As we embark on a new decade for blockchain, it is worth reflecting on how far we¡¯ve come. The biggest movements of 2019 revolved around institutional involvement in the space with industry giants such as Facebook and JP Morgan dipping their toes in the water, Decentralized Finance (DeFi) booming, monumental growth in fintech more generally and, of course, a wave of potential Central Bank Digital Currencies (CBDCs) growing in prospect.
These announcements in their own right point to one conclusion ¡ª 2020 will be the year of the stablecoin. Here are four reasons why stablecoins will take the reins this year as crypto¡¯s biggest use case.
1. Institutions Incoming
On February 4th 2019, JP Morgan announced it had become the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The impact of this is significant ¨C America¡¯s largest bank is utilizing blockchain-based technology in the transfer of payments between institutional clients. Four months later, Facebook announced plans to create a new digital currency and financial system, Libra, shining the spotlight on stablecoins once more. As more and more institutions realize the benefits of blockchain-based digital money, the necessity for stablecoins will augment and 2020 may well deliver this growth.
These developments marked a watershed moment for institutional involvement in the blockchain space, and acted as recognition of the grand potential for this technology, particularly in the financial realm. The need for digital money that is mobile, constantly accessible, instant, low-cost, and secure became evident. One particularly important factor for institutional involvement is the concept of stability. Stablecoins have all the benefits of their crypto counterparts in terms of security, speed, and cost. The difference is that stablecoins are pegged to more reliable assets and therefore are more liquid, with the ability to be traded for fiat currencies at relatively unchanging rates.
2. The Mighty Rise of DeFi
Research shows that the total value locked in decentralized finance more than doubled in 2019 from a year earlier. DeFi growth was constant throughout 2019, with monthly surges in collateral, volume, and loans outstanding. There is a growing sense that decentralized technology can, and should, play a key role in financial services in the future, with stablecoins forming a crucial part of this movement to decentralization.
Currently, several stablecoin providers are offering decentralized products that tackle the complex processes and high transaction fees that have hindered mainstream adoption of digital assets to date. PegNet, a network of stablecoins, offers unlimited conversions between assets at just one-tenth of a cent per trade.Pegnet¡¯s network of Pegged Asset Tokens provides a mechanism for managing payments across countries that circumvents the slow and expensive processes related to external third parties. There are no brokers taking a percentage of trade value and no counterparty risk, but full decentralization. As DeFi is set to continue on this upward growth trajectory, the benefits proposed by stablecoins of this nature will not be overlooked in 2020.
3. A New Fintech Generation Embarks
The past decade has played host to a huge boom in financial technology. If we solely look in terms of investment, the scale of growth jumped from $2 billion in 2010 to more than $50 billion in venture capital in 2018 and over $30 billion in 2019. Along with this growth, there is a rising recognition that for too long financial services have been dominated by a small number of institutions with huge competitive advantages ¡ª consumers want to take back control of data and level the playing field with innovation.
In Europe, a regulation titled ¡®PSD2¡¯ was implemented to counteract the power of the big banks, eroding their control over their users¡¯ data. PSD2 will democratize financial services opening the competition to whoever wants to build on top of newly open and accessible data.
Offering a uniquely decentralized payments solution, stablecoins are joining the march for a more just, user-focused, payments industry. Stablecoins can offer cheaper, faster, and global payments settled decentrally. In this era of financial democratization, PSD2 and the booming fintech industry, stablecoins will rightfully find their place in the financial world in 2020.
4. Blockchain for Central Banks (CBDCs)
Following the announcement of the Libra Project from Facebook, several high-profile central banks announced their exploration of the issuance of a Central Bank Digital Currency (CBDC). In Europe, the European Central Bank (ECB) formed a cryptocurrency task force that would work closely with Eurozone banks to study the benefits and costs of a possible eurozone CBDC. China¡¯s Central Bank, The People’s Bank of China (PBOC) has been working on its “Digital Yuan” for years, and is currently putting it through real-world tests ahead of public issuance sometime in the future. At the beginning of August 2019, the United States Federal Reserve Board announced its plan to release a real-time payments and settlements service in order to boost the payments infrastructure in the country, FedNow.
These developments signal a moment of realization for policymakers and central banks ¡ª settlement processes are too slow, costly, and inefficient. Digital currency, and in particular stablecoins, can provide the infrastructure for a digital transformation of the role of central banks, offering cheaper, faster, and more secure settlements.
Article by Greg Forst, Director of Marketing at Factom Protocol
So far our investigation has been analytical. We have seen Plotinus acquire, one after another, the elements out of which his system has still to be constructed. The first step was to separate spirit from matter. They are respectively distinguished as principles of union and of division. The bodies given to us in experience are a combination of the two, a dispersion of form over an infinitely extended, infinitely divisible, infinitely changeful substratum. Our own souls, which at first seemed so absolutely self-identical, present, on examination, a similarly composite character. A fresh analysis results in the separation of Nous or Reason from the lower functions of conscious life. And we infer by analogy that the soul in Nature bears the same relation to a transcendent objective Nous. Nous is essentially pure self-consciousness, and from this self-consciousness the world of Ideas is developed. Properly speaking, Ideas are the sole reality: sensible forms are an image of them impressed on matter through the agency of the world-soul. But Nous, or the totality of Ideas, though high, is not the highest. All that has hitherto occupied us, Nature, Soul, and Reason, is316 pervaded by a fundamental unity, without which nothing could exist. But Soul is not herself this unity, nor is Reason. Self-consciousness, even in its purest expression, involves a duality of object and subject. The notion of Being is distinct from the notion of oneness. The principle represented by the latter, as the cause of all things, must itself transcend existence. At the same time, it is revealed to us by the fact of our own personal identity. To be united with oneself is to be united with the One. ¡°What?¡± She was strong, slender as she was, and she freed herself almost without effort. And yet he would not be warned. "Don't you love me?" he insisted, as though she had not already made it plain enough. "Don't be cross, Maria," pleaded Annabel. "I didn't know nothin' of it. You know I've been down to see the Robinses, and intended to stay till tomorrer, but something moved me to come home today, and I just happened to take this train. I really didn't know. Yet," and the instinctive rights of her womanhood and her future relations with Si asserted themselves to her own wonderment, "I had what the preachers call an inward promptin', which I felt it my dooty to obey, and I now think it came from God. You know I ought to be with Si as soon as anybody," and she hid her face in her hands in maidenly confusion. trouble. Send down a detail at once for Shorty Elliott, Co. Wilson's first instructions were as to Shorty's personal appearance. He must get a clean shave and a hair-cut, a necktie, box of paper collars, a pair of white gloves, have blouse neatly brushed and buttoned to his throat and his shoes polished. As soon as he saw that he was likely to remain at Headquarters for some time. Shorty became anxious about that letter from Sammy, and after much scheming and planning, he at last bethought himself of the expedient of having the Chief Clerk write an official letter to Sam Elkins, the postmaster and operator at Bean Blossom Creek Station, directing him to forward to Headquarters any communications addressed to Corp'l Elliott, 200th Ind. Vols., and keep this matter a military secret. "Well, I have stirred up a yaller-jacket's nest for sure," thought Shorty, rather tickled at the odds which were arrayed against him. "But I believe I kin handle 'em until either the train pulls out or the boys hear the ruction and come to my help." She felt that he would come¡ªhe would return to her in the reaction that swung him from Rose. But would she be able to keep him? She did not feel so sure of that¡ªfor that did not depend on her or on him, but on that mysterious force outside themselves with which they had both already struggled in vain. It was only lately that her longing for love and freedom had become a torment. Up till a year or two ago her desires had been merely wistful. Now a restless hunger gnawed at her heart, setting her continually searching after change and brightness. She had come to hate her household duties and the care of the little boys. She wanted to dance¡ªdance¡ªdance¡ªto dance at fairs and balls, to wear pretty clothes, and be admired and courted. Why should she not have these things? She was not so ugly as many girls who had them. It was cruel that she should never have been allowed to know a man, never allowed to enjoy herself or have her fling. Even the sons of the neighbouring farmers had been kept away from her¡ªby her father, greedy for her work. Tilly, by a lucky chance, had found a man, but lucky chances never came to Caro. She saw herself living out her life as a household drudge, dying an old maid, all coarsened by uncongenial work, all starved of love, all sick of, yet still hungry for, life. "And is this your present?¡ªWhat is your name?" "But, take care," said Margaret, "that you say not whom it is for." But Margaret was many minutes ere she could do more than kiss his hand, and wet it with her tears. At length, when her emotions of joy and surprise had in some degree subsided, she replied, that Holgrave was still living a villein at Sudley. HoMExiao77av
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