10th anniversary of blockchain a chance to reflect on the future of the technology
- 29.10.2018 09:42 am
Wednesday marks the 10th anniversary since the publication of Satoshi Nakamoto’s whitepaper on a ‘revolutionary peer-to-peer electronic cash system’. This was the first time the concept of Bitcoin and the underlying blockchain technology was put out into the public domain.
Starting out from a single cryptocurrency on one exchange, the crypto world now has more than 1,500 cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin to name just a few – being traded on over 190 exchanges around the world.
Ten years on however, this system is being increasingly criticised for its volatility and lack of transparency – calling into question its viability as an alternative monetary system. So far in 2018, Bitcoin has repeatedly shed its value more than half from its year end price of $13,000 in 2017.
However, many still believe in the potential for increasing the transparency and decentralisation offered by distributed ledger technology, on which blockchain is based.
According to Thomas Coughlin, CEO of Kinesis, there’s a risk of missing this potential if stability is not restored to the foundation of these cryptocurrencies. In the last ten years, Thomas has been closely following the journey of the crypto market and campaigning to restore value stability to the currency.
Thomas continues: “The 10th anniversary of Satoshi’s whitepaper is an important milestone reflecting on the progress of Bitcoin and other cryptocurrencies so far, not to mention, the revolutionary blockchain technology that underpins it all. One thing is clear: extreme volatility is perhaps the biggest argument against mainstream adoption of cryptocurrencies in the last decade and the lack of institutional investor trust in the market.
“Looking ahead to the next ten years, the focus must be on restoring stability and trust to cryptocurrencies. This will not only increase its practicality as a store of value and a medium of exchange but also channel mainstream investments into the crypto market.
“Understanding this need, Kinesis has created a secure and easily exchangeable digital currency with direct gold ownership on the blockchain. This system combines new world decentralized technology of blockchain with the oldest, and most sustainable form of money. Digital record of physical, allocated bullion ownership can be exchanged as a stable coin on the blockchain, or in place of fiat currency in everyday transactions.
“Kinesis has raised over $50 million so far – testament to the potential of combining the accountability and efficiency of blockchain technology with the value-stability of age-old assets”