Blockchain technology is on the verge of surpassing its association with cryptocurrencies, such as Bitcoin, and is expected to revolutionize various aspects of our lives.
According to a forecast by research firm Gartner, blockchains are projected to generate $3.1 trillion in new business value by 2030.
In light of these developments, Benzinga recently spoke with Chen Zhuling, founder and CEO of RockX, at Crypto Expo Asia. Zhuling, a prominent figure in the blockchain industry, has a strong background in infrastructure development and financial applications, with experience ranging central bank regulations to mobile payment services.
Here is an excerpt from our interview with Chen Zhuling, where he shared his insights on the blockchain industry’s future, the present state of the cryptocurrency market (including its recent downturn) and the potential of Web3.
Why are big technology developers moving to the blockchain industry, and what does the future of the blockchain industry look like?
The attraction of leading technology developers to the blockchain industry represents a broadening recognition of blockchain as more than just a financial instrument — it is a foundation for the new digital frontier. Blockchain is akin to a new-age internet, being increasingly utilized as a robust, decentralized platform for innovation. This evolution is still nascent, predominantly scrutinized through a financial lens by regulators. As the industry matures and regulations broaden to embrace the technological potential of blockchain, we will see a global surge in blockchain-enabled innovations.
Tell us something about the current crypto market sentiments. Where do you see it will bounce back from the downturn? Where do you see Web3 heading and its prospects?
Like any other, the cryptocurrency market is subject to fluctuations and periods of downturn. However, those who see the long-term potential of these digital assets and the technology underpinning them may find it worthwhile to weather these volatile periods. The future of Web3, the decentralized internet, is ripe with promise. Though we can’t predict the exact timing of a market rebound, we can expect continued growth and development in this sphere, driving new applications and opportunities.
Also Read: Web3 And Blockchain Technology For Small Business: Utopia Or Soon-To-Be Reality?
Tell us something about the institutional adoption of cryptocurrencies. Are crypto assets still a viable investment instrument?
The institutional adoption of cryptocurrencies is a critical indicator of their viability and future potential. Assets like Bitcoin and Ethereum have been embraced by increasing financial institutions, which indicates a strong confidence in their value as investment instruments. As the industry matures, we are likely to see more sophisticated products emerge, from passive staking yields to hedging mechanisms, all aimed at optimizing the potential returns of these crypto assets.
What is the latest development in Ethereum, and how will it solidify its position in the coming days in the crypto market?
The recent transition of Ethereum from a mining-centric proof-of-work model to a more energy-efficient proof-of-stake mechanism marks a significant leap forward for the platform. This change has boosted participation in the Ethereum network and attracted institutional attention. The Shapella upgrade, successfully implemented in April, has further bolstered Ethereum’s appeal, leading to a surge in ETH being staked. While current staking yields of 4% to 6% may appear modest, they represent a sustainable method of earning crypto returns without the inherent risks associated with trading or lending.
Why do Cosmos and Polkadot stand to rival Ethereum?
Emerging blockchains like Cosmos and Polkadot, while still younger than Ethereum, are rapidly carving out their niches. Cosmos is recognized for its innovative scalability solutions, while Polkadot stands out for its interoperability. These new kids on the blockchain block don’t seek to overshadow Ethereum but rather to contribute to a competitive landscape that fuels industry-wide innovation, benefiting developers and users alike.
Photo: Benzinga
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Image and article originally from www.benzinga.com. Read the original article here.