As the year 2018 is rounding up, all individuals and organizations are taking stock of their yearly activities, to determine how the year has gone. The result will show how to plan for the next year, where to tighten and where to loosen up. So is it with the crypto industry, we can also take stock of where we did well and where we didn’t, the good things that happened in the crypto space, the bad experiences and the ugly things that make us cringe with pains.
The year 2018 saw a lot of innovations in the crypto space, developers and programmers coming up with different types of Dapps to enhance the operations and performances in the crypto space. Some of the blockchain based companies that experienced tremendous growth via decentralized application besides other startups and initiative are Tron network and Ripple Inc.
Tron network experienced rapid growth after the launch of MainNet, with daily transactions record growing in leaps and bounds. Ripple also experience growth and a wide network coverage with so many banks and payment processing institutions signing up to use its decentralized financial tools, xCurrent, xRapid and xVia.
So many other fintech startups came up with blockchain based initiatives, creating more crypto and blockchain awareness in so many regions. These are very promising ventures with the possibility to create acceptance for the blockchain technology. Cross-border payment issues, became a thing of the past in some Asian countries, with Ripple partnership with banks to provide seamless, cheaper and faster payment processing.
Despite the cry for adoption by some experts in the crypto space, major institutions are skeptical and still maintaining a sitting on the fence approach. As stated by Ripple CEO, Brad Garlinghouse, institutional adoption of the crypto and blockchain technology would impact growth and awareness.
The crypto industry has been mostly attached by the press and some financial experts who see it as something that is bound to fail. JPMorgan CEO, Jamie Dimon, once said in his interview with Bloomberg that cryptocurrency is a ”scam,’ went on to suggest government should shut it down. The market has been in the spotlight of so many magazines and other publications that have been found to take much pleasure in running it down.
The crypto market experienced the worst downward swing ever in prices when it seems like it is coming up, it goes down immediately as if an invisible force had hit hard on it. Investors had the worst nightmare as they watched prices crashing down, with millions of dollars going with Miners also had the worst time, abandoning their mining farms for inability to sustain them and pay the high cost of power to run their farms.
But in all of these, we still hope the crypto industry will see a better, 2019.