Watching Use case for blockchain technology So far it is easy to conclude that Stablecoins is the killer app.
Tens billions in value were Sent to East Asia via Stablecoins In 2024, and with US President Donald Trump, which signals the Stablecoin legislation is a top priority in January, Stablecoin Megatrend has just begun.
While large Stablecoin -issuers like Tether faces an existential crisis As we move into a more regulated, mature era for digital currencies, new ones appear everywhere. Just last week, Bank of America (BOA), the second largest bank in the United States, confirmed that it was considering a Stablecoin launch.
“And so if they do it legal, we go into that business. So you will have a Bank of America coin and a Bank of America deposit in US dollars, then we will be able to move them back and forth. For (until) now it has not been legal for us to do so, but it is only then that another foreign currency. The question of what it is useful for will be interesting. ” Boa CEO Brian Moyniham
JP Morgan (Nasdaq: JPM) Launched Its Stablecoin as early as 2020, and last year confirmed transactions “Exploding.” Now, with a few dozen banks all over America and many more all over the world testing and playing with the idea of stablecoins, blockchain and distributed main technology (DLT) can also explode.
There is a problem that has not been counted on yet
At the Coindesk Consensus event in 2024, Umar Farooq, which leads up JPM’s Onyx Division, admitted that while the demand for the bank’s Stablecoin was high, “”One of the macro constraints is silos. “
While Farooq talked about how money, securities and goods were in separate silos and it is not easy to transfer between them seamlessly, the same applies to Stablecoins and digital currencies on different blockchains. Often banks and institutions launch private blockchains or segments of permissible parts of Ethereum so that they can control all transactions.
Apart from being meaninglessThis creates the same problem that the older financial system suffers from; Fragmentation and walled gardens prevent seamless movement over asset classes.
The same thing happened during the first days of the internet. Several private networksIncluding Arpanet, Decnet, UUCP, Fidonet and others, competed with each other from the 1960s to the 90s. Eventually, TCP/IP Won out due to a combination of openness, interoperability, scalability, decentralization, the World Wide Web and the mass adjustment that followed Tim Berners Leeinvention.
The same is to play again in the blockchain industry. There has been a cambrian explosion in blockchains, DLTS, hash graphs and other networks. Some are public, and others are private, and the race for dominance is well and really going on.
As with the web, everything will eventually settle on a general ledge and for the same reason. The current Blockchain Ecosystem for Unsoluable Blockchains, Layers Two Solutions, Side Chains, Bridges and everything else is a mess. It can never reach anything, and the traditional systems are still much better than anything “crypto” has to offer.
Imagine StableCoins in scale on an unlimited scalable principal book
Since Stablecoins appear to be the first case with large uses for digital currencies, the next phase will logically be the application layer. Instead of being used to send, receive and pay fiat money, Stablecoins can be used to access all types of Blockchain applicationsCreate economies on the chain in scale.
Why hasn’t it happened yet? Technological restrictions have prevented it. Ethereum Can only make 20 transactions per second at the base layer, fees fluctuate from a few dollars to hundreds depending on demand, and its intricate, tangled web of layers two solutions also leave data -drawn that scratches the head.
Blockchain gameFinanse apps, exchanges on the chain, Real assets (Rwas) and apps that provide services such as the tracking chain can not reach their full potential on these broken blockchains. In order for them to exist on a global scale, be completely interoperable and accept Stablecoin payments, they must exist on a single unlimited scalable blockchain that can transactions worth a cent one cent.
Thankfully, such a vision is not lost, and there is a blockchain that can handle it. The BSV blockchain will be able to handle one million transactions per second to average charges of $ 0.00001 per transaction after its Teranode upgrade. Simple smart contract language like encrypt Make it easy for developers to jump in and develop apps that can use Microka in either BSV or Mnee Stablecoin.
When all this goes live there will be few Practical restrictions to what blockchain developers can build. Independent developers, banks, companies and governments of all kinds will finally have a blockchain that can be unlimited scaling and capable that really small transactions. Heaven will be the limit of what can be built.
The Stablecoins are the killer app so far, but they are not all and end. They are an important part of a larger image. The whole image, however, depends on a specific type of foundation: a single, scalable, low fee blockchain with a roadmap to scale to global dimensions.
So while we finally see any movement at the regulatory level in the world’s largest economy, it will not change the technical restrictions on blockchains such as BTC or Ethereum. When builders hit the inevitable walls of them, there will only be an alternative: the unlimited scalable BSV blockchain.
Look at | Spotlight on: Centi Franc – the truly stable Stablecoin
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