What is happening in crypto? The blockchain space has gone token wild with nearly every blockchain reorganizing their platform to provide smart contracts or at least token creation. Even among dapps (which usually have their own tokens) are now making token creation an option on their platforms. Want to write a smart contract? Learn solidity! Oh, well, never mind that, apparently you could use Rust, Javascript and other more common languages with other platforms.
It use to be you had the option between hard money with Bitcoin and smart contracts with Ethereum, but gone are the days where blockchain shopping was so simple. Now, there is Cardano with Rust but also a rather language-agnostic environment, BitcoinToken attached to the Bitcoin Cash platform utilizing Javascript for token creation and they aim to add other common languages. Then you have the legendary dark horse of crypto, Ethereum Classic and following it EOS, sidechains and more.
IOT is also a growing concept, and for that we just use the IOTA blockchain… right? Not so fast, there are now more and more projects aiming for the IOT market in blockchain, and Ethereum Classic is working on taking the lead on that front. Confusing industry isn’t it?
So what should we expect to happen in the future? Well, let me ask you a question, Did maximalism fail? It sure looks like it to me! Bitcoin lost half the market, (at certain points it was below 40%) the hodlers are pretty peeved, but the rest of the people are pretty happy with the explosion in projects surrounding the altcoin push. When you study market dominance charts it seems that Bitcoin’s dominance will only hold well in down markets, but during bull runs and solid growth the altcoins flourish. Yet despite the constant increases in blockchain options and features a strong tone of tribalism seems to dominate the atmosphere. If you have ETH, you don’t like those ETC folk, if you have BCH those BTC guys are bought and paid for, and the only thing they all can agree on is that those EOS guys are crazy!
Considering all the factions forming and all the similarity, what blockchain do you choose? It might be safe to say the utopian dream of a single cryptocurrency to take over the world’s money, uniting everything is probably not happening, at least not yet. A lot more money is likely to enter the industry, very possibly trillions of dollars worth, and that means more projects, blockchains, dapps will likely appear and more moons will likely be seen. Sounds great, but what should we invest in?
When you spend as much time reviewing cryptocurrencies as I do something stands out, while a small batch of projects perform worse than others, generally, when the market is bullish everything goes up and when it is bearish everything goes down. In last January nearly every coin and token around at the time saw incredible price hikes, and Bitcoin was far from the most profitable coin. Early adopters of Siacoin with only $1000 in the currency would have become millionaires in last January if they had sold, because Siacoin had enjoyed a 210,000% rise in value. Blockchain is not just a network anymore, its now an industry of many networks.
Given how many blockchains are making tokenization and smart contracts available on their platforms combined with the tribalism filling the space, I’d bet the dapps will become blockchain agnostic. Many of us have more than one social media platform that we use. Why do we use more than one? We want to reach as many people as we can, likewise, eventually, I anticipate the dapps will all put themselves on multiple blockchains. The great thing is choice. Don’t like that Ethereum rolled back their chain or that it has no max supply cap on ether? Cool, I feel the same, so use Ethereum Classic. All the dapps will end up on it eventually, because who wants to not have a larger audience?
That’s my opinion. (Not financial advice yo!)
Hobo Joe ~ Hodl full-throttle!
Source: hobo.media/ethereum_classic_dark_horse/