Crypto Asset and the Financial Services

Crypto Asset and the Financial Services

In May 2016, when the blockchain revolution went to print in media, the Crypto asset had a value of approximately $9 billion. Ethereum has crossed $1billion in network value, becoming the second blockchain unicorn after Bitcoin.TheCryptoasset market value is a public company. It would have cracked the S&P 500 index. This Explosion of the crypto asset has captured the imagination of developers, a nongovernment organization, entrepreneurs, media, central banks, investing agency, public, and regulators. The digital assets and the underlying blockchain technology once was the domain of few passionate technologists, into mainstream interest.

The Captured Dissonance

VitalikBurstein, Ethereum’s inventor, captured the dissonance in late 2017  when the crypto asset market cap hit half a trillion dollars. There is a lot of hype in this market. When the Bitcoin code software same regulators are not in an easy position. Some jurisdictions, like Switzerland and Singapore, have emerged as a favorable location for companies to locate and operate for the local economy. Three thousand jobs have been created in the “Crypto Valley” around Zurich and Zug in the last few years. The Crypto Valley has around six hundred members in it. Smaller by smaller these jurisdictions has capitalized in a new industry.

Bitcoin was the first move in a long campaign to create an entire technology stack for the internet. There are seven types of class asset:

  • Cryptocurrencies like bitcoin, Smash, Montreal, and Dash
  • Utility Tokens like Golem, BAT, Spank
  • Natural asset tokens
  • Securities tokens like crypto equities, crypto bonds
  • Crypto collectibles like CryptoKitties, Rare Pepe
  • Crypto fiat currencies and stable coins (Fedcoin proposal, Singapore’s Project Ubin, Maker DAO.

At the moment we visualizing the largest transformation of wealth in human history from paperwork to digital ones. The internet was a free utility built by a diverse group of stakeholders, many of them volunteer with financial incentives, blockchain provides huge financial rewards for those who can build successful, scalable, and widely used technology through the underlying crypto assets.

Platforms

Ethernet and Bitcoin to the outside world is a mistaken coin of the same side. Cryptocurrencies are the cash for the internet. Ethereum is a platform technology designed to onset to enable distributed application called DAPP. The core of the distributed application is small contracts, software that mimics the logic of business agreement. They are decentralized and are running on blockchains, they minimize the intermediaries like courts, banks, brokers, agents etc.

Ultimately, the government might move into the market and that the future reserve currencies of the world will likely be a mix of crypto fiat currencies like digital dollars and similar currencies alike, decentralized cryptocurrencies like Bitcoin.

 

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