As we enter the new year, there are several news outlets which are talking about the current state of cryptocurrency and what prospects we have for 2019. Some will be wondering where 2019 will send Bitcoin, will it be the stars or the floor? Whereas others are wondering when blockchains will have the throughput to handle several applications at scale with developers debating the best use cases for crypto and what is the best blockchain.
Many experts seem to respond with cliches saying that we are all in the same boat after they are asked about how collaboration in the space will look in the long term. Enthusiasts seem to point out open sourcing code as a way to signal intent to be a team player and look on the future and ‘greater good’.
The atmosphere of collaboration is quite impressive though and currently, it is an efficient way of doing things. As reported by Forbes, “there was enough ‘blue ocean’ for everyone” and firms that raised money through ICOs amassed war chests which looked to provide them with a lot of room for years.
Forbes continues to say:
“This largesse is probably no better epitomized than with what that transpired at ConsenSys, who thanks to founder Joe Lubin’s goodwill reached up to 1,200 employees and incubated 50+ projects, despite almost none being financially independent. However, Joe recently announced that ConsenSys is going to be cutting up to 13% of its workforce and will dedicate himself and ConsenSys to being financially responsible.” In another sense though, Lubins company and its several subsidiaries are going to be seen as proper firms and set off into the wild.
But is cryptocurrency doomed for anarchy? Maybe, at the same time, taking actions like building huge consortiums and teaming up for the sake of partnerships won’t ensure that cryptocurrencies future is a bright one. It’s worth expecting that the crypto space is approached without optimistic or pessimistic outlooks.
It’s unlikely though that there will only be one dominant player in the crypto industry. “If there was the more likely scenario is that the entire industry will collapse given the concerns about 51% attacks or the fact if there was one major platform it would likely be unwieldy.” it’s far more likely that there will come a time when choosing a side will become more sophisticated and defined. But this will only occur when businesses and enthusiasts face the music to go to the market, scale up and demonstrate the true value of the technology behind blockchain.
What are your thoughts? Let us know what you think down below in the comments!