As crypto hits the mainstream, more businesses and companies are joining the game. We've seen innovations from NFTs to security tokens, and stablecoins. Most of the coins being traded on the market have smart contract functionalities, making them multi-purpose platforms for real world use. While all of this sounds nice, there's been an increasing rate of centralized exchange dominance over the past years. Not only that, but alternative cryptocurrencies (altcoins) have been prioritizing convenience on top of decentralization in order to provide people with lower fees and blazing-fast transaction confirmation times.
Most recently, Lightning Labs announced the creation of a new stablecoin that will operate in its "Taro" platform. If companies start to embrace stablecoins on top of traditional cryptocurrencies, then the whole industry will become heavily centralized. This should be a cause of concern, as a full government crackdown (or ban) could mark the end of crypto's prominence in the mainstream world.
Do you think ever-increasing centralization is a cause of concern? What would be the impact of tightening regulations over the entire crypto/Blockchain space? Will it still be able to survive? Your input will be greatly appreciated. Thanks in advance.
Most recently, Lightning Labs announced the creation of a new stablecoin that will operate in its "Taro" platform. If companies start to embrace stablecoins on top of traditional cryptocurrencies, then the whole industry will become heavily centralized. This should be a cause of concern, as a full government crackdown (or ban) could mark the end of crypto's prominence in the mainstream world.
Do you think ever-increasing centralization is a cause of concern? What would be the impact of tightening regulations over the entire crypto/Blockchain space? Will it still be able to survive? Your input will be greatly appreciated. Thanks in advance.
We are at the stage where the mainstream and cryptocurrencies are slowly merging. If a company operates in a country where KYC is required for each client, but also operates on the cryptocurrency market, unfortunately all those who use its crypto-related services will have to undergo verification. If a company operates only on the cryptocurrency market, it only depends on it whether it wants to act anonymously or regulate its activities. Everyone will find something for himself.