Recently, Coinbase's boss Brian Armstrong has published a blog titled "What will happen to cryptocurrency in the 2020s" where he opines on ten points progresses in cryptocurrencies in the coming decade- 2020s. Amazingly, some of his wishes is already taking care of by Steem and world and Brian is not aware of.
For example, he addresses scalability as the number one progress priority for blockchain:
In the 2020s, I believe we’ll see layer two solutions, or new blockchains come out which increase transaction throughput by several orders of magnitude. Just like broadband replacing 56k modems led to many new applications on the internet (YouTube, Uber, etc), I believe scalability is a pre-requisite for the utility phase of crypto to really get going.
Interestingly, Steem is already capable of 10K transaction per second (TPS). Probably he was swayed by BTC, LTC or ETH's bottlenecks with TPS.
In his third wishlist he sees blockchains will consolidate on fewer chains and winner chains will have most of the DApps.
There will be as many tokens as there are companies/open source projects/DAOs/charities in the world (so millions) but only a handful of chains will power the underlying infrastructure for these. The winning chains will likely follow a power law distribution on outcomes, just like any other industry.
Steem has already has many DAOs or DApps that are leader in their domains. Steemit is the number one blockchian based social media site. Sprinterlands one of the top blockchain based game in the world.
His third wishlist that cryptocurrencies will move from speculation to utilities:
I believe the best new companies that get created in the crypto space in the 2020’s will be about driving the utility phase (people using crypto for non-trading purposes). We’ve already started to see the beginnings of this trend, with more customers doing non-trading activity (staking, borrow/lend/margin, debit cards, earn, commerce, etc).
Steem is one of the most utilized blockchains in the world. Staking (e.g. Powering up), borrow/lend/margin (e.g. Delegation), earn (e.g. @steem-engine tribe tokens) are the just few utilities of Steem blockchain.
His fifth wish list is that crypto startups will rise exponentially:
The next 100M people who get exposure to cryptocurrency will not come from them caring about cryptocurrency, but because they are trying to play some game, use a decentralized social network, or earn a living, and using cryptocurrency is the only way to use that particular application.
Does it sound like Steem blockchain: play some game, use a decentralized social network, or earn a living, and using cryptocurrency is the only way to use that particular application.
His 10th wish list is that decentralization will grow:
In this world, non-custodial wallets, DEXs, Defi, and Dapps will continue to improve in terms of usability and security, and we’ll see a lot of new applications emerge, from games, to online communities, to virtual worlds with their own economies.
Steem is already pioneering in DEXs, Defi, and DApps. The upcoming SMTs will give birth to more new application that will power games, online communities and build virtual worlds with their own economies. Again steem with @steem-engine tribes has showns that online communities with its own economies can thrive. One such good example is @steem.leo tribe which has its own DEX, virtual shop and token.
It is shame that Coinbase's boss Brian Armstrong is aware of Steem's capacity and community. It is also the fault of STINC in part not to take initiative to add Steem to Coinbase. Coinbase has many cryptocurrenices with far less utilities and users, upright centralized. I hope that someday Brian will find Steem's goodies or somebody with authority will bring Brian's attention to Steem.
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions. This opinion is only for educational purpose.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
Cryptominer , occasional trader and tech blogger since 2013