Technological Evolution ARPANET and Blockchain
It has been roughly a decade since the whitepaper for Bitcoin and its underlying blockchain technology emerged. Since then, the blockchain space has grown into a self-sufficient ecosystem, creating an entirely new wave of millennial wealth and jobs.
As we reach a critical point in the evolution of blockchain tech and digital assets, regulations, businesses, and investors both big and small are starting to take this seriously.
We’re seeing a shift of blockchain-powered services and products from a tech-ONLY sector to one that an average Joe can use without thinking twice.
2018 is not like the mid-nineties: nobody banked online, PayPal was for the tech-savvy, and the Internet was used by those with the patience to endure the screeching modem as it connected!
Here’s What We Need for Cryptocurrency Adoption
By going back further, it was not until the early seventies that ARPANET would be developed. This was followed by the Domain Name System (DNS) a decade after, laying the foundations of the commercialized Internet we use today.
History is currently repeating, and we are now in the eye of the storm with blockchain technology. In the future, this could be looked at as the next stage in the evolution of the Internet.
For this to work, blockchain tech still has to overcome many hurdles to truly disrupt and become the dominant technology going forward.
Some Will Stay Speculative, While Others Will be Driven by Utility
Cryptocurrencies have been at the forefront of disrupting complacent industries. It’s safe to say that digital assets, while volatile, are now respected and taken seriously by those in positions of power.
It’s also worth noting that Bitcoin is not the first digital currency. In the nineties, programmers played with the notion of an electronic cash system on several occasions. In 1996, e-Gold was launched, only to be shut down in 2009.
Lessons were learned from e-Gold, and Bitcoin emerged as a peer-to-peer cash system, a distributed system that could not be confiscated or suffer from a singular, centralized attack.
The bull market of 2017 was driven mainly by speculation and greed. With only Bitcoin and a small handful of other cryptocurrencies being used to buy tangible products and services in the real world, we witnessed blockchains becoming congested due to high network volume, making them expensive and slow.
Blockchains that cannot adapt and scale up will either fade away or remain speculative assets, while the winners will be valued by their technological capacity and utility.
What is needed for our favorite cryptocurrencies and blockchain applications to make it big-time?
Here are a few examples: >> https://crushthestreet.com/articles/digital-currencies/heres-cryptocurrency-adoption
