The crypto industry has yet to deliver on its promise to represent the future of finance and its adoption on a large scale. The bitcoin halving and the launch of central bank digital currencies could be regarded as the start of an exciting decade for blockchain and cryptocurrency with some interesting developments such as the Brave browser project by the co-founder of Firefox, or the Binance platform, which includes the largest cryptocurrency exchange by volume in the world. Besides, one could see some promising enterprise adoptions and new use cases for blockchain, such as the IBM supply chain network, Facebook’s Libra, the introduction of derivatives, to name only a few.
However, a real break-through has not yet taken place, and its solutions still serve only a small part of the world’s population. Large projects like TON and Libra faced strong headwinds from the financial industry and the regulators. There are still numerous operational problems, be it scalability, speed and costs, and the question, whether a public or a private blockchain will prevail. And perhaps the biggest challenge, interoperability, i.e. the communication between different blockchains is one of the critical problems that has to be solved for the blockchain to be fully accepted and scalable.
And still, 2020 could be a turning point, and there are signs, that companies are striving to get the technology working for them while crypto assets signal their readiness for mass adoption. Despite the COVID-19 crisis, people have not left the market; on the contrary — people bought more crypto as it is much easier and accessible than even two years ago. There are plenty of user-friendly interfaces to interact with, and exchanges have become omnipresent and powerful hubs and custodian for it.
So, don’t write them off, the break-through is not far away anymore.