Blockchain is one of the most potential technologies today. 2020 is considered the year of the new Blockchain technology trends. Let's take a look at VakaFx to look at Blockchain trends that are expected to explode in 2020.
1. China will launch a cryptocurrency
China has always been an active country in developing blockchain and cryptocurrencies with some of the world's largest crypto exchanges.
After Xi Jinping declared in his speech that blockchain is the future of the country and China will become a leader in this technology. Blockchain research has taken place on a large scale. Therefore, the Bank of China (BoC) recently issued $2.8 billion in financial bonds for small businesses to research and develop the blockchain.
One of the key developments that China is pursuing is the Cryptocurrency /Crypto Payment initiative. It is estimated that this plan will be implemented in 2020, although only on a small scale.
2. Facebook's Libra cryptocurrency
Facebook's payment network project was met with a series of protests from US and European regulators. However, the Libra is still growing slowly, away from the media's attention. Many researchers are expecting the launch of this cryptocurrency system, although it will not have as many features as originally estimated.
3. Stablecoin
In recent years, financial institutions have tended to 'tokenize' fiat currencies to make trading easier on cryptocurrency exchanges. This trend will continue to thrive. We will see an increasing acceptance of Stablecoins on the exchanges.
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4. The growth of Defi
About $ 300 million is currently locked in various applications in the decentralized financial ecosystem (Defi). This is due to the growth of peer currencies and Decentralized Autonomous Organizations (DAOs), the expansion of decentralized exchanges, the prediction market, and lending applications at the same level.
The open financial ecosystem is also becoming hot in the field of venture capital and this trend will continue in 2020.
5. Ethereum 2.0 will continue to evolve
The Ethereum 2.0 development teams have begun to respond more positively to user feedback. This gives more confidence to the new and improved Ethereum blockchain. Ethereum's development progress so far is still very good and is estimated to be partially completed by 2020.
6. Lightning network will be widely applied
Lightning network is a money transfer network outside the blockchain chain built on the bitcoin system to provide instant bitcoin transactions and payments. It significantly improves the current bitcoin transaction speed by leveraging off-chain data at a low cost.
In 2020, we will see an increase in the number of applications and channels created on this network. Overall, we will see a growing trend in the bitcoin development ecosystem created by companies and tools like RSK and Exonum.
7. Extend tools and privacy
Companies like Ernst & Young are investing heavily in developing security tools for the public Ethereum ecosystem and their products - Nightfall is a future example of one day, all Businesses will use public networks to transact with each other without having to worry about privacy.
By 2020, we will see many zero-knowledge (ZK) and multi-party computations (MPC) projects appear in the blockchain space.
8. More interoperability between blockchains protocols
Researchers have realized the importance of interacting between blockchain protocols. The differences between major blockchain protocols such as Quorum, Besu, Fabric, and Corda are still significant but there is an open forum for collaboration and research on how different blockchain chains can coexist.
9. Many regulators will follow the example of Wyoming
The state of Wyoming in the US has laid the foundations for digital assets and a digital banking-friendly regulatory regime. By splitting digital assets into three special categories, Wyoming is making a distinction between cryptocurrencies and digital securities, all of which are considered intangible personal assets. Other places like Colorado, New Mexico, and Arizona are also considering similar legislative work.
Overall, next year there will be any significant changes to the blockchain technology ecosystem and digital assets. 2020 promises to be the year that blockchain protocols and digital assets continue to grow in terms of usage, metrics, and adoption rates.
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