9 Blockchain forecasts for 2020

9 Blockchain forecasts for 2020

2020-09-16 08:52:58
1. China will launch digital currency
China has always been a dynamic country in the development of blockchain and cryptocurrencies with some of the largest electronic exchanges in the world.
After Xi Jinping stated in his speech that blockchain is the future of the country and China will become the leader in this technology, blockchain research has taken place on a large scale. Therefore, recently, the Bank of China (BoC) completed an issue of $ 2.8 billion worth of financial bonds for small businesses blockchain research and development.
One of the key developments that China is pursuing is the Digital Currency / Electronic Payment initiative. It is estimated that the plan will be rolled out in 2020, albeit on a small scale.
2. Facebook's Libra cryptocurrency will be partially born.
Facebook's payments network project has been met with a series of protests from US and European regulators. However, this Libra coin is still growing slowly, away from all media attention. Many researchers are looking forward to the launch of this cryptocurrency system, though it won't have as many features as originally estimated.
3. The paradise of stablecoins
For a few years, financial institutions have a tendency to 'tokenize' fiat currencies, and to use them for easier transactions on crypto exchanges. This trend will continue to thrive, and we will see a growing adoption of stablecoins, mostly backed by fiat money and spurred on by exchanges. Stablecoin projects like Fnality and J.P Morgan will become a reality.
4. The growth of "decentralized" DeFi and the open financial ecosystem. Currently, there are about $ 300 million running in different applications in the decentralized financial ecosystem (DeFi). This is due to the growth of DAOs and Decentralized Autonomous Organizations (DAO), the expansion of decentralized exchanges, the prediction market, and lending applications. in the same level.
The open financial ecosystem is also hot in the VC sector and this trend will continue into 2020.
5. Ethereum 2.0 will continue to grow.
The teams responsible for developing Ethereum 2.0 have begun to respond more positively to the feedback from users. This gives more confidence about the new, evolving version of the Ethereum blockchain. Ethereum's development progress so far has been very good and it is estimated that it could be partially completed by 2020.
6. Lightning network will be widely adopted.
Lightning network is an off-blockchain money transfer network built on the bitcoin system that aims to provide instant bitcoin transactions and payments. It significantly improves the current bitcoin transaction speed by leveraging off-chain data at low cost.
7. Extensive privacy and tools.
Companies like Ernst & Young are investing heavily in developing security tools for public Ethereum ecosystems and their products - Nightfall is a futuristic example of what could one day, all Businesses will use public networks to transact with each other without worrying about privacy.
In 2020, we will see more zero - knowledge (ZK) and multi - party computations (MPC) projects appear in the blockchain space.In 2020, we will see the number of applications and channels created on This network increases. Overall, we should see a growing trend in the bitcoin development ecosystem created by companies and tools like RSK and Exonum.
8. More interoperability between protocol blockchains.
Researchers have seen the importance of interoperability between blockchain protocols. The differences between major blockchain protocols like Quorum, Besu, Fabric, and Corda are still significant but there is already an open forum for collaboration and research on how different blockchain chains can coexist. In 2019, we have already seen the rollout of blockchain across multiple cloud systems, so it shouldn't surprise us to see a successful inter-blockchain interconnection in 2020.
9. Many regulators will follow the example of Wyoming.
Wyoming, USA, has laid the foundations for digital assets and a regime of regulation that is friendly to digital banking. With the split of digital assets into three special categories, Wyoming is clarifying the difference between cryptocurrencies and digital securities, all of which are considered intangible personal assets. Some other places like Colorado, New Mexico and Arizona are also considering similar legislative work.Overall, next year there will be many important shifts for the blockchain technology ecosystem and digital assets. 2020 promises to be the year when blockchain protocols and digital assets continue to grow in terms of adoption, metrics, and adoption rates.
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