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blockchain mass adoption

One of these days, Blockchain and cryptocurrency might be “as broadly adopted as the internet is today,” stated by Jeremy Allaire, CEO and co-founder of Fintech company Circle, when speaking to CNBC. “It’s a really fertile space in terms of the fundamental, technical and infrastructure,” Allaire whispered on “Fast Money” Wednesday.

Lone key driver for this potential occurrence: ethereum. “Right now ethereum has an enormous amount of developer activity,” Allaire said.

“One of the things that really catalyzed the [cryptocurrency] market last year was actually that Ethereum, in particular, kind of got to a place where you could build apps on top of it…You could issue new tokens on top of it; you could create new kinds of financial contracts, using the smart contracts technology.”

The digital token ether was created by the company Ethereum. Ether was originally launched as a fundraising effort to advance the platform. The company then created a platform for applications built on blockchain, the same technology that underpins bitcoin.

Due to this, Allaire resolved that, ICOs, or initial coin offerings — a crowd funding way to get funds for cryptocurrency projects — have surprisingly increased. According to CoinSchedule, for all of 2017, ICOs raised $3.8 billion. Nevertheless in 2018 just this six months, companies have raised more than three times that amount, thus $12.4 billion in ICOs.

“It also catalyzed a lot of competing infrastructures to ethereum,” Allaire stated, bringing out that there are a lot of new blockchain platforms on the market right now. Some to consider are EOS, NEO and Cardano, he mentioned.

Presently, the digital token of the Ethereum blockchain Ether, by market value is the second-largest cryptocurrency in the world.

Meanwhile, cryptocurrency traders celebrated this week as bitcoin, the largest digital coin by market cap, moved above $7,000 on Tuesday, after falling below $6,000 last month. While the increase is significant, it’s still far below the December 2017 highs of around $19,500. But bitcoin bulls say the coin is not dead yet.

“When the chair of the Fed says negative thing about bitcoin, and Howard Marks says negative things about bitcoin, and Ken Griffin says negative things about bitcoin, and bitcoin doesn’t move, I think that’s a really bullish sign,” Barry Silbert , founder and CEO of financial firm Digital Currency Group, stated on “Fast Money” Wednesday.

At 5:30 p.m. on Wednesday ET, bitcoin was priced just over $7,300, where it had held steady for more than 24 hours. Silbert predicts 2019 will be a good year for both blockchain and cryptocurrency, with amplified convenience and better understanding of products.

“I’m all about the infrastructure that’s required to create the on-ramps and the off-ramps for Wall Street to get involved in this asset class,” Silbert said.

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