It goes without saying that 2017 was the year of cryptocurrencies and blockchain technology. It was a year that saw the masses accept cryptocurrencies as the future. We saw over a thousand different cryptocurrencies rise up and produce a $700-plus billion market cap. Yet, with 2017 gone with the wind, we can take a nice look back now and see what cryptocurrencies didn’t bring us in the past year and how they’ve held themselves back.
- There is a complete lack of self-regulation – With cryptocurrencies grasping the attention of the FCA, Swiss FINMA and the SEC, regulation has been a big topic of discussion. That said, the Crypto Valley Association has stated that they have a Code of Conduct and Waves that are on par with ICO standards. So far they’ve delivered nothing beyond this announcement and the Code of Conduct remains unpublished.This should come as no shock, as a set of regulations at a time like this can only hold them back. Yet, not having these regulations can result in several governments completely overrunning cryptocurrencies.
- The mass of enterprises haven’t embraced blockchain – I suppose in one year we can’t expect to see all the major players adopt blockchain. Truthfully speaking, a lot of executives still don’t understand how blockchain works. Yet, getting educated on what blockchain is might have the reverse effect and push more executives away. It is something that will tear in two the current system we are using. It goes without saying that many won’t be in a rush to fully embrace such changes.
- Inter-chain operability is still not a thing – When it comes to the wonders of cryptocurrencies, inter-chain operability isn’t really a thing. Polkadot, Cosmos and Block Collider have tried to tackle this issue from many angles, yet it still remains something that we don’t see. Perhaps we thought wrong in expecting inter-chain operability so soon, after all Cryptocurrencies and blockchain are still so young.
- There is a lack of distinction between blockchain, tokens and cryptocurrencies – In time things will change, but at the present moment the bulk of the world outside of the crypto community associates blockchain with bitcoin and other cryptocurrencies as one. It’s all a matter of educating the masses. Once this happens, blockchain will live up to its full potential.