The Cryptocurrency market experienced a severe price correction to the extent that some are beginning to doubt the future blockchain promises. Bitcoins continous drop is a has been a cause of so many sleepless nights of its investors.
As the year 2018 draws to an end, we decided to look at few things we are likely to expect from crypto come 2019.
The Bitcoin blockchain continues to develop despite the bear market, the most notable aspect of development being the Lightning Network. Bitcoin currently processes about 7 transactions per second. This low transaction speed is the major technical argument against Bitcoin.
The Lightning Network is a solution created in late 2017 to help Bitcoin scale and achieve a high transaction speed. The Lightning Network has witnessed steady progress over the course of 2018, gained adoption from a payment processing startup known as CoinGate, and recently grew by 300% with support from over 4,000 nodes. A full-version release of the Lightning Network is expected in 2019. The success of it will then be based on adoption, which will take some time.
Litecoin is solidifying its status as the silver to Bitcoin’s gold.
With Bitcoin becoming a store of value, people might be reluctant to use it in everyday transactions, preferring instead to store it. Litecoin is an alternative created to enable everyday payments.
The Litecoin Foundation already has a campaign that encourages this, paywithlitecoin.co, which basically showcases the benefits of paying with LTC, such as high-speed transactions and low fees.
LTC fees are expected to go much lower with the release of Litecoin Core 0.17. This update was announced in October 2018, and will likely be released early in 2019.
Also, Litecoin is looking towards enabling more anonymous transactions on its blockchain to increase fungibility. As hinted by its Founder Charlie Lee on the popular crypto TV show, Magical Crypto Friends, and could be among Litecoin’s priorities for 2019.
Ethereum blockchain already has so many dapps and games on its network that concerns about scaling. Ethereum boasts over 2,000 dapps on its platform, and developers have been hard-pressed to create a solution to its scalability issues. Even smart contract functionality must be constantly upgraded, as the blockchain industry keeps evolving.
Ethereum’s next upgrade is coming up in January 2019. The update, named Constantinpole, is designed to improve the efficiency of the blockchain, reduce block reward for miners, and make the blockchain more ASIC-resistant.
Also in 2019, Ethereum plans to have a second upgrade, which will include implementation of the Casper protocol and sharding.
The OmiseGo project is bringing financial services to the world’s unbanked, focusing particularly on Asia. OmiseGo is built on Ethereum as a peer-to-peer payment system as well as a decentralized exchange.
In 2019, the project is expected to reach a milestone on their roadmap, creating a scalable PoS blockchain and decentralized exchange.
Cardano is expected to release the features of the Shelley phase in 2019, starting with delegation and stake pool testnets. Shelley is the phase in the development of Cardano aimed to make the project fully decentralized and autonomous.
Hyperledger is an open-source, non-profit, and independent smart contract platform originally launched by The Linux Foundation.
Hyperledger is focused on building a platform suitable for large organizations, such as IBM and Intel, interested in blockchain and smart contracts.
In October 2018, Hyperledger announced a partnership with Enterprise Ethereum Alliance (EEA), each becoming an associate member in the other’s organization. This is expected to trigger a collaboration in 2019, which would likely result in the interoperability of the Hyperledger and Ethereum blockchains.
Is this projects worth our waiting as crypto traders or do we think otherwise.
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