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Blockchain revolution was started to support Bitcoin but now it’s applications are vast. It’s trending and people want to leverage its potential. Huge investments are made on this technology and are expected to revolutionize on a global scale. Do you know how much money is spending worldwide on blockchain solutions?
Billions of dollars are presently spending on blockchain solutions worldwide. That’s a lot of money! The investments are not just made by private sectors but the governments from various countries are also investing in this technology to enhance their ability and accountability.
Is blockchain technology worth investing in?
This article begins with a statement that blockchain technology was developed for BItcoin but now it’s applications are vast or wide. The investment worthiness can be proved by just looking back to the past days i.e. the evolution of blockchain.
Back in 2009, Satoshi Nakamoto published Bitcoin whitepaper, which was the origin of evolution. Blockchain was the technology in which Bitcoin was developed and hence its applicability was limited. As mentioned, it was the origin but not the actual beginning of a new evolution. The evolution truly began once Vitalik Buterin started a new project, Ethereum.
Well, ethereum showed the world with new opportunities using its prominent concept- decentralized platform. Ethereum lets developers build decentralized applications without any rules. It opened a new door that has infinite possibilities and it is one of the reasons for the investment.
The other reasons are,
- The data validation is carried out not by a single authority, in fact, the data is shared in a distributor ledger system
- All the connected nodes in the system or network get a copy of the transaction
- The transaction data is validated by solving a problem and then the other connected nodes approve the validation
- The data then added on the blockchain as blocks where data is immutable
- Data manipulation cannot be carried out as the connected nodes need to agree with any new changes made in the ledgers
- The third-party validation is thus eliminated & the consensus method (PoW/PoS) verify & secure data
All these reasons are enough to say - “it’s worth investing”
Top 5 trends in the blockchain industry
Now that we understand the reasons for investment or the worthiness, it’s time to learn which blockchain trend to invest. It’s not useful to build a system which is already there in the market, it’s best to build a unique system developed using this decentralized platform.
The top 5 trends you can focus on investing your blockchain ideas are as follows.
- Development of new cryptocurrencies: The exact number of cryptocurrencies available in the market is unknown. However, according to CoinMarketCap, it’s 5,112 and 3,623. The approximate value of these numbers in 2019 was 2,957, which provides an insight - there is a trend going around. The growth rate promises the development of new cryptocurrencies and with unique functionalities, the acceptance rate will rocket up.
- Decentralized social media networks: Suppose at night you shared a post on some social media network and the next day, there is no trace of your post. What happened to your post? Then you find a message on the inbox saying - “The content is unpublished because our team found it violating our guidelines.” The reason is that these social networks are centralized. A decentralized social media network doesn’t have a centralized authority to check the guidelines to follow. These networks are trending and many have already built such networks. Data privacy will be ensured in these platforms.
- More open-source projects & contribution: People love open source software and like to use them for their benefits. But the developer community who contributes open-source scripts gets the least financial support and no particular incentives. Crowdfunding initiatives using blockchain services can bring enough funding as well as rewards can be provided to contributors using crypto coins. This initiative can motivate the team to bring more contributors and also focus on the security aspects.
- Stablecoins - Adding a stable value: Have you seen the rise and dips of cryptocurrencies from time-to-time? It’s because of the volatile nature of digital currencies. To avoid such situations, digital currencies are backed by a reserve asset. For everyday transactions, it is necessary to have stable values, like the dollars we use to pay. Reserve based on the best collateral methods is expected to develop a new phase for stablecoins in the coming days.
- Decentralized applications (DApps): Are you using reward-based applications? Do you have to link your bank account details or other third-party gateways to receive a reward? This is because traditional apps don’t store value. In DApps, the values are stored within the application. Also, DApps are transparent, highly secure as the data is shared among the P2P network. More applications are launching and trending enough to help developers come up with new decentralized ideas.
Trends often change from time-time, what we have to perform is identify them before its no longer a trend. Yes, the blockchain revolution is a hot cake in many industries and this article aims to help you create awareness about the top 5 trends.
Who knows the cryptocurrencies that have a low market value now will have a hot price in the future. Like the Florida man traded 10,000 bitcoins for 2 pizzas, yes, at that time the BTC was far less to 0.0025 cents. But in 2017, the story was different!
Author bio
Dhanesh Haridas, a passionate and enthusiastic business person having more than 10 years of experience in management, design, and deployment of Enterprise Technology Solutions. He is the technical head (CTA) of Epixel MLM Software, a leading software development company.
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.