August 15, 2018

A Programmable Economy – The Final Frontier of Blockchain Evolution, Part I

This article examines blockchain technology, challenges, funds raised by early companies through ICOs, and the evolution to a Programmable Economy

First, let’s take a look at the investments since 2016 [1].

2018: $17.8 Billion 

Investments are expected to rise substantially as regulators approve the use of cryptocurrency, crypto exchanges, and legalize investments by banks, financial institutions, corporations, and traditional investment companies.

2017: $3.7 Billion [2] [3]

2016: $95.1 Million [2] [3]

Future prospects can be understood as arising from the development and application of blockchain technology in the three distinct phases as illustrated below.

Phase I: Introduction and rapid adoption of Bitcoin cryptocurrency.

Phase II: Introduction of Ethereum as a programmable platform for smart contracts; enabling automated workflows and development of Web 3.0 protocols for user interactions with blockchain-based peer networks.

Phase III: Application for economic effects and advantages arising from large scale automation, control, and management by leveraging Decentralized Autonomous Organizations (DAO) which supersede the skills and power of human resources.

Current focus centers on making sense of blockchain technology, risks associated with new currency medium traded and transferred on foreign exchanges, anonymity, and absolute lack of knowledge and control over the profits made by individuals and corporations. The chaos is still real.

Looking back on the history of Web technology (1995-present) and its progressing, there exists no single period where so much chaos, lack of knowledge, control over organizational functions, and progress.

Challenges

Digital Wallets: Soft wallets. Metal wallets. Different wallets for different bitcoins. If you created one or more of these to store digital currency using Meta Mask and tried to retrieve it at some point in the future, you understand the challenges we still face remembering our passwords and crosswords used as seeds for high security. Without access to your wallet, you can bid goodbye to your digital bounty.

Opening up New Account: Many who attempt to open accounts with Kraken and foreign exchanges struggle with image size requirements and excessive delays. (I personally have a two month log with tech support at some of these companies). Some foreign sites even ask for your passport and social security number prior to approval.

New Words and Languages: A large vocabulary is required to speak the language that only the crypto world follows.

However, the good news is that things are improving quickly.

We are witnessing a new star in technology [blockchain platform]; one that creates its own galaxy [networks], planets [DAO], and solutions [DApp]. Brace yourself for one of the most exciting ages ever.

The amount of work that has gone into building new technology, from experiments and failures, learnings from diverse approaches, and happy moments of genius by which blockchain pioneers have created and carried us to the present excellence is incredible, impressive, and opens up new frontiers for everyone.

Stay tuned as we unfold the new paradigm in Programmable Economy series.

References:

[1] Cryptocurrency ICO Stats, CoinSchedule

[2] ICO Results page shows amount raised through ICO’s

[3] Live Token Sales & ICOs

©2018 SHIFTMOBILITY INC.

SHAREShare on FacebookTweet about this on TwitterShare on LinkedIn