Cryptocurrencies have just begun
According to many, the year 2017 was a turning point. Cryptocurrencies and blockchain technology attracted the attention of the media and serious investors, including institutional ones. 2018 and next years will be crucial for the mentioned above.
Until the end of 2018 many funds will be established and their expansion will be accompanied by the development of investment tools. Experts state that this will interest also more conservative investors. Identically, the approach to the blockchain technology is changing: a few years ago it was regarded as a curiosity, but today it contributes more and more to improving operation, security and reducing data management costs. Besides, it enables making transactions, settlements and keeping registers in both private and public sector.
Cryptocurrencies, associated most often with ‘digital money,’ are nowadays a means of value exchange, but many projects, among others OpenArtis, don’t stop here. Current approach to digital technology as well as currency itself resembles the way the Internet was perceived in its early stage. The network was basically a tool for sending e-mails with simple websites, similar to a news-sheet or a bulletin board. As late as in the 1990s stock exchanges became possessed by a feverish desire to invest in companies which deal with Internet services.
In a famous program “60 Minutes” Bob Simons presented Jeff Bezos and Amazon, his company. A Jefferies & Company analyst addressed a 1000% increase of 1998 Amazon share prices: it was unjustified, there was no rational explanation for the share valuation of $8000. Some viewed the price as so high that Amazon should reach total global book sales, but even today it’s not the case.
Nowadays Amazon shares are worth 1,000,000% more than in 1997, but it’s not the only platform of this type in the world.
An enormous rise generated by Amazon, eBay, Facebook or Google was possible thanks to a new technology, sometimes even not yet understood. Created were entirely new economy sectors and tools, for instance browsers, online services, social media, e-commerce, global trade, file hosting services. Currently they possess a giant added value.
Hence huge focus of analysts on cryptocurrencies or of engineers on developing blockchain technology is not surprising. Their potential is now creating solutions and services which didn’t exist as lately as a few years ago. Cryptocurrency market analysts unanimously say that this revolution will be much bigger that launching the Internet (even 50 to 100 times bigger). Cryptocurrencies are in a phase similar to an early stage of the Internet. Blockchain engineers around the world work hard to utilize the new technology in business ventures.
Exchanges are the most common channels of trading cryptocurrencies and selling them for traditional currencies. Only later products can be purchased. Cryptocurrency exchanges actually contradict the rule of direct value exchange between two users. When trading, a user has to trust a third party, as his/her cryptocurrencies are paid to an exchange owner’s account. A similar situation can be observed while shopping with a credit card in any shop or on any online service. The aim of the OpenArtis project is to create a means exchange network and to trade goods without being forced to transfer means to a third party wallet.
Utilizing a technology which enables transferring value (digital, material goods and services) between two entities without intermediaries is what connects the biggest projects like Salt, Tezos, Eos and OpenArtis. It guarantees security, decentralization and easy spread. It’s constantly better access to technology and knowledge how to use it that provides a powerful stimulus to civilization development. Would the Internet have such a giant influence on today’s economy if CERN scientists made it available only to the world’s 10,000 biggest science centers?
When they become created, breakthrough solutions often cause reluctance and resistance to adaptation. Main reasons for this are non-existent conditions for development of a solution, lack of understanding operation, unclearly defined markets and application. In 1980 Apple designed a telephone with touch screen; those were the days when people focused mainly on paper. In 2002 Bill Gates presented a touch tablet; the device missed major interest then, but a decade later started to be sold in millions each year.
These are just a few examples. Some ideas had to wait very long for spread and success, but they were always spectacular and gave many profits to the people who believed in them as the first ones. We believe that with today’s interest in blockchain technology possibilities of its application will constantly grow as well as that individuals and companies which join this revolution from its very beginning will have a chance to participate in another fail-safe project.