Block chaining is currently a time of chaos, soon it will grow to the second internet.
On January 3, 2019, it was the 10th anniversary of the birth of Bitcoin, the first encryption cryptosystem. However, the industry situation of cryptocurrency and blockchain is now undergoing severe restructuring.
As the positive vision for the blockchain technology is being presented all over the world, it seems that this restructuring period is regarded as a cushion for the leap. Over 80% of ICO’s fundraising system failed, and the price of publicly traded coins dropped to 90%. By the end of 2017, the price of bitcoin had soared to more than USD 20,000 won, but it has recently fallen below USD 4,000.
Professor Kevin Dowd of the Business School at Durham University’s made a stunning announcement in his article “Bitcoin Will Bite the Dust” in 2015 that “Bitcoin cannot survive long term.” Two simple economic theories explained why. “First, the bitcoin mining industry is a natural monopoly, which weakens the core value of bitcoin. Second, inferior products cannot survive in the long run in markets where there are no barriers to entry. “ Despite these concerns, expectations for blockchain technology are likely to become more apparent in 2019. Several pieces of evidence demonstrate that blockchain technology is superior to security and can improve the way a system, thereby reducing costs and creating new revenue streams.
Over the past decade, it seems that people were more enthusiastic about investing or speculating on Bitcoin than the importance of a distributed led technology. This is because the public is more enthusiastic about cryptocurrency investment because the blockchain does not have a dApp that works well with blockchain technology despite the coexistence of decentralization ledge technology and cryptocurrency. According to a survey of popular 43 dApps applications, the most popular dApps has thousands of users per day, and nothing ever came of a successful application. Industry experts have pointed out that the decline in bitcoin and altcoins will continue to decline to some extent. Bitcoin is to be cut in half every four years or when the 210,000 blocks are mined. In other words, the issuance of Bitcoin is reduced by half every four years. So far, the halving of Bitcoin has acted as a powerful promoter to raise bitcoin prices. It is soon coming to its halving period. In a nutshell, until now, only the business centered on cryptocurrency and exchanges existed and did not show the true value of the platform: Ripple, Tron, and Stella (XLM). The value is rising. With the industry’s survival efforts and technological advances, the blockchain industry seems to be resurrected. At the same time, it is diagnosed that the blockbusters of block chained players, known collectively as a cryptocurrency, are proceeding.
We have experienced the birth and growth of the first Internet and the bubbling of the early stage of the Internet experiment, and many IT companies went bankrupt, and then big platform companies such as Google and Amazon survived and became the market leaders. Similarly, the current blockchain situation is considered to be the process in which the initial bubble is turned off and the platform and the dAppa are used in real life. In order for the blockchain technology to be completed, it seems to be a self-sustaining effort to remove the bubble. It is expected that the 2nd internet age in which the blockchain technology is fully commercialized will deepen and change in human lives.