Many have argued that crypto is but a flash in the pan and that it will not be the revolutionary financial system that it was touted to be. There is a great deal of support in all business sectors for this assertion. The volatility of crypto has been one of the main reasons for this train of thought. This article however shows why crypto will indeed survive, based on the blockchain technology that supports it and on which it is founded.
The changes and advances in the blockchain tech
Over $6 billion dollars was spent in 2021 on the research and development of blockchain. This has seen a whole new range of improvements to the open-source software for Blockchain hubs and tech, which have then been translated and used for a range of new applications from medical record keeping and sharing to the logistics and supply chain sector. It is clear that blockchain tech as initially invented and set up to support the Bitcoin cryptocurrency has grown up and is now a sought-after tech addition to any business.
Many businesses have looked to establish their own private blockchain databases that can only be accessed by those with specific codes and keys, similar to the manner in which only you can access your crypto. Others will simply use established and emerging platforms and blockchain hubs such as that provided by Cosmos, as detailed in the recent OKX guide. The cryptocurrency was established in 2016, and the main rationale was to provide blockchain services while allowing payment in ATOM and the Cosmos crypto, as well as other established cryptos. This is arguably one of the main reasons that crypto will survive.
Crypto for blockchain
Yes, there are a number of well-established cryptocurrencies such as Bitcoin and Ethereum and it is quite probable and highly likely that these cryptos will survive well into the metaverse era. However, with over 20 000 cryptocurrencies that have been invented and released, it is unlikely that all of these will maintain their value and survive at all.
The emerging cryptos such as Cosmos are beginning to set a precedent in the sense that they are all looking to offer a lot more than crypto. It is more about the blockchain services and then taking payment in crypto. It is one of the only ways that the smaller, lesser-known cryptos will survive, if at all.
The use of cryptocurrencies as a usable and established currency is arguably still to happen. However, as the metaverse becomes a reality it is likely that there will be a need for an established and well known digital currency. Several national banks are looking to produce their own, but for now, it will be the established cryptos that take up this space. Then we still have several thousand other cryptos, and the only way that they can survive is to emulate Cosmos and look to offer a range of blockchain related services.