Must read! Blockchain Predictions, 18 of them from ConsenSys

in bitcoin •  7 months ago

Blockchain-in-Finance-Use-Cases-817x404_c.jpg

Dear All,

I came across this article earlier today (even though it was published on Jan 2) and thought I had to share it! It is from Andrew Keys who is a co-founder of ConsenSys Capital, which is part of Consensys. For the few of you who do not know, ConsenSys is a global think tank building the infrastructure, applications, and practices that enable a decentralized world. They are mainly focused on building the Ethereum ecosystem. Their founder, Joseph Lubin, was also part of the team who started Ethereum, is a frequent speaker at blockchain conferences and appears on CNBC from time to time.

Generally, they are very bullish on Ethereum (obviously) and much less so on Bitcoin.

Here is the list, you can read about each one by visiting the article's website of course.

  1. Bitcoin is the generation 0 of blockchain technology… the opening act… the gateway drug … the first inning … MySpace.
  2. 2018 in blockchain years is the equivalent of 1994 to the 1996 boom of the Internet.
  3. Ethereum will continue to be the largest blockchain developer ecosystem in 2018 by many multiples.
  4. Blockchain will be a vessel of good.
  5. Enterprises will take the training wheels off.
  6. Proof of Stake changes the blockchain consensus game.
  7. Token Fever — Not so fast on the SAFT.
  8. The blockchain ecosystem will ramp up their educational resources tremendously.
  9. The IRS and their equivalents globally will be demanding their pound of flesh.
  10. People will take control of their online identities.
  11. In 2018, governments and regulatory bodies will mandate the use of blockchain to track and trace high value assets.
  12. The evolution of law will continue to intersect computer science.
  13. “For the first time, open source, peer-to-peer protocol developers can monetize their project on a protocol level” — Olaf Carlson-Wee
  14. BUGS begone: smart contract audits will be a necessity in 2018.
  15. Don’t just regulate blockchain….regulate THROUGH the blockchain.
  16. Stablecoins are coming.
  17. Tangoing with Contango.
  18. The total market cap of blockchain-based digital assets will exceed $2 trillion U.S. dollars by January 1, 2019.

Please let me know which one(s) catch(es) your eyes and why. I am going to start!

For me, and it will not surprise you if you have followed my recent posts, it is number 10. The concept of having each user managing their own identity is a key tenet of the new economy being built on-line. Being able to prove one's identity is extremely important in many under developed countries to access basic resources. For the lucky ones in "developed" countries, we can control our identity and data which can be turned into a asset for us, versus a cash cow for Google and Facebook.

Then, it is number 6 where they support Ethereum going from Proof of Work to Proof of Stake (PoS) for its consensus mechanism. Most Steem readers will be familiar with PoS since Steem it self uses a variant called Delegated PoS or DPoS. Steem witness anyone? Proof of Stake was initially invented by Dan Larimer who launched Bitshares, then Steem and is now the CTO at BlockOne which is in charge of the EOS blockchain.

Let me know you thoughts and picks. As usual, I will upvote and reply to the (better) comments.

Lio

Sources for the article:
https://media.consensys.net/18-predictions-for-2018-7a376ea7bd4b
https://media.consensys.net/

Picture credit:
http://fintechnews.sg/9981/blockchain/blockchain-use-cases-financial-services/

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Thank you @liotap for digging up this informative lost treasure. Who posts over new years eve anyways? So much to discuss here and from so many perspectives.

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I know i was late but felt it was important info to expose.

@liotap, clearly this article got lost in all the New Years celebrations (and recuperation). You noted and explained concisely the points (10 & 6) that I gravitate to first. Number 15 I see as an invaluable component, however I see global financial institutions (Wall Street) lobbying to delay such as they are last to embrace blockchain. As we know, governmental regulation is generally developed with "input" from multi-national financing institutions.

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The SEC has changed their tone from every coin is a security to talking about nuances using a laundromat coin analogy. Progress!

More on that here:

https://www.coindesk.com/sec-chief-not-icos-bad/

We need to see a distinction between tokens that are securities, tokens that are utilities and cryptocurrencies. Once the framework is in place, things will grow very fast. For starters, various exchanges can list what they want to focus on and be compliant. If it does not happen in the US shortly, it will be a big loss for the country.

@liotap 18-Stablecoins are coming.

I think this point is very interesting and it is not very discussed. Stablecoins are necessary for a good development of an economy based on cryptocurrencies, we can not expect a seller to want to receive a volatile asset, he can lose money and not be able to replenish his inventory. We also need a refuge of value, lately there has been much controversy with the back of USDT and new alternatives have emerged such as TUSD, we also have to see how influential will be cryptocurrencies backed by natural resources.

We have to find an adequate audit process for these coins that are going to emerge, trying to make them as less centralized as possible, I think it will be very complicated. I hope that this year will advance a lot with respect to these currencies and that they can generate real confidence.

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@alejandromata. I would recommend Laura Shin podcast episode on this matter. Really interesting. I would recommend anyone who wants to look into this further, starting with how stable coins can be managed and why they matter.
https://player.fm/series/unchained-big-ideas-from-the-worlds-of-blockchain-and-cryptocurrency-1822984/why-its-so-hard-to-keep-stablecoins-stable

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Thanks for the podcast, I will listen it in a moment. I hope i can learn a few more things about stable coins

Comparing bitcoin to MySpace would mean bitcoin is about to crash and burn lol.

Hopefully we are able to get more people developing for steem when smts release since the main thing that attracts devs to ethereum is the erc20 tokens.

I hope his prediction on 2T becomes a reality but if it doesn't, is he going to eat his dick? just asking for a friend since this seems to be pretty popular in the crypto space.

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I think the whole firm there is very bearish on BTC. It is what it is, BTC is not their focus and their agenda is 100% ETH. If you ask BlockOne about this list, clearly they would have a different view of ETH.

As for #18, you are right, it is only an article, not much "skin in the game". if the market does not get to 2T, nothing will happen to Keys. If it does, even if it a few months later, they can say "i told you so!"

Either way, I was interested in this article for the thinking it helps us do.

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The only advantage btc has over eth and other cryptos at this point is it's huge community and popularity, there are many projects out there with better tech.

If the firm has all of their investments in ethereum it makes sense for them to be bearish on btc, they got to shill their coin :-P

That is a very interesting article indeed @liotap, i find point number 12 interesting i feel that the virtual world is a whole new jurisdiction and whoever is selected to enforce the "rules" will be a very powerful man/women or whose to say it won't be an A.I..

In my opinion you picked some great points and yes Blockchain and Cryptocurrency brought new Revolution in the financial market and still these are in infant stages but in my opinion soon the growth can be big. I want to talk about the government interference in the Blockchain surface and this can open the gates of manipulation and the idea of Decentralisation will vanish. Let's hope for the great days and specially i am waiting for the SMT's, Hardfork 20, community development and Steemit Official Mobile Applications because all these stuff can push Steem towards great heights. Thanks for sharing and wishing you an great day. Stay blessed 🙂

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yes, HF20, SMTs, go Steem! Time for Steem to be a big chunk of the 2T, right?

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Yes absolutely. 🙂

Great information here Lio... I can relate with points 18. Truly, crypto is the future and the future is now!

your post always helpfull friend. bitcoin is a great blockchain technology.its may all steemianers future success early..your thought always perfect about bitcoin..really you giving always important tropic share doing in your blog.its very helpful for all steemianers own work matter.you are a really super hero in the steemit platform..thanks to sharing for your bitcoin information providing..very well done.. my dear friend... @liotap best of luck of your great work..

Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin8917.230$0.36%11.19%
EOSEOS11.590$0.62%41.19%
ETHEthereum640.412$0.73%26.36%
STEEMSteem3.255$5.11%23.95%

This is good information thanks for sharing

Sophisticated predictions abut different currency in (1-18)...
I agree with you @liotap... for those prediction...
Hope that those are completely proved in the end of the year...

Thank you @liotap for digging up this informative lost treasure
Your post is great

Great post