Source: People's Post and Telegraph
2019 is an extraordinary year for blockchain and cryptocurrencies. Let's look at some possibilities of the blockchain ecosystem in 2020.
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The Lightning Network is a second-tier payment protocol implemented on any blockchain-based cryptocurrency. It paves the way for instant Bitcoin transaction settlement.
The protocol uses off-chain data to speed up transaction processing speeds while reducing related costs. In the coming year, we will see more nodes, channels and applications built on Lightning Network infrastructure, so that we can realize unforeseen market efficiency.
Cryptocurrency derivatives have now grown significantly in size and accessibility. Earlier, only a few exchanges provided this service, and now most exchanges allow investors to trade futures and large cryptocurrency options.
As more exchanges enter the field, this development will make the market more competitive in 2020.
Decentralized financing (also known as DeFi) has extensive advantages and is the future development direction. The DeFi project is currently worth more than $ 650 million.
Although it was hard to believe a few years ago, the lack of trust and security provisions in financial services has now introduced new tools for lending and margin trading. It enables traders to easily switch between different debt positions.
Ethereum 2.0 is now in its final stages of testing, with a public multi-client test set released. Thankfully, the teams that lead the development of clients and components pay close attention to feedback from the community. They have also been actively providing updates on progress.
Privacy in transactions
There is growing concern about the privacy of intra-market transactions. Thankfully, we have also seen the development of privacy tools.
For example, Ernst & Young has developed a night view of private transactions in the Ethereum ecosystem. This is a good example of how companies will drive their transactions through the public mainnet in the context of a zero-knowledge privacy agreement.
In the past two years, Wyoming has enacted 13 laws on blockchain and cryptocurrencies. Suddenly, the least populous state in the United States has become a hotbed for global cryptocurrency companies. This is because these regulations are friendly to digital banks and divide digital assets into three categories. When other US states and regulators followed suit, it was hardly surprising. We can expect that other regulators will do the same in the coming year.
In general, 2020 will be a crucial year for the blockchain technology and digital asset ecosystem. We have several major threads to focus on, and 2020 will be a year in which major blockchain protocols and digital assets continue to grow in terms of usage, measurement, and adoption.