Bohdan Prylepa believes that the biggest strength of Blockchain comes from the fact that it is run by its users.
2020 has been an exciting year for crypto-enthusiasts and blockchain investors. The total market capitalization of more than 8,100 cryptocurrencies has been hovering near the mark of $700 billion. At the beginning of 2020, the combined market capitalization of the crypto universe was less than even $200 billion. Riding on the back of Bitcoin’s fierce bull run, the market scaled new heights.
But, other major cryptocurrencies such as Ethereum and Litecoin witnessed significant appreciation in their price as well. While Bitcoin is currently dominating the market with nearly 70% market share, Ethereum and Litecoin are being traded at prices over $640 and $130, an increase of multiple times than what they were priced at the beginning of the year. With Bitcoin priced at more than $24,000, many cryptocurrency experts believe that the time of blockchain as an idea has finally arrived.
One of these experts is Mr. Bohdan Prylepa. Mr. Prylepa currently is the CTO and co-founder of Prof-it Blockchain, a company that has been developing Bitcoin Ultimatum. The development of Bitcoin Ultimatum aims to solve the legacy issues of Bitcoin and incorporates relevant features such as smart contracting, private transactions, and providing protection against strong volatility in prices. Bohdan is also the COO of Bitcoin Ultimatum.
What Makes the Blockchain Growth Trajectory Unassailable?
Innovations in the Bitcoin and Ethereum Network
Bohdan believes that the biggest strength of Blockchain comes from the fact that it is run by its users. He thinks that regulatory laws devised to restrain the growth of blockchain technology and bring stability to it will only prove counter-effective. Companies that are being targeted by agencies such as the IRS are too sophisticated in their technology. They can not be easily cracked and are already in the process of developing solutions capable of bypassing centralized exchanges. These centralized exchanges often find themselves targeted for listing private coins. According to Bohdan, the time of Blockchain has come and regulators have fallen slow to keep up with its progress.
To exemplify this progress, Bohdan elaborates more on the innovations that Bitcoin has been carrying out. For instance, Bitcoin Ultimatum is planning to leverage multiple consensus mechanisms. It will be using the LPoS or the Leased Proof of Stake mechanism together with the PoA or the Proof of Authority mechanism, and their own UPoS Consensus. Their blockchain includes smart contracts, anonymous transfers, native atomic swaps, and the ability to expand throughput to 10,000 tp/s.
Alongside Bitcoin, Bohdan believes that Ethereum’s imminent shift to the Proof of Stake mechanism will be instrumental in correcting the wrongs of Eth1. Moreover, a shift in the consensus mechanism would also imply enhanced scopes of on-chain scaling. Since Ethereum is addressing its gas fee problems through Layer-2 options, Bohdan believes that the network would make more gains in the years to come.
Rise of Stablecoins
Another area that Bohdan believes will be key in consolidating the position of blockchain is the stablecoins. Stablecoins bring in the perfect level of stability for crypto investors without them having to bother about the restrictions that otherwise play a vital role in making traditional investment instruments stable. The on-chain transactional volume of stablecoins crossed the mark of 1 trillion US dollars in 2020. Bohdan expects the blockchains to process even more stablecoins in 2021.
Areas that Bohdan still sees as underdeveloped are the DeFi Protocols and the market of yield farming. The market has 14 billion dollars in total value locked. But, Bohdan thinks there is much to be done in terms of improving the structural, legislative, and infrastructural groundworks of the field. The next trend will also be STO due to the inevitable regulation on the background of blockchain popularization. And also DAO – decentralized communities and solutions are just beginning their development and will be trending in the next couple of years. The introduction of Atomic Transactions will be a giant leap for global blockchain adoption.
Overall, Bohdan firmly believes that 2021 will see increased adoption and investment inflow in the crypto universe. The trends are already reflected in the decisions of PayPal, Revolut, Square, Robinhood and similar payment and trading facilitators’ decisions to roll out their distinct crypto-centric services. 2021 will prove to be even more exciting for the crypto world.
Founder and editor at BTC PEERS. Andrey writes about financial experiments, DeFi, cryptocurrency, and blockchain.