The use of cryptocurrencies such as Bitcoin and Ethereum has become widely accepted into the mainstream public over the course of the past year or so. In that time period, there has been only a few technological advancements leading to the market growing. In order for it to reach its full potential, there is a myriad of improvements that need to be made.
There have been several large investments in technological increases and the production of mainstream advancements.
Maybe have called the past several months the “summer of Bitcoin,” and have since seen the coin getting a lot of attention in the media. The investments that have been made in bitcoin and the likes have shown lucrative returns, but with this comes a lot of uncertainty given the extreme volatile nature of the industry.
There have been several issues noted with the mainstream adoption of cryptocurrency, among those are the issues of how compatible it is as well as its interoperability. Several technological updates have come into play to help that situation including forks, lightning networks and atomic swaps. These have helped to increase the efficiency of the industry as a whole, but there are more fixes that need to be made for the industry to grow further.
The technology behind all these cryptocurrencies is known as blockchain. Blockchain essentially works by using the computers on the network as the network. As opposed to having a traditional middle man, blockchain works by shutting that out and making a network that is completely anonymous and transparent at the same time. The technology is slowly being its potential being reached, but not soon enough. The potential for blockchain beyond cryptocurrency is extremely wide, and as companies begin to take advantage of it, the market will continue to grow exponentially.