Blockchain and Cryptocurrency in the Year 2020
Cryptocurrencies and the underlying blockchain technology have taken the world by storm since early 2017 and continue to do so today more than ever. A handful of leaders in the blockchain and cryptocurrency worlds have shared their outlook on how these technologies may be impacting our lives in the near future.
The Next Generation of Blockchain
Made evident by the Ethereum network during the CryptoKitties pandemic, the current state of blockchain-based operating systems encounters several issues regarding scalability, efficiency, and versatility.
Due to these drawbacks, several new smart contract platforms have emerged in an effort to improve the original consensus mechanisms and blockchain structures that failed to meet sustainable standards.
Of these new projects, Aurora Chain is the most recent, promising up to 2000 TPS (transactions per second).
Through DPOS and BFT consensus mechanisms along with improved, select features, such as multi-chain parallel operation and an upgradeable blockchain, Aurora Chain seeks to create a more scalable, secure platform for decentralized application (dApp) development.
Partner and Vice President of Aurora Chain, Bo Zhang shared his vision for the next-generation smart contract platform here:
“Cross chain communication is very important in the near future… We would like to invite more industries to join our chain so that we can communicate with different chains. That is the next step for us.”
Issues Surrounding Blockchain Integration Today
In the present state of regulation and mass-adoption, it’s evident there is still much progress to be made before common usage of cryptocurrencies and industry-wide blockchain integration become a reality.
CEO and Founder of Summerplaybook.com, Luke Heine explains that an improvement to universal regulations could stabilize the emerging blockchain industry and create a more hospitable environment for advancement:
“I think just having clear, consistent guidelines would do a lot for the ecosystem because then they would know how to optimize… That would be the best thing to allow people to play a consistent game where the goal posts aren’t always moving.”
In an Ideal World…
As cryptocurrency and blockchain technology continue to grow more prevalent, the ideal vision for a truly collaborative, trustless network becomes a real possibility.
Founder of the World Blockchain Council, David Song expressed his optimism for a future where blockchain fosters a new, collaborative community of cryptocurrency users:
“People can do business together. People can do the same program together. People can help the industry together. You know, people can help the people together. This is the blockchain.”
In addition to the benefit of collective productivity, worldwide blockchain integration enables societies to access and own their personal information – eliminating public dependency on governing bodies for basic, yet necessary knowledge.
Spotcoin CEO, Timothy Gick, depicts a future where blockchain applications empower people to govern themselves in a trustless, technology-backed society:
“You want an environment where you have somewhat of a seamless usage for this technology, whether it’s public or private… Two years from now, in the year 2020, I want to see an environment where people can utilize this technology where they’re able to kind of self-regulate themselves.”
Still young in the scope of greater development, blockchain and cryptocurrencies are a force for global change and have yet to reach their true potential. Whether blockchain technology will truly improve society and resolve the inefficiencies that plague the present day is still yet to be determined, but the technological progress so far is certainly promising.
Cover Photo by drmakete lab on Unsplash
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