Future of Crypto in the next 5 years | Crypto is the future?
The next 5 years could be the point where the actual bitcoin comes in, a future where digital money has true authenticity.
The future of Cryptocurrency
Comparing the most notorious crypto currencies bitcoin and ethereum, one would find that they differ most with the identity features and functions they can be considered.
There are certain aspects that are more valuable or hard to control about the bitcoin and ethereum currencies, such as use-states for transfers, machine learning, blockchain payment processing, the point of sale, use of tokens in electronic payments, and utilizing blockchain technology as a system of verification.
At the end of the day, why stop at digital currencies? Is there a digital currency or digital infrastructure that could replace the human interaction in all aspects, meaning software, digital infrastructure and the internet?
Is digital money the answer to address our modern problems? Let’s consider some of the ways digital money can be used to leverage our current social apps and other built-in technology in the real world.
Give Bitcoin to you, make cryptocurrency the new normal
If bitcoin was the first blockchain currency like bitcoin, then and only then could digital money have the ability to be used as a payments system without needing physical money or back up.
Take Hadoop, IOPS, big data, analytics, maybe blockchain (smart contracts) for example. Take these projects and make cryptocurrencies play the central role. In this manner, digital money is given to you. Leave your physical wallet on a dock, give your virtual wallet to your friend/companion, send your friend the bitcoin and all is well.
Link digital wallets and cryptocurrencies
Next we can attach data to digital wallets. A great example here is that of the “smart-wallet”. A “smart wallet” is a mobile wallet that acts as a central database for managing your data. Let’s say your 5 years old son is collecting $100 of data to tell the story of your smart wallet. Do you need a central database to do this? Of course not. Let your smart wallet act as your story outline, side-stepping all the dangerous software you need to ensure the security of your data. Let him enter the amount you’ve set aside and record the money inside, as well as the account with your unique username as an unlock code to access your smart wallet.
Link wallets with the cryptanalytics, blockchain and cryptocurrency networks
I know, the issue of a centralized database sounds the like a hard to get past problem. However, let’s integrate smart wallets with blockchain and cryptanalytics networks, like weather.ai. Let’s feed weather.ai’s data into a blockchain engine. Let’s say you have your data at Heathrow airport. Your flight number, your flight number on bitcoin as a way to verify the information from being copied twice. Let’s add this capability to the weather.ai network. Being a central blockchain engine, your data can’t be copied twice, as there are not signatures.
If it all works out, do we need centralized databases anymore? Are those servers really worth the budget-support it takes to keep them up and running? Is it worth that protection?
In the end, there is some difference between digital money and bitcoin that Ethereum simply loses by the way it limits its token supply and then rewards its owners of the tokens. Cryptocurrencies have the capabilities to become more effective and developed, but to do this, cryptocurrencies should meet a certain set of criteria. And yes, those requirements are more complicated than using existing technologies that happen to support digital money.
Cryptocurrencies will be decentralized wallets to store data in an auditable, distributed manner. People are worried about the holders of bitcoin putting the money to use in the way they please. But are people worried about how central banks manage money? The same goes for the blockchain network. People are worried about how central banks control money. Again, the same goes for money in virtual wallets. To solve these problems, changes must occur in the way we relate to money, technology and the internet.