Bitcoin Foundation Chairman Shares 2019 Cryptocurrency Forecast: dApps, STOs and Gaming
The last few years have seen a rapid development of new technologies, with cryptocurrencies and blockchain being right in the center of it. The industry is still quite experimental, but it also proves its ability to adapt, change, and focus on what is necessary. Meanwhile, it is also marked by a great diversity which allows it to cover numerous areas, and potentially disrupt countless industries while solving real-world problems.
While the world of cryptocurrencies saw the real struggle in terms of prices and regulation in 2018, the year before that was the most beneficial in crypto history. This is when cryptocurrencies exploded and announced themselves to the world. Despite dropping prices, they are still a hot topic in the financial and tech world alike, and the rise of the ICO model allowed over 2,100 coins to reach the market and global exposure.
However, as mentioned, 2018 brought a negative change. The prices were falling, the market was bearish, and the so-called ‘crypto winter' dominated the entire year. While many were predicting that the crypto winter will end and that prices will surge once more, we are seeing the shy return of the bulls only now, well into 2019.
But, this did not stop many to remain bullish on the crypto trend, with some experts, such as John McAfee, proclaiming that Bitcoin can reach as high a price as $1 million per coin. For now, this seems like an impossible task, although the crypto space already managed to prove that everything is possible. However, there is another man, one who immersed himself in pretty much every corner of crypto and blockchain industry, and who has decided to give his own prediction on what might await in the future of crypto and blockchain. We are talking about Brock Pierce, a former child actor who got highly interested in crypto and has become one of the key figures all the way back in 2013.
Brock Pierce Predicts the Future of Crypto and Blockchain
For now, Pierce appears to focus on several aspects of the crypto and blockchain industry. The most important ones are the development of dApps, STOs, and these technologies' potential applications in the gaming industry.
When it comes to dApps, these are decentralized applications developed on the blockchain. There are multiple platforms which allow dApp development, with Ethereum being the best known one, as well as the one with the most dApps currently developed on it. However, many more such projects emerged since Ethereum opened this door, and projects like EOS, TRON, Cardano, and a number of others are not far behind.
Many of them are even ‘competing' for the title of Ethereum Killer. In other words, each project aims to be the one that will replace Ethereum's network as a go-to project for dApp development.
While there are many dApps around, they are far away from mass adoption, as no ‘Killer dApp' has emerged as of yet. However, Pierce believes that this may change soon and that some big things are likely to be built in 2019, potentially hitting a million or more users. He also believes that this will be possible due to the low crypto prices. Low prices allow teams to stick together and work on a good project, while high prices force people to try to get rich quick, which is why the project often lack quality.
Finally, Pierce stated that dApps need three things in order to become big — the ability to scale, the lack of fees, and high speeds.
When it comes to Security Token Offerings (STOs), they are mostly considered to be a spiritual successor of the ICO model. As such, they can pick up where ICOs left off, only in a better way. They can function within existing regulations, and they are not based on trust alone. Further, they allow asset tokenization, which is what can give them value in the first place.
Because of this, and more, Pierce believes that security tokens may end up creating a quadrillion dollar market. He sees STOs as the next step in the evolution of capital markets, and a far more superior model than ICO.
3. The Gaming Industry
Finally, Pierce's last prediction concerns gaming, and as someone who has been in both camps, it is easy to understand why he believes that combining these two sectors might result in something new and better. Not only that, but he believes that the gaming industry will be the one responsible for driving crypto adoption.
He justifies this by saying that gamers were among the earliest adopters of cryptocurrencies. THis is why China and Korea are so big, as their gaming population is massive, with a large part of it selling virtual currencies.
Once gaming adopts crypto, the rest of the world will follow, as they start noticing the benefits of the system. Eventually, sending money will be as easy as messaging, which will be particularly important for the unbanked and underbanked.