What Crypto Asset Will Dominate The Market In 5 Years?
This is Day Twelve of @ dragosroua’s #challenge30days writing challenge. For more info on the challenge, Click Here. Today’s prompt is “What Crypto Asset Will Dominate The Market In 5 Years?”
It’s tough to be able to predict which specific coin/token will dominate the cryptosphere in 5 years. It might not even be invented yet. Honestly, it probably hasn’t. However, we can tell characteristics that our future dominator will possess. Here are a few of them:
Scale-ability
Source: Unsplash
Scalability: Until coins like Bitcoin are able to speed up their processing time to “seconds” not “days” they won’t be able to secure mainstream adoption. Your average person needs to be able to use it in daily life. No one wants to go to the grocery store and wait in line for five hours just because the person in front of them in paying with Bitcoin. (We don’t even want to wait while someone is writing a check.) It will be important to have a transaction that occurs (close to) instantaneously. You should also get an automated confirmation other than hitting refresh 300 times until it shows up. The crypto of the future will send a user-friendly confirmation.
Stability: There won’t be large swings in price. Although I’m not an economist, I can tell you that I don’t like to trade away assets that are likely to go up in price, and I don’t like to hold assets that are likely to go down in price. That’s part of the game, but I’ve heard multiple people talk about cryptocurrency pairs that will allow you to have one coin for investing and one coin for spending. My understanding is that is what Steem and SBD were supposed to be. Steem would be a deflationary coin that would increase in value and people would hold it. SBD would be inflationary and people would spend it in exchange for goods/services (or more Steem that they would hold).
Security: The hacks, breaches, leaks, and probes have a lot of people spooked. Whatever crypto takes the top spot within the next 5 years will have top-notch security of both the data and their network. Don’t look for them to have potential takeovers of their network; they’ll have it locked down. They’ll also have privacy as a priority and no one is going to get doxed because of the network. Users will be confident their data is secure.
Sensibility: The coin that dominates the market within 5 years is going to make sense while charging cents (or less). They won’t make strings of blunders while charging astronomical fees. The leadership team will be experts who are active and responsive. They will be respected by the community and be accessible. They will be visible and their plans for progression will be laid out in advance. Deadlines will be met and the network will adapt as changes are needed. Like an animal on the Galapagos Islands, they will adapt and will conquer their opponents.
That’s as specific as I can get right now with my limited knowledge. I’m not certain what will happen, but I know that there’s normally someone who’s willing to work a little harder, innovate a little more, or listen to customers a little better than the competition. Those are the companies that are likely to succeed. The same will be true for cryptocurrencies. Look for teams with high-energy, respected leaders and networks that go crazy fast. That’s my bet.
What do you think?
Previous Writing Contest Entries
- Day Eleven: What’s More Important For Steemit: SMT's or Hivemind?
- Day Ten: My Favorite Morning Drink
- Day Nine: Where Do I See Steemit in 5 Years?
- Day Eight: My Most Consistent Hobby For The Last 5 Years
- Day Seven: 3 Things to Make Steemit Better Now
- Day Six: My Main Reason For Staying On Steemit
- Day Five: What Are The Top 5 Crypto Assets I'm Investing In Now?
- Day Four: What Are My Top 5 Most Relevant Witnesses On Steemit?
- Day Three: What’s The Best Thing That Happened To Me Because Of Steemit?
- Day Two: What Would I Do With A Gift of 1,000 Steem?
- Day One: How Did I Get On Steemit?
I think it was a good idea to just hit the characteristics rather than try to choose a particular coin. As you say, it may not even be in production yet. It may not even be a concept yet, though it probably needs to be soon in order for it to be in wide acceptance as you were going for.
Also, I can't help but read between the lines here and realize, this was in some ways a tale about STEEM and maybe what not to do, as it was a story about the next great alt coin.
However, generally the ideas that succeed rise from the ashes of those that did not, so I welcome the how-to-not-to walkthrough. Do I need to trademark how-to-not-to?I feel like I should do that. :)
I wrote more of an idealized state of the coin. I don't know that this will actually happen. There are a lot of factors, money being a main one that could keep this from being a reality. It's not always the best idea that wins. Sometimes it's the one with the biggest budget.
To a certain extent, yes, you read between the lines well. Although it wasn't meant to be an indictment of Steem, I think Steem had a shot and missed the boat. They may still be able to catch up, but it's sad that so much potential has thus far been overlooked because of so many issues.
I think you should absolutely trademark that!
You're right, sometimes the biggest successes come after big failures. I think I've said it recently, but look at Dominoes pizza. They had terrible pizza, but they admitted they were wrong and turned things around in a huge way. The same thing could happen with Steem, but the difference is that the crypto world is actively innovating, the pizza world isn't. There's a lot of competition out there. We'll see if Steem is able to turn things around.
sorry not been by your posts lately,,,,,my apologies