Bitcoin is in its second decade and many in the community are predicting trends and effects that the technology would have on the next decade. Charles Hoskinson, the Cardano founder announced today that there would be another economic recession similar to that experienced in 2008. According to him, this would make cryptocurrencies become a dominant force in finance.
In a blog post on the IOHK website, Hoskinson stated that:
“During this decade, we will probably see another economic collapse similar to 2008 and with it, an opening for cryptocurrencies to take over the global economy. We also anticipate that one or more African nations will achieve the same economic prominence as countries like Brazil and South Korea. It could be Kenya, Ethiopia, or Nigeria.”
Hoskinson further stated that Bitcoin’s next decade would herald a period in which data would be treated as a commodity even as national identity would become more prominence as there’ll be innovation in the movement of people and development of new passport system. These would be some of the offshoot of the blockchain, the technology on which Bitcoin is built.
In making a contrast between Bitcoin’s first decade and the next, Hoskinson said that for Bitcoin, 2010 to 2019 was “crazy” but maintained that 2020 to 2029 will be “very interesting”.
Among the other innovations that are expected in the next decade would be advancement in physics and quantum computers. This is the decade in which electric cars would become prominent as battery capacities would grow enabling electric cars to cover from 600 miles to 1200 miles on one charge. The cell phone technology would advance to the point that 5G would spread all over the world.
Self-driving cars will also gain prominence as intelligent infrastructure will get better as seen with internet of thing (IoT). Platforms such as IOTA are doing a great job in this regard as seen with its Smart City concept in which it is striving to increase adoption for it tangle technology.
He maintained that this is an interesting time to be alive as the next decade would showcase technology far more than anything anyone alive has witnessed. Not even journalism would be spared the upcoming blockchain revolution as crypto would affect the way content is created and paid for according to him.
Bitcoin has come a long way since its invention. Though it it the best known cryptocurrency, the technology behind it is known to have great prospect as a revolutionary tool in various industries.