After the initial crypto hype that took over in 2017, many have expected that digital coins will continue their rise forever.
There was a lot of money to be invested in the crypto world, and investors did not shy away even from the most questionable projects. However, the situation turned in 2018, and the entire year was held in the tight grip of the bear market.
Naturally, many people now see it as a year of disasters that damaged the market beyond repair, which is only partially true. The year was pretty devastating for most coins, but the crypto space is far from being permanently damaged. In fact, from the right point of view, the year was quite a success.
The crypto market gained a lot of necessary exposure, and it announced itself to a much larger audience. Not only that, but it was very productive when it comes to the creation of the core infrastructure of the decentralized web, which is one of the largest goals of the crypto world.
Many believe that 2018 may have been crucial for achieving the next step in crypto development, as not proper progress can be made during the period of hype.
Indeed, a lot of progress has been made on the path of creating the Web 3.0, and all the new knowledge and experience has gone into improving the crypto and blockchain technology. Instead of having countless standalone coins, developer teams are uniting through partnerships and working on shared projects that will speed up the development of the best systems and networks.
Decentralization is slowly taking over, as new and better-decentralized asset management protocols are being developed and launched. Other projects, such as the World Food Program's Building Blocks, are scaling up, and new tests are just about to start. A lot of these projects have the potential to improve the lives of people around the world, while at the same time, they remain practical, efficient, and cheap.
This particular project is expected to have the ability to help feed over 500,000 refugees. As mentioned, it also saves up on the costs, which will provide more money for helping other areas that need it.
In addition, progress was being made on improving the users' privacy and security as well, with Zcash's Sapling network upgrade being one of the most important achievements in this regard. Other projects have made similar progress regarding their networks' features, and more are expected to arrive in the future, in the form of new network launches, major upgrades, and alike.
Thanks to the high exposure of blockchain and crypto that came out of the hype of 2017, more fresh talents are entering the developer teams, which additionally speeds up the development process. This, in turn, allows expansion of companies that are working on this technology and secures more jobs for those who can contribute to further development.
Looking back at 2018
The 2018 Web3 Summit has been one of the most significant examples of how much progress has been made recently, and teams from around the world gathered up in Berlin to announce new development and major breakthroughs. Many have praised this gathering as it was never focused on the bearish nature of 2018's crypto market or the price of particular coins. Instead, developers only saw obstacles that they needed to overcome in order to achieve their goals.
2018 has been a remarkable year for the Web3 movement, and while a lot of things were achieved, it is also the year when a lot of issues finally grew big enough to be noticed by the world. Here is a short list of some of the most important achievements and events from 2018:
- The awareness of data misuse and levels of online surveillance came to light thanks to the Cambridge Analytica incident.
- It has been 10 years since the financial crisis that struck the world in 2008 and sparked the creation of the world's first cryptocurrency — Bitcoin.
- The 10th anniversary of Bitcoin's white paper was also celebrated in 2018, on October 31st.
- 2018 also marked the 5th anniversary of Ethereum's white paper being published.
- The foundations upon which the crypto world will build in 2019 and the following years was set, with the attention returning to resolving problems, instead of randomly investing and making a profit off of new coins.
In a way, 2019 brings a fresh start, and there are high expectations and hopes for this year. While it will surely be filled with positives and negatives alike, there is hope that it will take the crypto space a few steps closer to the bright future that experts have been predicting in the last decade.
The important thing is that time is not being wasted, and that progress is being made even when the situation looks hugely negative on the surface.