The beginning of recent cold winter of the cryptocurrency market can be traced back to November 2018, when the bitcoin cash (BCH) hard fork war depleted the bitcoin (BTC) supply held by two rival bitcoin pools. Since then, the price of bitcoin has been teetering in the range of 3,000–4,000 US dollars until the end of April this year. No one knows how long it will last. Many crypto celebrities have faded away during the bear market.
This sudden winter brought people who were still dreaming of getting rich overnight back into reality. In the last bull market cycle, the blockchain gave us too many promises and fairy tales. The blockchain technology seems to become an emperor’s new clothes. So many people believed that this technology is a game changer, treat it as the key to the next technology revolution. The so-called “next generation of the internet” is so invisible and intangible. Until the market value has shrunk dramatically, the sweet dream turned into a nightmare,
After the bubble of the blockchain has subsided, we have to be able to see the essence through the appearance. The prosperity of new technology is not built upon the promises, it needs more doers! In many public blockchain projects’ whitepapers, they all bragged that how big their ecosystems are. As if this technology can be applied to all aspects of our life, such as supply chain, communication, real estate and etc. Maybe one day these visions will eventually come true in a decade or so, but it will not be achieved today or in the near future.
Decentralization is not only a method to store value and data, but also it represents an ideal state of social operation. I believe it is impossible to fully realize the decentralization of the basic assets, data, identity authentication with technology and social structure we currently have. This goal requires a lot of hard word from project parties, developers and all the other participators in this industry, there will be a long way to go.
Let’s take a close look at cryptocurrency exchanges. It is one of the most popular applications among all the blockchain applications. Not only because the exchange is the central hub for crypto users to exchange their cryptocurrencies, but also exchange is the gateway to access the decentralized applications. The function of the cryptocurrency exchange is irreplaceable. Ironically, since the birth of Bitcoin back in 2009, almost every major exchange has been a centralized exchange, it managed our decentralized assets in a centralized way. There is no doubt that the centralized exchange is more efficient and cheaper to use. However, despite the volume of exchanges, the scandals of the centralized exchange have never been stopped.
This inherited logical contradiction just proves that the centralized exchange is just a stepping stone to our decentralized future. It is only a temporary solution. As the blockchain technology progresses, decentralized exchanges became more and more efficient and user-friendly. Now the decentralized exchange is gradually entering the people’s field of vision, and begins to replace the position of the centralized exchange. Why let other people take control of your asset when you can manage it on your own? If we have an agreement that blockchain technology has its role in the future, then the decentralized exchange should make much more sense than the centralized exchange.
As the price of the currency starts to rise slowly, people once again see the hope of the blockchain. But this time, blockchain technology will be facing a more rigorous review. ContractLand sees itself as the technology pioneer of the next-generation decentralized exchange, our BTC Cross-Chain Bridge has entered the final testing phase. The success of BTC Cross-Chain transfer is absolutely good news for all the decentralized applications. The decentralized exchanges will no longer be trapped in the Ethereum ecosystem, BTC bridge will allow them to have more abundant trading pairs and higher transaction depth. In April this year, ContractLand was invited to give a presentation of BTC Cross-Chain Bridge at 2019 EDCON Sydney, and keynote caused a heated discussion in the technical community. Recently, a decentralized exchange which was built upon ContractLand platform, BBEXCHANGER, has been launched. This is also the first decentralized application running on Terra-chain.
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