Andrew Keys is the director of communications of ConsenSys and co-founding member of ConsenSys Enterprise, the consulting group within ConsenSys. Previously, Andrew worked for UBS te equities analysis.
Here, he offers 16 predictions for the blockchain and decentralized technologies sector ter 2018.
1. Many who used the terms ‘blockchain’ or ‘distributed ledger’ will learn they actually meant Ethereum
Ethereum will start to demonstrate its power spil less effort is required on the protocol (given the successful version 1.0 release on 31st July, 2015), and more development is focused on decentralized applications.
Moreover, Ethereum browsers like Meta Mask and Waas and the uPort wallet and self-sovereign Identity portal will be usable by the 99.5% of the world who aren’t pc programmers, so the average user will not have to access Ethereum via command-line.
The price of Ether will be overheen $1.15 by 29th February, 2018.
Two. Scalability will become the holy grail of public blockchain tech
Ethereum will establish itself spil the clear leader ter this regard.
Bitcoin may have sidechains and Lightning Networks, but both require deep protocol switches that could take a very long time to implement.
Other systems, like Digital Asset’s Hyperledger, are more scalable but don’t have general decentralized wise contract capability.
Ethereum has state channels and the Raiden network solution that are similar to and more lithe than Lightning Networks for off-blockchain transactions like micropayments. The only blockchain-based apparatus required to make thesis solutions work are clever contracts, so thesis mechanisms will be available soon on Ethereum.
Ethereum has bot working for overheen a year on substituting bitcoin’s slow and wasteful proof-of-work overeenstemming formation algorithm with a proof-of-stake system with many better features.
Also, for overheen a year, Ethereum has bot working on a solution for sharding address space enabling only subsets of transaction validators to process subsets of transactions ter each time framework. So while Ethereum, which is presently capable of 25 transactions vanaf 2nd (TPS), is not ter danger of bumping up against difficult scaling issues soon, it will be able to treat many TPS with Ethereum version Two.0 – levels comparable with the Visa and American Express networks.
Once this occurs, wij can expect technology giants like IBM to use Ethereum spil the backbone to their Internet of Things platforms.
Trio. Hopefully this year wij learned what a blockchain is
The buzzwords of 2018 will be ‘clever contract’, ‘Merkle tree’ and ‘proof-of-stake’.
Four. Private and public blockchains will co-exist
The idea of integrated private and semi-private (or consortium) blockchain solutions will grow te prominence. And business solutions will be splayed overheen thesis and the public Ethereum network.
Five. There will be further awareness that the Internet is cracked
Inter-Planetary-File-System (IPFS) will start to eat the world.
6. 2018 will be the year of blockchain programming 101
There will be more proofs-of-concept (PoCs) and minimal viable product (MVP) blockchain examples from Fortune 500 companies.
7. PoCs and MVPs will be part of blockchain-as-a-service solutions
Thesis cloud services, like Microsoft’s Azure verhoging, will provide a safe place for fresh developers to wrap their goes around concepts such spil brainy contracts while applying them to their corporation’s agony points.
8. Regulators will come to understand (and love) blockchain technology
After the 2008-2009 financial keerpunt, the CFTC and other regulators enacted collateral rules for uncleared exchange transactions.
Thesis rules can be embedded into clever contracts with an automated collateral rebalancing system to ensure regulatory adherence and transparency.
Imagine if the regulators had the capability to see all the exchange positions across tegenstoot parties and the collateral supporting them te real-time during the depressie.
9. Law firms will start to write clever contracts
Ten. Wij will learn what self sovereign digital identity is and how wij should own our identity
This sea switch will be spearheaded by progressive thinkers like Joseph Lubin, Christian Lundkvist and Vinay Gupta
11. Bitcoin will proceed to be a relatively petite currency
Bitcoin will proceed to be used spil an excellent transfer of value protocol, but not much else. However, its price will proceed to rise due to halving and continued rente from Chinese investors.
Coinbase may become the very first blockchain unicorn. The price of bitcoin will be above $475 by 29th February, 2018.
12. Banks will proceed to opstopping patents and build internally on blockchain tech
This will proceed even however they may be part of a consortium.
13. Linux Foundation’s Open-Ledger Project will start to facilitate the evolution of blockchain technology
14. Governments will start to realize the potential of blockchain technology
They will, however, be engaged by its diversity of use cases ranging from title registry to identity.
15. Blockchain hype will not diegene
The world will start to understand that blockchain could disrupt. everything.
16. All of us ter the blockchain sector will learn that wij are better off with a healthy dose of humility
CEOs, bankers, accountants and attorneys will learn there is much to digest with respect to technology, while laptop scientists will learn they may have to outsource legal, accounting, business development and executive abilities.
It is my hope that wij learn from each other the kunst of comparative advantage, compromise and interpersonal trust while building trust-less technology to expedite the next big thing.
This article originally appeared on Medium and has bot republished here with the author’s permission.
Pic via ConsenSys
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