"Bitcoin in 20 years" by Daniel Jeffries

by Shival Gupta

November 03, 2017.

Today I came across an amazing futuristic view of the bitcoin and blockchain future by Daniel Jeffries. He makes a set of predictions what we may see in the next 20 years in this field. For all my friends who don't have time to read the original article, but want to get the essence, here's the quick list:

Written by Konstantin Mirin - Originally published at this link.

  1. The bubble bursts. But it has nothing to do with the tech as dotcom didn’t crash the Internet. 10% of the best crypto startups will survive and perfect the technology further.
  2. Government Cryptocurrencies. Yes, it contradicts the decentralization idea, but being able to track each and every spending of every person in real time is too attractive!
  3. Decentralized currencies are here to stay. However, they have to prove their use by introducing a “killer app”.
  4. The killer app is not a browser! It’s something like an omnipresent, easy to use and open-source platform that allows doing everything from buying tickets to exchanging money.
  5. Blockchain is just the dawn of a distributed consensus idea. IOTA and HashGraph are today’s alternatives, but there are much more to come in the consensus innovations.
  6. Cryptocurrencies will become more user-friendly. Fear of sending money the wrong way, inability to reverse the transaction and cumbersomeness of the secure wallet apps should perish. In other words, both the user experience on the "interface" level will be improved and the usefulness on the "protocol" level of what we can do with the money (escrow, reverse payment, subscribe to a service).
  7. Protocols would be abstracted from currencies. Like Etherium-based tokens, all cryptocurrencies would be using the same approaches for distribution and consensus, just representing different values in them.
  8. There would be just 4 meta-coins, 50-150 minors, infinite tokens and government cryptos. 4 meta-coins are: Deflationary Saver Coin, Inflationary Spender Coin, Action Token, Reward Token.
  9. We’ll learn we didn’t know crap about economics. More precise data will bring stunning discoveries far beyond supply and demand balance.
  10. A DAO will grow to fortune 500 status. Governance is seen as a major issue of modern DAO experiments, but Daniel thinks the idea is good enough to make it to the top.
  11. The gig economy will grow big time. Consider everything is digitized, AI knows what is best application of your abilities at the moment and offers that gig. Combine that with Reputation banks and <enter the matrix>
  12. The blockchain will enable all kinds of evil. As a tech that transforms society, it can be used both for good and evil and it makes possible whole new ways of crime. I would like to read Danie’s “What If Hitler Had the Blockchain?” article if he ever publishes that!
  13. Bitcoin Has a 50/50 Shot At Surviving. It’s the first, but it’s like Ford Model T. First, massive production, but can never be upgraded to Tesla self-driving car.

I really doubt about DAO will make it's way to the top and a bit afraid of "the minority report" reality. Other than that, I think it shows an insightful and unbiased view of the trends.

Go read the full article! https://hackernoon.com/what-will-bitcoin-look-like-in-twenty-years-7e75481a798c