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Crypto 2030: Imagining What the Cryptoeconomy Looks After 2 Decades

Crypto

The early cryptoeconomy is the house that bitcoin built, and the space grew rapidly in 10 years. As the arena enters its second decade, it’s Ethereum that’s taking the baton and is poised to usher in a new era of unprecedented activities around cryptocurrencies. Yet the million-gwei question now is: how exactly will all the […]

The post Crypto 2030: Imagining What the Cryptoeconomy Looks After 2 Decades appeared first on Blockonomi.

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The early cryptoeconomy is the house that bitcoin built, and the space grew rapidly in 10 years. As the arena enters its second decade, it’s Ethereum that’s taking the baton and is poised to usher in a new era of unprecedented activities around cryptocurrencies.

Yet the million-gwei question now is: how exactly will all the coming crypto bustle unfold?

Of course, it’s hard enough to guess what will happen tomorrow in the cryptoeconomy, much less what will happen years on from today. But there are certain macro trends already coming to the fore that can give us clues as to what the future of crypto holds. In today’s post, we’re going to draw some of these trends out to imagine, both analytically and for fun, what the cryptoeconomy may look like circa 2030.

Optimized Ethereum on the World Stage

In our hypothetical 2030, Ethereum 2.0 has already been around for years and offers users around the globe the full promise of Ethereum’s original vision: a superior platform for open applications and payments.

Ethereum’s early community, development, and DeFi moats ensures the project is still safely the cryptoeconomy’s top smart contract platform, though other smart contract projects are still around and popular in different regions for different reasons. Interoperability reigns, though many chains are effectively sidechains with Ethereum serving as a central activity hub.

At this point, Ethereum’s scaling pillars, like sharding and layer-two sidechains, make it so the platform easily powers more throughput than mainstream giants like Mastercard and Visa. Moreover, this scaling tech will also make it so it’s cheaper and faster to transact on Ethereum than basically all traditional alternatives.

DEXes Go Mainstream

Decentralized trading projects like Uniswap have been having breakout success in 2020, and it’s no mystery why: users like to be able to access new assets permissionlessly and trustlessly around the clock, all without needing to sign up for an account.

I see the popularity of these trading protocols only continuing to ramp up from here precisely because of their open and free nature.

That’s why one of the most obvious predictions for 2030 is that DEXes will be vastly more ingrained in mainstream society and their crypto-centric complexities abstracted away by then. These solutions will go from bright stars in a rising niche ecosystem to a new paradigm for global finance, period. It’s already happening now.

The ERC20 BTC Exodus Is Significant

Tokenizing bitcoin as Ethereum-based ERC20 tokens has exploded in popularity this year and in no small part thanks to the multiplying prospects for putting these tokens to productive use in DeFi.

That said, at the time of this post’s writing there were 68,500 BTC tokenized on Ethereum, i.e. 0.326% of the total 21 million BTC supply. By the time 2030 rolls around, I predict a major spike so that more than 33% of that supply living on Ethereum, i.e. +6.9 million BTC.

In this sense, it may end up that none other than Ethereum becomes BTC’s de facto scaling solution. That possibility may rankle some bitcoiners in the here and now, but over time I suspect more and more users won’t care — the relationship will just work.

Stablecoins Are Hits

The current market cap of all stablecoins combined is +$17.5 billion. This market cap will be decidedly over $1 trillion by 2030.

Why? Stablecoins can be saved and put to use via crypto-native earning opportunities, e.g. liquidity providing or lending, in ways that ordinary fiat can’t.

Additionally, stablecoins will only continue to give rise to, and complement, central bank digital currency (CBDC) efforts. Over time, the lines between fiat-pegged tokens and CBDCs will continue to blur, except in the case of truly decentralized currencies like MakerDAO’s Dai stablecoin.

NFTs Become a Multi-Billion Dollar Market

Non-fungible tokens, or NFTs, are a popular rising use case on Ethereum that can be used to provide unparalleled provenance over digital assets like art, collectibles, gaming pieces, tickets, and more.

Moreover, since these assets are digital tokens on Ethereum, they can be programmed and extended to in essentially limitless ways.

In 2020, the NFT economy hit its first $100 million in total sales. Yet as these assets continue to pave the way to new kinds of creative economies, sales will only continue to climb. Look for the NFT market to be powering billions of dollars of sales by 2030 accordingly.

DAOs Become Significant Forces

Decentralized autonomous organizations, or DAOs, saw a resurgence in the Ethereum community in 2019 and then started really blooming in 2020.

These digital, democratic, and transnational co-operatives offer a new paradigm for organizing communities online, and we’re going to see lots more of them — small, medium, and large — in the years ahead.

And across the board will be touched, as there will be venture DAOs, esports DAOs, lobbying DAOs, social DAOs, and so on. Basically if you can imagine any kind of group now, someone will likely have DAO-ed it, or something akin to it, by 2030.

Social Money No Longer an Experiment

Social money, or personal tokens, are one of the newer sectors to rise atop Ethereum. They can represent income sharing agreements (ISAs), community currencies, the memetic value of a creators’ brands or content, all of the above, or something else entirely.

We’ve already seen dozens of personal tokens start to take flight through social money platforms like Roll, e.g. the entrepreneur Alex Masmejean’s $ALEX token. Expect this trend to continue to the point that it’s a normal and mainstream thing to invest in “people” as part of a regular portfolio circa 2030.

DeFi Is Now Just … Finance

Ethereum users call the decentralized finance arena “DeFi” because it’s novel and works completely differently to traditional finance. But this distinction will decrease over time.

Why? Because the crypto-native earning opportunities in DeFi are going to grow and attract so many users that in the future many DeFi activities will become fundamental and typical elements of personal finance.

By 2030, swathes of users ranging from consumers to large institutions are managing non-trivial parts of their finance through DeFi platforms. And by this point, all of the UX problems that plagued these young platforms are long gone.

Crypto Privacy Is Considerably Enhanced

One of the biggest early problems with popular public blockchains like Bitcoin and Ethereum was there lack of satisfactory privacy solutions.

Yet this problem will certainly be a thing of the past in 2030. At that point, mixer tools and projects based on zero-knowledge proofs (ZKPs) will be widely adopted atop Ethereum and beyond, meaning privacy will be the space’s default in the future and not opt-in (like how things generally are now).

Indeed, crypto users in 2030 will look back on users today and be flabbergasted by the level of privacy they enjoy compared to us.

Conclusion

The contemporary cryptoeconomy’s top projects hold within them incredible promise. And, while things are still early for now, all that they’ve been able to achieve to date gives lots of reasons to be optimistic that they will reach and help billions of users going forward.

Of course, there will be ups and downs along the way, just as the cryptoeconomy has seen its share of market cycles already. But all the recent advancements around scaling and DeFi make it seem like a tipping point has been reached, and that it’s all but inevitable that mainstream adoption will be reached. My guess is that mark will be handily achieved within the next decade.

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Source: https://blockonomi.com/crypto-2030-future/

Blockchain

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

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[PRESS RELEASE – Tallinn, Estonia, 11th May 2021]

PARSIQ, a platform that monitors data and automation across blockchains, bridging both on and off-chain apps and sending out user alerts once transactions are executed, now offers compatibility for smart triggers with the Polkadot Relay Chain.

A smart trigger is effectively a smart contract that is deployed into the PARSIQ ecosystem. It allows triggers from external chains to be passed to off-chain systems. It collects data across a variety of chains in real-time and then constructs an indexed composition of actions in any one chain in the process of reverse-engineering. It can validate and process a huge amount of real-time data simultaneously via its distributed data management layer by utilizing chain-specific feature extraction.

Building a Bridge

PARSIQ shares the same ideology as Polkadot, which is to bridge data across a huge network of chains, leaving all chains completely equal to one another, where each chain has its own personal real-world uses and strengths. This is a model which builds strength from numbers and enhances usability by combining the entire group of chains into one strong network.

PARSIQ, rather than being a chain itself, is the bridge between the chains and between off-chain applications too. Developers can build their own smart triggers using PARSIQ. These smart triggers react to events, plus they are able to store and alter data and also to learn from the data as they grow.

The platform, in addition to monitoring data and creating alerts, can also be used to deploy bots, as well as for areas like monitoring AML, performing automated accounting, and more. Each developer’s data stream is completely unique with its own branding retaining as well as its pricing structure, even while it is growing and learning from the entire network.

PARSIQ is now integrated across all of the major blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Solana, Celo, Dash, and Algorand, to give users a way to simplify the automation of all their processes and applications off-chain, on-chain, and even across Layer-2 chains.

About PARSIQ

PARSIQ’s smart triggers have far-reaching functionality, including monitoring transactions, assets are withdrawn from a user, sent to other users, transfers exceeding a pre-set level, and many more. Developers can use the PARSIQ platform to build their own smart triggers for data workflow automation, storage, and learning here:

https://portal.parsiq.net/signup

Examples of workflows include:

Alerts of DOT transactions as they happen

Bridging events in the Polkadot Relay Chain (as well as other chains) with a simple user interface

Monitor data flow and create advanced analytics from the data

Alerting to strong potential trades

Usage for traders, platforms, and market researchers to build strong, data-backed pictures of the markets.

About Polkadot

Created by one of Ethereum’s founders, Dr. Gavin Wood Polkadot’s goal is to take blockchains to a state closer to Web3, where all on-chain activity is shared across a variety of chains. It is an intersection capable of translating architecture into one heterogeneous language for customizing side chains to connect with public blockchains.

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Source: https://cryptopotato.com/parsiq-integrated-into-polkadot-for-smart-triggers-across-the-relay-chain/

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Blockchain

Raze Network Kicks Off Testnet Phase With UI Community Voting

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[PRESS RELEASE – Singapore, Singapore, 11th May 2021]

Raze Network, the first Polkadot-based privacy protocol, is bracing to engage community members with our first testnet. Early birds will be able to provide feedback on the quality, function, and overall experience of the Polkadot-based privacy protocol.

This huge milestone clears the way for ‘Razers’ and collaborators to easily test drive the newest features and allows plenty of maturation time for these new features to be fully tested.

Our team already started designing the user interface of the privacy protocol we promised to launch. However, we want to resort to the collective wisdom of our community on how to actually bring this to realization, thus launching this UI Community Voting Campaign.

The beta testnet marks the latest step forward in Raze Network’s overall mission to enable the broader community to contribute to the evolution of our trustless decentralized privacy protocol.

Raze Network’s applications present the decentralized finance (DeFi) community with a cross-chain middleware solution on Polkadot for concealing transactions when operating on decentralized exchanges.

With a clear vision and solid use-case, the protocol-based solution leverages the Polkadot ecosystem to offer the required privacy layer for the crypto sphere. The privateness protocol aims to guard anonymity for all the DeFi stack on the Polkadot.

To achieve higher participation during the testnet, Raze Network is organizing a number of events, competitions, and challenges to encourage participants to actively test critical components of our ecosystem. Specifically, we will airdrop 1,000 $RAZE tokens to 10 lucky voters based on how many entries they generated to vote for the best UI style.

$RAZE is set to be the lifeblood of the Raze Network, designed as a utility token to represent participation in the ecosystem.

The launch of Raze Network’s UI testnet comes on the heels of several other recent milestones, including a robust set of developer resources and partnerships that continues to expand.

Just in April, we announced the strategic listing of Raze token on the popular DeFi platform, Uniswap. This listing closely follows our completed triple IDO event on three launchpads.

Interestingly, apart from going live on DEX exchanges, $RAZE tokens will also soon be listed on several tier-1 centralized exchanges.

This networked testnet release allows Raze to continue working with our partners towards the mass adoption of decentralized applications and smart contracts.

Since its inception, Raze Network sought to develop an infrastructure that is easy to understand and smooth to navigate. One where even new users can reap the benefits of a cross-chain middleware solution for anonymous transactions, payments trading, and mining.

Although the token launch is done, the real work starts. Most recently, we have completed the development of mint, transfer, and redeem contracts in Solidity. Currently, we are testing how to deploy these contracts on EVM.

Also, the major front-end and client modules that can invoke the aforementioned contracts have been developed.

About Raze Network

Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zk-SNARKs to the Zether framework to build a second-layer decentralized anonymous module.

It will then be imported as a Substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems while protecting the transparency of your assets and behaviors from surveillance.

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Source: https://cryptopotato.com/raze-network-kicks-off-testnet-phase-with-ui-community-voting/

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First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

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Coinbase’s mobile application has become the most popular app on iOS in the US. With its rise to the top, it has surpassed some highly utilized applications like TikTok, YouTube, Instagram, Facebook, and more.

Coinbase Tops US iOS Chart

According to data from SensorTower, the mobile application of the largest US crypto exchange has taken the first spot in terms of the most popular free apps on iOS in the country.

The app enabling users to buy, sell, or simply hold various digital assets has climbed with several spots in the past few weeks.

As of writing these lines, TikTok – the Chinese video-sharing social networking giant that saw the light of day in 2016 takes the second spot.

Further down the list is YouTube, followed by other social media giants like Instagram and Facebook. Interestingly, Robinhood’s app is not even in the top ten. The iOS application of the financial services company takes the 12th spot.


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It’s worth noting that the top 50 free iOS applications have two Coinbase representatives. The exchanges’ wallet app is the 46th most popular application, which places it ahead of Uber, Google Drive, and Microsoft Teams.

Coinbase’s Rise

Taking the aforementioned first spot only validates Coinbase’s popularity boost in the past year or so. The company took full advantage of the ongoing crypto bull market, which has seen prices exploding.

Consequently, the firm reported a massive increase in terms of user base, volume, and revenue in the first quarter of 2021.

These impressive results came shortly before Coinbase became a publicly traded company. As CryptoPotato reported in mid-April, the firm’s shares (COIN) launched on the giant US exchange – Nasdaq.

Although some of the early backers sold off their stocks and prices suffered in the month that followed, Coinbase only intensified its aggressive expansion. In the latest endeavor, the firm agreed to acquire Skew – the popular crypto analytics company.

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Source: https://cryptopotato.com/first-spot-coinbases-app-surpassed-tiktok-instagram-and-facebook-on-ios-in-the-us/

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