Crypto is entering its second decade, after 10 years of highly dynamic development. Brian Armstrong, CEO, and co-founder of Coinbase revealed his expectations for the coming decade.
User Base to Expand to 1 Billion for One Scalable Blockchain
Predicting what comes for crypto assets will also in a way outline and affect their future, commented Armstrong. The first big development he mentions in his blog is the rapid rise in users, from around 50 million now, to above 1 billion.
I published “What will happen to cryptocurrency in the 2020s” https://t.co/SetLhLv4WE
— Brian Armstrong (@brian_armstrong) January 3, 2020
Brian predicts in the coming decade, there will be one high-capacity, scalable blockchain that will attract more users. He did not explain which chain this would be and whether any one of the current public blockchains would fit the description.
Adoption for crypto assets and blockchain technology will have two chief vectors, Armstrong predicts. One will be the emerging markets with unstable, undeveloped financial systems. The other will be from startups with valuable products.
Armstrong predicts most tech companies will have a blockchain and crypto component. The next decade will also see significant involvement of governments into crypto technology, possibly with the rise of central bank digital currencies.
Scalability, Utility, and Privacy to Reshape Crypto Sector in the Coming Decade
The crypto sector faces the immediate challenge of scalability. Currently, not all networks are capable of carrying sufficient capacity for wide consumer adoption. Armstrong believes second-layer solutions will lead to scalability and the subsequent rise in a new crop of crypto startups.
Those crypto startups will offer more in comparison to ICO projects that have been hamstrung by the crowded Ethereum network.
Privacy will become a key feature to new blockchains, just like HTPPS became the default connection mode for the Internet, Armstrong believes. He envisions a new chain rising on privacy features in the coming years. This prediction comes on the tails of general skepticism for coins veiling their origins and participating parties.
High-quality, small projects with good ideas may start consolidating, merging developer talent and user bases. Currently, there are multiple tribes in crypto, but projects pressured by the altcoin bear market in their first decade may start to consolidate for a second chance at delivering products and solutions.
The coming decade will see one of its most dramatic developments in a crypto asset backed by a central bank, Armstrong predicts.
“I think we will then see basket digital currencies come out, either by a consortium like Libra or CENTRE, or possibly the IMF itself,” he wrote.
The next decade will have to replace market speculation with utility, Armstrong explained, with speed, privacy, and usable products at the center.
What do you think about the coming decade for blockchain and cryptocurrency? Share your thoughts in the comments section below!
Images via CreativeCommons, Twitter: Brian Armstrong