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Looking forward to 2020: Top 10 predictions on blockchain

Time : 26/11/2021 Author : zr7lk1 Click : + -
        From all aspects, 2019 is a significant year for blockchain and cryptocurrency. In this year, we witnessed the birth of new alliances, the rise of new cryptocurrency trading products, the success of bitcoin and Ethereum in overcoming the long-term bear market, and the maturity of many blockchain protocols and the continuous expansion of practical application space. In addition, the US Congress and central banks are paying close attention to the benefits brought by blockchain and digital assets. The global giant financial enterprises are building blockchain solutions, and this wave is not slowing down, but is becoming more and more intense. Facing the new year, we also have many expectations. Therefore, it is of course necessary for us to sort out the important events that will shape the face of the blockchain ecosystem in 2020.
        China has always been active in the field of blockchain and cryptocurrency. Quite a number of the largest cryptocurrency exchanges are located in China, which is also the absolute center of global mining. Against this background, the central leaders formally recognized the important role of blockchain in their speeches, stressing that China must take the lead in this field. This orientation also enabled the blockchain industry to rapidly welcome considerable investment and R & D resources. More importantly, China's own business operation space is extremely huge: Recently, the Bank of China has just issued small enterprise financial bonds equivalent to 2.8 billion US dollars. One of the main development directions in China is the digital currency / electronic payment (DC / EP) initiative.
        Generally speaking, although the scope of the early project will be limited to a certain extent, the plan itself will still be initially launched in 2020. Facebook's payment network plan has been struggling under the strong obstruction of us and European regulators, and has never been able to get high attention from the global media. However, the GitHub Library of the Libra project still maintains a certain degree of activity, and the code submission is also carried out regularly. It is expected that the Libra project officially launched in the future will be limited in terms of scope of application, partners and functions. Although it is impossible to achieve the positioning of the general payment means and low threshold cryptocurrency tools initially promised, Libra should be able to maintain a relatively stable development momentum after it goes online.
        Recently, the bitcoin field has been paying close attention to the trend of the US Securities and Exchange Commission (SEC) to observe whether several bitcoin ETF applications can be successfully approved. But so far, the SEC has still clearly refused, citing the lack of adequate financial monitoring means and the inability to resist various manipulations in the underlying market. In this sense, elliptic, chainalysis and ciphertrace have all come up with critical solutions. On the other hand, a major reason why bitcoin ETFs cannot be approved is that Brad Sherman has just been appointed chairman of the sub committee on investor protection, entrepreneurship and capital markets.
        The committee is actually responsible for monitoring the SEC and its self regulatory organizations (such as FINRA), and the new chairman obviously does not know about bitcoin and other conventional cryptocurrencies. Over the past few years, we have seen a trend that issuers begin to tokenize legal tender and establish a more convenient exchange mechanism in cryptocurrency exchanges on this basis. This trend will continue in the new year. In the future, the adoption rate of stable currency will be further improved, including the support of fiat currency and the direct promotion of exchange transactions. Finality and JPMorgan's stable currency project will also be launched one after another.
        However, it should be noted that the current dollar based tether dollar stable currency is still the most unstable cryptocurrency asset. At present, various applications on the defi ecosystem have a total value of 290 million US dollars. This figure is mainly due to the continuous growth of makerdao and Dai stable coins, but at the same time, the number of decentralized exchanges, expected markets and loan applications is also increasing. Open finance has received high attention in the field of venture capital, and this trend will continue in the new year. As the developer of Ethereum 2.0 blockchain clients and components, the relevant technical team carefully listened to the feedback from the ecosystem and began to be more active in updating and progress release.
        The good activity and continuous improvement momentum also make people have stronger confidence in the Ethereum blockchain. So far, the project has been developing well; The products released according to the project route year are also expected to arrive as scheduled. Lightning network belongs to the second layer implementation above the bit network, which can provide real-time bitcoin and payment transaction functions. Through the utilization of offline data and lower transaction costs, lightning network has greatly improved the transaction speed of the existing bitcoin network. In 2020, we will see more applications, nodes and channels built on the second layer network. In general, with the continuous popularity of enterprises such as RSK and exonum and related tools, the bitcoin development ecosystem based on the bitcoin network will show a trend of further growth.
        Ernst & young and other enterprises are investing heavily in the development of Ethereum public ecosystem privacy tools. The nightfall product currently created is a good example to prove that in the future, enterprises are expected to use the public chain main network to successfully complete transactions without damaging users' privacy. In 2020, we will see more zero knowledge (zk) and multi-party computing (MPC) projects mature and integrated into the blockchain field. If venture capital is taken as the measurement standard, MPC has become the most popular blockchain start-up direction. In terms of predictive tools, if chainlink can continue to maintain strong partnership and new service integration capabilities, the prospects are also limitless.
        With the native Ethereum client hyperledgerbesu developed by Pegasys officially integrated into the Linux foundation hyperledger project, we are more and more sure that this wave of licensed blockchain mergers has emerged and will become more intense in the new year. Although there are still great differences between the main blockchain protocols such as quorum, besu, fabric and corda, there has been a kind of open session framework in the market, which can promote the smooth cooperation of various protocols and is expected to make the assets stored on different blockchains coexist. In 2019, the deployment of multi cloud blockchain began to appear. Therefore, it is expected that more cross regional blockchain pilot projects will officially appear and achieve success in 2020.
        Wyoming has established a good foundation for a digital asset and digital bank friendly regulatory system. By dividing digital assets into three different categories, Wyoming hopes to clarify the difference between office virtual currency and digital securities, and attribute all these to legitimate personal property. In addition to Wyoming, Colorado, New Mexico and Arizona are also studying and promoting similar legislation. In general, 2020 will be a crucial year for blockchain technology and digital asset ecosystem. Through the above-mentioned ten development threads, we also believe that 2020 will be a year of continuous growth in the usage, indicators and adoption rate of major blockchain agreements and digital assets.
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