A Blockchain-Based Standard

Fast-Forward

A few years ago, the concept of Crypto was somewhat foreign as an investment class. Fast forward to today, and it is one of the most talked-about and lucrative markets. This is especially true of Bitcoin, in particular. Crypto has become a household name, and though not necessarily knowledgeable, the majority of society has heard of it. It’s an idea whose time appears to have arrived.

Not many Crypto investors use Crypto. However, by purchasing and investing in the asset class, investors are becoming familiar with sending and receiving Crypto. This is an integral aspect of Crypto’s eventual destination. Tokenization is likely to become increasingly prevalent as time marches on. The asset class, as a whole, is likely to mature as well. However, Crypto is very likely to become the currency of a blockchain-based world.

Just as Crypto, being a BlackRock-endorsed asset class, once sounded outlandish, this idea might seem unattainable. However, with more and more payment options landing in numerous circular economies, the tone is being set.

Ease & Interoperability

Once individuals and corporations realize that blockchain simplifies everyday payments and transactions, it will move a lot faster. However, for now, everyone appears to be primarily anticipating a payday. Speculators have their eyes on the prize, and very few projects are focused on the long-term destination. Projects that meet multiple narratives are likely to perform well over the longer term.

The absence of significant interoperability is a sign that this idea is still some time away. Interoperability is a key component of a blockchain-based world, even a Bitcoin standard. Lightning payments seem to be on the rise, with more wallets being released, such as Speed Wallet, which incentivizes users with a point system. Earn 500 sats on your first transaction with the code 93IC52.

I sometimes wonder if an explosion in interoperability is around the corner. Considering how far behind this concept is. Polkadot has tackled this particular arena. However, it has yet to experience significant adoption and further interoperability. A Bitcoin standard would be a lot simpler and easier to gain traction. I guess time will tell which way the coin rolls.

Final Thoughts

Super-fast payments on a blockchain-based payments and transactions model make sense. It’s an obvious evolution in line with the technological shift that is currently unfolding. Together with AI, blockchain models are primed for greater adoption and use cases. As always, these are merely my thoughts and how I envision the world changing. All the best! Catch you in the next one!

Disclaimer

First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in my receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

This article was first published on Sapphire Crypto.

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