This year there are many plans for the world of cryptocurrencies, but here are some of the largest and most expected crypto developments to date in 2020.
2019 was full of many changes and expectations, as new partnerships and blockchain developments were announced, and most of the top coins were able to serve the bear market.
There is no doubt that serious crypto developments will take place this year, since several releases are planned for release in 2020.
Bitcoin Halving
The most important event in the crypto ecosystem for 2020 is likely to be the Bitcoin halving, which is scheduled for May.
This will halve the number of bitcoins issued during block mining, reducing the reward from 12,5 to 6,25 BTC. This is the third halving.
The two previous downturns led to an interesting price movement. In 2012, when BTC first halved for the first time, it grew from less than $ 10 to more than $ 100, while in 2016 the currency grew from $ 400 to halve and more than doubled by the end of the year.
This decrease in block reward will lead to a shortage in the market, and Bitcoin traders expect an increase in price, as was the case with the previous two halves. But there is also the issue that the halving will affect the mining market and the number of miners and hash rate are expected to decrease as Mining will not be profitable for many of them.
Launch Libra
Pound is one of the most anticipated crypto developments of this year. This is definitely the highly anticipated asset-backed stablecoin of the social giant Facebook, which was first revealed earlier this year. Encryption is expected to launch in the summer of 2020 if it manages to meet the required regulatory requirements.
Initially stablecoin received a lot of support from big companies like Uber, Vodafone, Coinbase and Binance, who supported the project. But due to regulatory pressure and uncertainty, backers like Mastercard, eBay and PayPal Holdings decided to withdraw their support.
If Libra succeeds in launching, it will have approximately 170 million users in the United States.
Accointing co-founder regarded the launch as a matter of establishing a sense of cryptocurrency legitimacy, stating:
“Stablecoins are very important for space. Libra this year made people think about cryptocurrencies. ”
It will be very interesting to see how the launch and adoption of Libra unfolds. With the current level of control by government bodies, the project has a hard way to go. But if the currency can be launched with the approval of regulators, then cryptocurrency can become mainstream and set the standard for other companies that may want to follow this model.
Ethereum PoS Transition
One of the most anticipated crypto developments this year will be the start of the Ethereum transition from PoW to PoS.
It is planned that Ethereum 2.0 will be the latest update to the Ethereum network and is designed to change the current agreed Proof-of-Work algorithm to Proof-of-Stake. This protocol will no longer rely on miners to check blocks, and the function will be passed to special network validators.
On January 16, the Ethereum Foundation blog posted by Danny Ryan reported on progress in developing Ethereum 2.0, also called Serenity. The move to Proof of Stake will bring much-needed scalability to the Ethereum blockchain, and it will be introduced through phase 0, due this summer. The exact date is still unknown.
In Phase 0, Beacon Chain core functionality, validators, and segment coordination in which Beacon Chain (Eth2) will coexist with Eth1 will be implemented.
Ethereum is the main platform in the world of cryptography, as almost 90 percent of all tokens were launched through this blockchain. Ethereum has undergone many updates and changes since its inception in 2016, and new technologies have been introduced to grow the developer community.
With the release of Ethereum 2.0 v0.10.0, new specifications have appeared on the blockchain. Ryan explained that “v0.10.0 is the culmination of the changes made to the Phase 0 specification.” He went on to say that version v0.10.0 is a very stable software that is now available for client test networks and third-party audits and security assessments:
“For some time, these new specifications changed the eth2 client team development cycle and delayed the release of test networks, which were inevitable. With the release of v0.10.0, we are now returning to a smooth rhythm. ”
The least authoritative body began a security audit to verify the code and expressed enthusiasm for working with the project:
“We have high expectations and are working enthusiastically with a team of this level!”
It is expected that the update will greatly affect the scalability and speed of Ethereum transactions, so this is one of the most important crypto developments in 2020.
Cardano PoS Update
As we are on the subject of cryptographic developments, including PoS changes, Cardano, another major crypto project, is preparing to release a new PoS system. The platform seeks to upgrade its current PoS platform as a public network.
Cardano currently ranks 14th in market capitalization, and the project is considered the first blockchain platform developed on the basis of a scientific philosophy and research-based methodology.
Cardano transactions are currently validated by a federated system of validators, which includes three organizations: Cardano Foundation, Input Out Hong Kong (IOHK) and Emurgo.
Charles Hoskinson, CEO of IOHK, said it was expected that there would be 100 times more people using his software on the public network than on bitcoins or any other PoW system.
“This marks the starting point for the full handover of the [Cardano] protocol to the community,” Hoskinson said of next year’s network upgrade, dubbed “Shelly.”
the end
These were some of the most anticipated crypto developments in 2020. Of course, this year there will be many other releases and implementations in the crypto ecosystem, so it is better to follow the news to stay in the know.