ConsenSys And Seven Major Trends In The Crypto Industry

One of the main trends that the company is currently seeing is the development of the Web 3.0 ConsenSys explains that open-source projects such as OpenSSL Software are operating on low budgets because they have a lack of adequate funding.

The firm thinks that Web 3.0 is going to be developing different protocols and standards for the new internet and it will be created through open-source development projects. Nonetheless, this world wide web of the future is not going to be developed for free.

The co-founder of Ethereum (ETH) and ConsenSys, Joseph Lubin, donated 1,000 Ether (ETH) to Moloch DAO alongside Vitalik Buterin, the co-founder of Ethereum. Moloch DAO is currently gathering funds for the development of Ethereum’s ecosystem.

Another trend they are looking at is related to virtual currencies and their role as a hedge against irresponsibility from governments and central bankers.

Travis Kling, the FOunder and Chief Investment Officer at Ikigai Asset Management, commented:

β€œCryptocurrencies are a hedge against irresponsibility from governments and central bankers… the world is waking up to the value of a hedge against quantitative easing.”

Furthermore, there is another trend that is related to privacy and how digital assets are trying to implement different private protocols to protect users’ data and information. Zero-Knowledge Proof could help Ethereum solve the privacy paradox that it has.

Buterin explained in September 2018 that zk-SNARKS, a technology used by ZCash (ZEC), could be added to Ethereum in order to help the smart contract platform scale. With it, the network could eventually reach 500 transactions per second (TPS).

There are other digital currencies that are implementing different privacy features, including Litecoin (LTC) or Tron (TRX). As blockchain analysis companies are expanding, users’ concerns about how these companies can handle their data are becoming very important for those that want to have privacy while dealing with digital assets.

Decentralized Finance (DeFi) is also one of the most β€œresounding narratives” in the crypto industry. There are several firms that are already working in this area, including MakerDAO, Compound, Dharma, Uniswap and also Bancor, among others. These firms and DeFi, in general, allows investors to have access to large liquidity pools in a decentralized manner.

At the same time, regulators are currently trying to enter the market and regulate the whole crypto space. Although it is not an easy task, they are trying to propose new regulations for investors to be protected in case of scams and attacks.

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ConsenSys believes that the blockchain industry has also seen increased involvement from these regulatory agencies. There are different states in the U.S. that have already implemented very friendly policies towards digital assets and blockchain technology.

Another trend that ConsenSys believes that will play an important role in the space is related to enterprise blockchain projects. There are tech giants such as Microsoft that have released software development kits for different networks such as Ethereum and Quorum. Other firms are also working with distributed ledger technology (DLT) which is going to play an important role in improving processes and other systems.

Finally, tokenization is going to be helping companies to create enormous value as well. ConsenSys believes that the blockchain ecosystem is moving towards open-source technology with regulated capital. At the same time, this trend could be very positive to bring transparency to the traditional financial sector.

About this trend, ConsenSys wrote:

β€œThe next wave of financial products, such as derivatives and equity and debt securities, will be the method in which blockchain finally moves beyond payment settlement.”

The blog explains that tokenization will be creating enormous value that will help the crypto ecosystem to move forward as well. At the same time, these are going to be positive sum games in which different actors will be able to be in a win-win situation.

The views and opinions expressed in the article ConsenSys Blockchains It Like It Is by Hightlighting Seven Hot Topic Crypto Trends Unfolding do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..

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