Blockchain technology will always evolve in various ways. Since the early era of Bitcoin, people have been able to come up with future blockchain technology. One that involves a cheaper transaction price as well as a lot of profit. One of those technology is ethereum, tron coins, and so much more.
These websites are able to make use of the current blockchain technology. The difference is that blockchain technology is a revolutionary tech that always evolves.
Take for example the blockchain technology from bitcoin. It is way different from the blockchain technology used in Ethereum coins. These are some of the indicators that we have a lot to expect from the future blockchain technology.
Current Old School Blockchain Technology
In order to truly understand the future, we must understand the past of blockchain technology. The blockchain technology that was mainly used in bitcoin uses a transaction system between two people.
The transaction will be permanent and verifiable through strains of codes. Blockchain is mainly built on the fact that its technology is open to the public. So there are many versions of blockchain that are developed.
The main system of blockchain is that is acts as a ledger. Or in other words, blockchain is the mastermind that tracks all movement of funds. Each transaction will be stored in more or thousands of computers all around the world. The main concept of this invention is that it cannot be controlled by one party. Hence it needs the power of the people in order to have value inside it.
Ethereum Future Blockchain Technology
Ethereum is named as the second most valued cryptocurrency on the market. People see this as a revolutionary technology that might even replace bitcoin someday.
But there are a couple of things worth mentioning when it comes to ethereum. Ethereum is a currency that uses a different kinds of blockchain technology. As mentioned before, bitcoin is actually an open source platform. Ethereum was able to develop that platform and build new programs out of it.
Ethereum became the biggest ledger tech company. This means that they are able to distribute new types of tokens or coins. Some of which that has great value are such as Ethereum coins, uniswap, ZRX, CVC, REP, PAY, SNT, OMG, BNT, and BAT. All of these currencies run on blockchain technology.
Will there be more Cryptos In the Future?
Of course! Even as for now, there are already $936 BILLION dollars worth of crypto in circulation. That is almost $1 trillion and more is to come. And up to this date, there are more than 4000 cryptocurrencies in existence.
These cryptocurrencies might not have value. But most of them are already well known. Take for example Polkadot. A crypto currency that is able to spike up to 300 % in just 24 hours due to its popularity.
Effects of Future Blockchain Technology
Future blockchain technology will bring a lot of benefits. This will totally have an impact on the global economy. Here are some of the effects of the future blockchain technology:
More Secure Networks
While bitcoin is already safe, many analysts believe that even this open source network has a lot of potential. The networks would make it more secure than before. Things such as anonymity would also be increased for the users to use.
Cheaper Transaction Fees
One thing that is still progressing throughout all of the blockchain technology are very flexible. Hence this allows users to transact huge amounts of money. But even blockchain technologies such as bitcoin still pays a higher price when it comes to transaction fees. For example, a one time transfer amount from a wallet to another would cost approximately $10 to $20.
There are many speculations that prices will be able to get resolved soon. The crypto world has been introduced to coins such as Tron where users can send money with such a less fee. Some say that the fees are even lesser than $0,07. And in the future, the transaction fees might even be free for users to use.
Better Investment Options
Cryptocurrencies such as Bitcoin and Ethereum are a sole component to people’s assets of investment. People put in their money in hopes that they can combat inflation. This has proven to work for the last 10 to 15 years.
And in the future, there will be other types of coins or even blockchain technology that can support investment. Things such as staking are already in circulation. Where people can put their money inside the blockchain technology and get an interest rate of 12 % per month.