There is plenty to get excited about the cryptocurrency industry which continues to innovate and grow. With an increase in mainstream attention invention of new coins, the cryptocurrency world drawing eyeballs.
Blockchain technology is attracting some of the brightest technological minds to resolve some of its most complex problems. Most cryptocurrencies are not yet a finished product but rather a work in progress as they are continuously upgrading themselves.
This means the best is yet to appear in terms of the enhanced functionality of these coins. As the user base grows, there are plenty of changes to get excited about which are due to occur in the cryptocurrency world.
Bitcoin’s Lightning network
This update is currently in the testing phase. The network aims to solve Bitcoin’s scaling issue by dramatically lowering the costs per transaction and increasing the number of transactions per second. The lightning network will essentially operate on top of the existing Bitcoin blockchain. It will create smaller, isolated ledgers that only get logged onto the blockchain after all parties agree to conclude the interaction. This will allow multiple transactions at the micro level. If all goes well, this will elevate bitcoin’s position as a popular transactional currency and will put it at the pinnacle.
Ethereum Casper update
There is a significant Ethereum update due to unroll probably by the end of the year. With the help of the Plasma scaling that founder Vitalik Buterin introduced earlier this year, it aims to process more transactions per second, bypass increasing node requirements and maintain a non-trust based crypto-economic security model.
Increased government regulation
In a legitimate progression, the more cryptocurrency grows, the more regulation it will attract. The sooner there are policies in place, the sooner they can be legitimized. All major governments have focused on the consumer protection and anti-fraud measures which is something almost everyone can get behind. The future state of affairs in this regard is still unpredictable.
Even more coins, exchanges and applications
As the interest grows, the demand grows. Hence there will be more crypto exchange platforms coming up to handle the surge of new cryptocoins. Developers will continue their quest to find interesting new ways of integrating blockchain technology into industries beyond the financial sector. The ICO market will start maturing, the crypto exchanges will expand their offerings for a better user experience and there will be a stronger push for certain cryptocurrencies to become more widely adopted as transactional currencies.
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