The cryptocurrency and blockchain technology are the two most emerging things in the world of fintech. Year on year, there have been constant innovations and experiments in this part of the industry, and it has expanded itself very quickly. In 2017, some significant cryptocurrencies gained momentum, and 2018 saw the participation of some major IT companies in this part of the field. Starting from Wall Street to ‘FAANG’ (Facebook, Amazon, Apple, Netflix, and Google) and Governments, everyone has now their part of the crypto story.
Brock Pierce is considered to be a front player in this industry because of the way he had immersed himself in the blockchain technology and cryptocurrency. He is also considered as one of the most important figures in the crypto forum. Below is given some of his predictions for the next part of 2019.
Decentralized apps are the big thing in 2019 starting. Though they are beginning to find their places in the industry, many companies like Ethereum, Tron, Cardano and a bevy of others have started to build their own decentralized apps along the blockchain.
“We’re going to see big things being built, multiple applications hitting a million users,” Pierce said. “I love the fact that prices are down. When prices are up, very little gets built because teams don’t stick around. Everyone is getting rich too quick and that de-motivates people. All the best things I’ve seen built in this ecosystem have been built in bear markets.”
He also added that the three things which would make dApps more than just developer play-things are scalability, option to be fee-less and frictionlessness. They need to be fast as well. As a new kind of internet is being built, the technologies and the innovations also need to be unique and freshly made.
There have been much talks and discussions about the Security Tokens and Security Token Offerings. As per Pierce, security tokens are going to initiate a quadrillion dollar market because we will see the fiat money to be tokenized along with fiat money, debt market, real estate, equities, and art.
He said, “They are the next wave in the evolution of capital markets. ICOs did not adequately protect market participants – it wasn’t intended to – utility tokens are by nature not intended to be security, so it provided little protection. STOs have a framework that can do that. STOs are designed for investors and can have many provisions that are there to protect market participants.”
As per Pierce, there would be paradigm changes on the gaming front as well. He said that gaming was going to be a massive part of the change caused by crypto and blockchain. The Chinese and Korean gamers were the first adopters of crypto. These were the markets, as per him, where people not only played video games but also bought and sold virtual currency for games like Second Life and World of Warcraft.
“It’s that community of users around the world that have driven the first wave of crypto adoption and so I think there’s an excellent chance that gaming in all its forms will be one of the major drivers of the success of the ecosystem.”