March 18, 2019, | AtoZ Markets - The field of cryptocurrency and blockchain technologies is intended to become the standard for the world economy in the coming decades. On March 14, 2018, speaking at the SXSW conference in Austin Texas, Ethereum co-founder, Lubin claimed it is highly possible that in about 10 to 20 years, the market for cryptocurrencies will have grown at least ten times and that blockchain technologies will influence much of the traditional businesses. As the team behind the Ethereum project is working on Ether coin for a long time, Ethereum 1000X growth is possible in the next 2 years.
He also explained that even today blockchain technologies are growing, and software developments are barely discovering the full potential that DLTs must help society. The current situation of blockchain technology with the way society experienced the Internet boom.
Ethereum grows 1000X, ETH 2.0 is coming!
Speaking at the SXSW conference, Lubin, who is also the founder of ConsenSys talked about the impact of upcoming Ethereum 2.0. The Ethereum upgrade will allow them to place Ether at an entirely different level in terms of scalability, usability, and efficiency.
Lubin stated that:
“In Bitcoin and currently in Ethereum, you need to have specialized hardware, burn lots of electricity, waste lots of computation, to basically keep everybody in sync. [With Ethereum 2.0, in 18 months] we’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”
Moreover, there is no definite date for implementing this update. ETH 2.0 is a phased project, which has been going on for quite some time. They have already completed the first stage of the project, after the successful activation of the hard fork known as Ethereum Constantinople.
He also explains that:
“ETH 2.0 is coming…We have 8 teams building it and we are currently in Phase 0 of the four phases of the roadmap. We continue to build the base layer of the Layer 2 expansion solution, which will be in the next 18- At least 1000 times in 24 months. After that, Ethereum will continue to expand.”
Now, the developers’ focus is presently on migrating the Proof-of-work (POW) algorithm to Proof-of-Stake (POS). Doing so, they hope to eliminate the need to waste energy through hardware mining and implement an algorithm that allows blocks to be validated while promoting token savings. These changes could increase the market value of Ethereum.
The remaining updates are second layer solutions which are oriented to increase the transaction processing capacity. According to estimates by Ethereum’s founder, Vitalik Buterin, once they develop all these operations, the Ether network could process close to one million transactions per second.
More industries adopt the blockchain technology
Blockchain technology has a bright future in the upcoming years as industries like the telecommunications, automotive, health education, and several others have already adopted the distributed ledger technology and constantly upgrading for mass adaptation. Also, a country like Russia recently launched an e-voting website that is based on the blockchain technology.
Tom Lee bullish prediction on Bitcoin’s Price
Tom Lee is of the opinion that the crypto market will see an improvement by August 2019. He also pointed out that between five to six months from now, a bullish momentum will be set that will lead to the next bull market. He also explained how the Bitcoin price will boom by August this year. According to Lee, if Bitcoin supports a price above $4,000 mark, then there is a possibility of the 200-day moving average being crossed in a few months from now.
Lee’s explanation in his own wording:
“If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”
More Bitcoin bullish predictions
Other cryptocurrency experts are also bullish about Bitcoin’s price in the long run. For instance, Tim Draper, a venture capitalist targets $250,000 mark as a possibility for Bitcoin by the year 2022.
Also, MagicPoopCannon, a professional trader who successfully predicted Bitcoin’s price decline to $3000 in 2018 also sees the digital currency making headway in a few years. According to him, in four years, Bitcoin will be valued at around $150,000. He also added that we might have just seen its bottom, and if that isn’t the case, BTC will only decline slightly from $3,100 price mark.
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