The Internet bubble prompted the establishment of new innovations that the masses did not realize they needed at that point. Some survived while others shut down for being too innovative and radical for that time. 11 years since the inception of Bitcoin, the industry has seen the space evolve, with newer cryptos coming into existence with some crucial use-cases that aim to tackle real-world inefficiencies.
According to Binance CEO CZ, blockchain and crypto will be used everywhere in a way that is similar to the databases that are currently in use. This was revealed in a letter penned by the Binance CEO himself, one wherein he revealed his predictions for 2030. An excerpt from CZ’s letter read,
“By 2030, not only will blockchain and crypto still be around, they will be everywhere. Crypto will be used to pay for self-driving versions of Uber. Crypto will be used to buy things from half a world away and have them delivered to you via drones. Crypto will be used to fund biotech research. Crypto will be used to fund ambitious projects like going to Jupiter. [Okay, maybe not 2030, but who knows…]”
While talking about the possibilities of blockchain evolution, CZ stated that the tech will probably be used for identity, with proper privacy controls. It can also be used for voting in elections and much more, he wrote.
Zooming in on 2020, CZ revealed that Binance will aim to enable fiat-to-crypto trading for 180+ fiat currencies this year. The letter further stated that there were strategic acquisition discussions lined up for 2020, a few of which, CZ claimed, will have “major and significant impact.” He added,
“We are further decentralizing ourselves in every way, from our team structure, work locations, operations, product, and services. We are even drafting a new incentive structure to replace traditional ESOPs, as we resemble more of a community than a company. We call this the ETOP [T for token]. We will share this new idea with the world once we work out all the details.”
CZ also hopes to fully open-source Binance Chain and Binance DEX in 2020. According to the Binance exec, 2020 will be a year of adoption, one wherein governments will adopt crypto in one form or the other.
While some country leaders are looking at ways to adopt the tech, others intend to issue their own central bank digital currencies [CBDC] offering different degrees of freedom. According to CZ, the ones offering higher degrees of freedom to users will witness more adoption and dominance. CZ elaborated,
“The ones with higher degrees of freedom will see more adoption and dominance of course. We also see many traditional financial institutions entering the space. Many payment service providers that were reluctant to provide services to cryptocurrency companies are now eager to do so. We are seeing a race now instead of resistance.”