Microsoft have allocated substantial resources to iterate digital identity in their image.
12. CME Ether will flourish.
Post Bitcoin futures options in January, predictions suggest that now it’ll be Ethereum’s turn. CME Ether Futures will be announced in 2020 and will go live in 2020.
13. A billion-dollar DeFi ecosystem is going to be introduced soon.
The Decentralized Finance will continue to lead the industry at least in the first quarter of 2020.
14. The supply chains will come to existence.
The Counterfeit goods represent a market of over 1.8 billion dollars annually. Household names like Louis Vuitton and Levi’sLevi’s have been perfecting proof of concept trials with the help of leading blockchain companies for consumer protection.
15. Art and music to flourish in consumer-interfacing blockchain applications.
Blockchain’s impact on art, music, and creative space will be profound. In a 2014 report, The Fine Arts Expert Institute (FAEI) in Geneva stated that over 50% of artworks it had examined were either forged or not attributed to the correct artist.
16. Proof of Work is vanishing while killing Earth. Proof of Stake might flourish.
Retro gaming may be in fashion, but by the end of 2020, Proof of Work will be considered the Atari while we’re all getting used to the controls on the Proof of Stake Playstation.
17. Regulators will regulate.
The expectations of the Blockchain and larger tech world may move fast, but the regulators and governments built to move slowly. Digital assets are out of the phase of distrust by legislative and regulatory institutions now.
18. For now, the unbanked will remain unbanked.
Decentralized Finance is one of the most remarkable phenomena with significant implications for both Blockchain and global economies. However, for now, it will continue to fall short of the oft-repeated mantra and goal of banking the unbanked.
19. User Experience needs to be better than Web2.0.
Apple’s iPhone has been the best selling phone ever merely because its primary, and it works. That’sThat’s all the consumer needs to know. Various layers of the Web3.0 stack would be required to be abstract for the typical Web3.0 user experience.
20. As said by Winston Churchill, “If you’re going through hell… keep going.”
The bubble and burst of cryptocurrency in 2017 were similar to an excessive frat house that led to a great hangover in 2018 and 2019. However, it did not stop its progress, and it ended up flourishing. Same should he opted this year too.
Right now, we stand at the crossroads of the next industrial revolution, which begins in 2020. This progress is towards global decentralization and automation, which might lead to the most prosperous society one has ever had.