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Cryptocurrencies of the Future – a lot have happened in the crypto space since Bitcoin first arrived. And this topic will be explored by writer Christopher Hamman in this article.
Exploring the Cryptocurrencies of the Future
The world changed forever when Satoshi Nakamoto published his paper on the concept of a peer-to-peer cryptocurrency.
Now we have all kinds of cryptocurrencies fulfilling diverse kind of needs.
Some appear to be general-purpose cryptocurrencies while others fulfill specific use case scenarios.
The promise that the future holds for cryptocurrencies of the future is full of opportunities which anyone can take advantage of if they catch the central principle governing the crypto-space: decentralization.
The Present Situation
At present, the following characteristics exist currently with cryptocurrencies:
- Blockchain technology is the core focus as the technology of choice when it comes to transaction confirmations and record-keeping,
- Most uses of Cryptocurrencies occur within the technology and financial sectors,
- Proof of Work and Proof of Stake are the core processes of transaction confirmation,
- Core developers and techies are still evolving concepts based on Satoshi’s original Bitcoin model,
- Corporate bodies want a piece of the cryptocurrency action,
- Most of the work done in the crypto-space is subject to the flaws of human intelligence making hard forks unavoidable,
- Integration of cryptocurrencies into everyday life hasn’t occurred yet,
They shall be considered serially.
Blockchain technology is still Crypto’s Core Focus
Blockchain technology is central to the development of cryptocurrency tokens.
This particular innovation makes it possible for the deployment of tokens across multiple nodes.
In truth, blockchain technology is the foundation for the cryptocurrencies of the future.
However, other concepts might also hold the key to future cryptocurrencies.
As cryptocurrency tokens are often more futuristic than functional at the time of their development, new concepts in this field could make it work.
This particular protocol could give birth to another generation of cryptocurrencies which work on consensus and not on basic blockchain public ledger systems.
As time goes on, improvements, of course, shall be made to basic blockchain technology.
Innovations shall emerge in the crypto space.
We shall see other forms of transaction confirmation working and deployed.
Crypto has a great future!
Most uses of Cryptocurrencies Occur Within the Technology and Financial Sectors
As it stands, cryptocurrency tokens fulfill mostly financial or technological needs.
Especially the most stable tokens.
This, of course, is to be expected following the introduction of Bitcoin to the World.
In truth, the future holds more prospects as cryptocurrency tokens will cover every sector of life.
This is because major concepts in information technology such as the internet of things and big data are coming into focus now.
With emerging technologies, cryptocurrencies of the future shall be able to have use case scenarios which aren’t functional yet.
From voting in elections to, identity management, healthcare to education, cryptocurrency tokens will fulfill needs within these sectors and much more!
The Financial and technology focus of cryptocurrencies is mostly because the cryptocurrency sector is still emerging.
Once it matures, we are going to see an increase in diversity in the use of tokens.
Proof of Work and Proof of Stake are the Core Processes of Transaction Confirmation
Other forms of proof shall also emerge soon.
This is because every idea always has a better version which comes.
It is the way of innovation.
Proof of work was the first concept designed by Satoshi Nakamoto.
Proof of Stake became its successor.
Make no mistake, proving shall most likely hold a central place in most blockchain algorithms.
Proving in the process allows the transactions to go on.
Some in the formation of blocks which require cryptographic processes, others in enabling new tokens to be created.
It all depends on the math behind the algorithm.
As such, cryptocurrencies of the future hold a whole lot more in terms of proof.
Core Developers and Techies are Still Evolving Concepts based on Satoshi’s Original Bitcoin Model
Satoshis’ original peer-to-peer model has provided the proof-of-concept which has created the Crypto industry and allowed it to flourish.
For the industry to evolve even further, new models have to emerge to rival and to surpass the core concepts that Satoshi has put forth.
Cryptocurrencies of the future shall make this a living reality.
We shall see within the next decade new models which also actually work in real-time that have a different approach to peer-to-peer transactions.
After all, almost everyone said it was impossible until Satoshi proved otherwise.
The key here is a bit of imagination and then BOOM!
A new concept is born!
The core developers who rule over the crypto space actually will come up with something.
When that time comes, a new generation of cryptocurrencies shall be born!
Corporate Bodies Want a piece of the Cryptocurrency Action
Since the first cryptocurrency started thriving and its success in real-life situations has been observed by global corporate giants, their interest in profit-oriented crypto models has increased.
As of today, corporate bodies want to get their own slice of the pie.
There is only one problem with this: Centralization!
Just as we can see with Facebook’s Libra project where Mark Zuckerberg wants to finally own his own Country and mint his own money with central control, Corporate giants seem to think they can eat their cake and have it.
Not in this case though!
The core issue that surrounds peer-to-peer technology is decentralization totally and completely.
This is the ultimate aim.
Otherwise, the hybrids such as Libra just make the case for cryptocurrencies’ closest seconds: Sub-cryptos.
Ripples’ XRP is doing well at the moment because Ripple Labs Inc. tends to play well with others.
Same thing with Ethereum and the others.
Facebook however doesn’t.
The secret to finding corporate success in the crypto space will be community-based collaboration and not outright ownership of tokens.
That way influence is maintained by the corporate organization.
After all, it’s not about how much you own, it’s about how much you control.
Most of the work done in the Crypto-Space is Subject to the Flaws of Human Intelligence Making Hard Forks Unavoidable
The human mind is the greatest invention ever.
It is the window to the soul.
Without imagination, most of humanity’s achievements wouldn’t exist.
However, due to the stresses of everyday life, mistakes are unavoidable.
Especially when projects such as those in the crypto space are concerned.
This is why hard forks will always exist when it comes to implementing new technology projects.
Artificial intelligence and its related technologies, however, reduce the need to branch a project due to constraints of the previous versions.
Automated coding assistants will be able to point out systematic flaws and will be also able to make sure that those flaws are corrected in real-time development.
Deep learning as a concept works best in this regard.
This will allow the human component of a software development project to see the bigger picture and apply a bit more imagination making the project more innovative.
This is how the development of future crypto tokens shall occur.
Integration of Cryptocurrencies into Everyday Life hasn’t Occurred Yet
Now, we don’t yet have crypto tokens ruling our everyday lives.
In a few years from now, however, that shall be all the rage.
It boils down to the integration of two basic concepts in technology: Big Data and the internet of things (IoT).
An intersection of these two concepts when applied to cryptocurrency tokens shall create an explosion in the use and application of cryptocurrency tokens.
This is how the cryptocurrencies of the future and these tokens shall enter the mainstream.
A few techies are already figuring this out and you can never tell how all of this will come together
One thing is certain: an exciting ride is up ahead!
Cryptocurrencies shall be one of those disruptions which bring people together rather than taking them apart.
This is because math itself is a universal language which can be spoken by anybody regardless of race, gender, religion or any other form of orientation.
Assets driven by math are what cryptocurrencies tend to be.
What do you think?
How are cryptocurrencies of the future going to function?
Please let us know in the comments!
Christopher is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy. You can connect with him on LinkedIn.