Three Blockchain Conflicts That Will Shape the Industry in 2019
Crypto enthusiasts vs Those who oppose
It’s often said that disagreement or controversy often leads to evolution, and things are very much true in the cryptosphere. Not too long ago, a couple of years back, cryptocurrencies were considered to be nothing more than a “bubble.” On the one hand, there were the die-hard crypto evangelists who always tried to keep the public’s interest for cryptos and blockchain alive. On the other, there are those who opposed everything cryptos stood for.
One could argue that these specific differences of opinion made the crypto sphere what it is today. The market is slowly but surely evolving. We are currently seeing big consulting and accounting firms taking blockchain development seriously, we see companies, institutions, and even governments ready to spend millions and billions of dollars on blockchain implementations, more decentralized exchanges, and the move from utility tokens to security tokens.
During these past few years, we’ve seen teams completing successful ICOs, but haven’t lasted too long. Others, started out small, kept their heads down, worked hard, and delivered high-quality products. At this time, the blockchain sphere still has a reputation problem because of the large number of hacks, scams, and so forth. However, things are changing to the better. The blockchain space is quietly moving away from the term “blockchain” towards “distributed ledger.”
Market capitalization vs Adoption
It’s expected that 2019 will bring forth a lot of good things for the crypto sector. However, it’s important to realize that the valuation metrics the industry currently uses are somewhat defunct. The metric of multiplying circulating tokens with price is not accurate. There are close to 15,000 venues that accept Bitcoin worldwide, and the most popular Ethereum decentralized exchange has just over 700 daily active users.
Ideology vs Product-market fit
First, there was the “Web 1.0,” also known as the World Wide Web. Once more and more people started to recognize its amazing benefits, a new global infrastructure emerged giving rise to the era of social media.
A couple of years ago, we witnessed the explosion of a new type of websites, accessible and versatile, user-friendly and very useful for the day we live in. This phenomenon was dubbed Web 2.0. For most of these startups, the most common revenue source is contextual advertising.
Nowadays, it’s all about Web 3.0, a phenomenon describing the transition of the Internet is currently undergoing. At the forefront of this immense transition, we find the blockchain technology. Even though the discussion is immense, we are just going to say that thanks to the unique nature of the blockchain, users can now retain ownership of their data, without being forced to hand it over by the big tech giants.
It’s estimated that in 2019, the world will see a sort of shift, as open-source initiatives will still crowdfund just like before and the Web 3.0 companies with a profit-oriented function will have to wait until they can prove their product fits in the market.
Blockchain-based projects of today have the role of smoothening out the transition towards Web 3.0. The platforms are very similar to Web 2.0 solutions, but the big difference is that they leverage the benefits of blockchain technology.
We hope you enjoyed our list of three conflicts that will potentially shape blockchain technology, and with them, the whole blockchain sphere, in 2019.