2019 was a remarkable one for the global crypto market. A lot happened. Facebook’s Libra was launched. Experts balked at the idea. But several companies backed it up.
Some novel new solutions came about, a number of blockchain protocols emerged. China has also entered the global competition.
In short, both the blockchain and crypto markets are picking up momentum.
DeFi or decentralized finance is the way forward. DeFi projects have crossed $650 million. Although it was inconceivable once upon a time, trustless and secure provisions of financial services have introduced new fringe markets like fresh lending and margin trading.
Ethereum’s Phase 2.0 is in its final stages of testing which means that we will be seeing a partial launch in 2020. This is the biggest news for the Ethereum community.
Crypto derivatives have grown substantially in size and accessibility. Initially, only a few exchanges offered it but now a majority of them do which points to a bright future. CoinSwitch offers the best cryptocurrency exchange rates for a ripple bitcoin or any other coin exchange if you need to deal with crypto derivatives.
This uses a layer-2 payment protocol that is implemented on any blockchain-based cryptocurrency. Instant bitcoin transactions are made possible due to the network. The protocol uses off-chain data to catalyze the transaction speed and also decreases the associated charges. We will be seeing more nodes, channels, and apps build on the lightning network.
Privacy in transactions
Let’s say you need an ETH BTC converter. How do you know you can trust the exchange? There has been a lot of concern around the privacy of transactions and there have been tools that have stepped up to the plate. EY created Nightfall for private transactions on Ethereum.
Wyoming, a US state, has enacted 13 laws on blockchain and cryptocurrency in the last two years. The US also become the epicenter for cryptocurrency companies. The regulations in the US are a major reason for this. These regulations are digital banking friendly and distinguish digital assets.
When it comes to blockchain, we will definitely see major endeavors made to avoid scams. Food businesses are leveraging blockchain to provide authentication for users. Walmart and Amazon are jumping onto the blockchain bandwagon. Additionally, blockchain and IoT will converge. It is also speculated that we might see some unproven cryptocurrencies make their mark on the market.
As we’ve clearly established, Bitcoin will be the biggest use-case of blockchain in 2020. We might see a high in Bitcoin and other coins. However, you will have to stop looking at crypto as a quick get rich scheme and invest in it for the long haul.