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Decentralize and rule: what happened with the blockchain in November and what follows from this

Thursday, November 11, 2021

Startup Jedi

We talk to startups and investors, you get the value.

We have long admitted to ourselves: today it is impossible to imagine the world of technology without blockchain. More and more business projects are adapting a system that was once too complex for an ordinary user to understand for their tasks and goals. If you are not convinced of this yet, then we are coming to you with the latest news on decentralized data storage.

The first thing we think about when we talk about blockchain is cryptocurrencies. We told you why the existence of such a player in the financial market is unprofitable for the world banking systems, but it is becoming more and more difficult for them not to recognize his power. So, as of November 10, the total cryptocurrency market capitalization reached $3.1T —  this is an increase of 400% in just a year. Top in terms of market share are Bitcoin, Ethereum, Tether and Cardano.

By the way, bitcoin again broke the historical maximum of its value, reaching an estimate of $68,500 on November 9. The fact that this cryptocurrency breaks its own records time after time is influenced by the recent launch of the ETF on the American exchange, the first one associated with bitcoin. That is, they no longer talk about whether the "bubble" of this currency will burst tomorrow.

They don't say so much that Mastercard will issue special cards in the Asia-Pacific region that will instantly convert digital assets, which cryptocurrencies are, into fiat money. The goal is clear: not all sellers accept crypto, and some buyers would like to pay with it, since they already have it. By the way, the choice of geography is explained by Mastercard data, according to which the percentage of those who would like to use a crypto wallet in everyday life is higher in Asia than the world average.

Everything is clear with currencies —  the blockchain was recognized in their person, but it is not limited to them. One of the really intriguing developments is blockchain-based social networks. Such decentralized platforms can potentially solve the problems of traditional social networks: collection and control of users' personal data or monetization of user content by parent companies. Decentralized social networks are already raising first investments from the largest funds. The market responds to this trend: Reddit co-founder Alexis Ohanyan, or rather his venture capital company Seven Seven Six, together with Solana Ventures are launching a $100M fund. They will support projects developing social networks based on blockchain and Web 3.0 in general —  as the concept of a decentralized network.

In general, the blockchain confidently strides around the world, and the confidence of its step is explained by the fact that the world has been waiting for it for a long time. The complexities and flaws of the dominant economic system, the complex issue of control and circulation of personal data, the general globalization process and, at the same time, the growing borders between states —  it is unprofitable to resolve these issues centrally. So the answer to them is decentralization.

11 Nov 2021

 

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