Ethereum could ‘ take over everything ’, and there wo n’t be amulti-chain future, says EY’s blockchain leader

by Jason Chen (Source)

The technology of the future is blockchain. However, in order to develop this future, investors have to think a bit further than that. The market is currently dominated by stablecoin coins and Bitcoin, but how will they react when there is no more room for crypto?

While it seems like cryptocurrencies are not going anywhere anytime soon, another cryptocurrency could take over everything as blockchain becomes even more popular among everyday people. While most mainstream media are focused on their own visions of what these new currencies or more traditional ones could come up with, one thing is clear: it will almost certainly be something we actually see within the next 5 years. As seen in the recent news from EOS, many companies want to create decentralized apps, which allows them to decentralize the whole system instead of just the blockchain. On top of that, some major corporations even have partnerships with startups who could use advanced AI technologies such as IBM Watson and Apple Siri. A lot of this can even be done using public internet infrastructure.

One such company is Brave Browser, which was heavily criticized for its decision to keep private data private until now. But thanks to an announcement today, Brave is beginning working on building a decentralized app called uBASE, where users will eventually host a server infrastructure that has a small amount of sensitive data stored in it, allowing anyone to run applications or services without worrying about user data safety. This also means that Brave could become a network to the world if you know what you’re doing. One thing to note is that uBASE is still in beta testing. So we’re not too far away from seeing what this is all about just yet.

Brave’s CEO, Brendan Eich, claims that uBASE could be the first “blockchain-as-a-service application” that could be launched in November 2020, and with full support in January 2021. When asked why he chose to launch uBASE now, he told Forbes,

“The fact that we have a good community of developers and talented individuals has given us confidence that we shouldn’t release any product or service until we have proven ourselves. I believe the first stage of demonstrating that we have a large audience is to go open source our application and give anyone who wants to try it out a chance.”

While you may think that that sounds a little far fetched, according to him, that’s exactly what would happen! In the end, it just so happens that having the right platform to share ideas and experiences is vital, especially at a time when we’re dealing with high taxes and regulations.

In other words, it’s easy enough to say, “I just want to build things I trust’. With the arrival of the blockchain, that makes sense. After all, it’s basically a digital ledger that records transactions securely so nobody can cheat anyone out. It means we can do all sorts of amazing things, and one thing that that cannot be done with centralized data storage is security. Which is why he believes that in order to succeed, a decentralization system needs to be developed.

Somehow, with the speed we’ve seen these past few months, it sure was hard to miss the emergence of a decentralization system. If there’s some way to save money, then who wouldn’t want that? Nobody wants to worry about storing personal email addresses or anything else. Yes, it’s great to have a wallet to store your money or whatever, like Bitcoin, but let’s face it: wallets are expensive and only use a very small percentage of your total money. Having something more manageable is absolutely essential for daily life. Of course, if you don’t have the right cryptocurrency, you could always print off fiat currency, which is still good as long as there’s someone on the outside you can access it with. But a person who doesn’t have to worry about being able to spend those funds in real life would definitely find that much less appealing.

With that said, Brave is already planning to start selling cryptocurrency tokens, starting with B2. But for now, their main focus is on developing a decentralized OS for mobile and desktop as an alternative to Linux. That means they’ll only make money with the cryptocurrency, once it goes through the process of mining. They’re planning to sell it for USD1 to USD3,000 via ICO. Once that’s done, they’ll put back a portion of the profit into funding the development of uBASE and expanding out to more countries. Then, they’ll start selling licenses to different projects around the globe and make a profit. Sounds like it’s great to me, doesn’t it?

Speaking of profits, though, it looks like both uBASE and the entire blockchain movement isn’t without major downsides. For starters, we can see that people have been skeptical of how big of an issue the issues of regulation surrounding these new systems will be. Though it looks scary, the majority of society is used to thinking Bitcoin can be trusted without having to fully understand what it really is. Plus, with the size of Bitcoin, it’s safe to assume that it won’t cause any problems in transactions in the near future.

The reason behind this might be because Bitcoin will continue to grow, and with time, will find ways to reduce or mitigate its risks. All this could lead to a single unified Bitcoin-like payment system. We can see this already happening with Venmo paying directly for Uber rides, Airbnb paying directly for apartment listings, etc. Even before the pandemic, the market is already moving toward this type of payment model. Since Bitcoin accounts can store lots of Bitcoins, there will be plenty of space for businesses to make purchases using cryptocurrencies, or pay to specific websites in exchange for the right cryptocurrency.

Though there are other benefits to this new system, including decentralized financial services. That could really help a business out there gain access to a huge market that would otherwise be difficult to get. Some companies will simply need to expand their reach into new markets in order to provide consumers with more choice when choosing goods. Just how many times did you see someone buy clothes with cash by hand? Probably quite a lot. Now, they can just buy them through their phone, using cryptocurrency. Imagine how many customers they would have if cryptocurrencies were allowed to replace cash and credit cards. Maybe that number’s 10% of the country’s population to begin with, but that’s just my idea. I haven’t come up with this yet. What do you think?

Another point to consider is how powerful these decentralized systems will be in terms of scaling. You don’t want to wait years for someone to buy a bunch of stuff, now do you? Not only does it increase overall efficiency, it eliminates costs and increases convenience for many customers. In many industries, one of the biggest barriers to entry is cost. By providing cheaper options and more accessible services, cryptocurrencies will be an ideal solution for some products and services. Why shouldn’t the owners of stores open an Etsy shop that accepts Bitcoin payments? How about making a cup of coffee with an actual machine instead of buying it every morning and waiting a week for it to arrive? Isn’t it convenient?

A part of my job is reviewing books and projects that are getting funded. Most of the time, I’m just looking at the technical aspects of the project and asking questions to guide my readers on what they should expect from the information. However, the bigger picture and a lot of these ideas are just plain exciting. So while I would never claim that the blockchain system itself could be revolutionary, I did think it would be cool to see what some of these decentralized apps could look like in a tangible form, what kind of systems we’d see and how things like this could evolve. Especially if it wasn’t limited to a particular industry.

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