We’re already 3 months into a new year. Lots of new beginnings were scheduled for 2020, so let’s see, what has come to pass, and what is still in the works.
This ambitious project led by Facebook is scheduled for roll-out in the second half of 2020, as the Association is more focused on “doing it well” rather than speeding through the launch .
What makes this project stand out among the rest?
- Libra Blockchain is written in Move — — a programming language designed specifically for the Libra ecosystem with past mistakes of the Facebook corporation in mind, therefore extra pre-cautions were taken to ensure safety and prevent any security accidents .
- Libra Association, which governs all processes regarding Libra Blockchain right now, is made up of pretty big names. Even after Visa, MasterCard and PayPal have fled the ship , there are still PayU, Uber, Spotify, Iliad, Coinbase, RibbitCapital and many others involved .
What’s more, the announcement of Libra has stirred many central banks around the world, in the US, China, and Japan, to name a few, to consider developing their own digital currency. As such, even before it’s actually in the market, Libra has already influenced the economic landscape of the world.
Thought to hit the market by the end of 2019, this cryptocurrency from Telegram’s blockchain TON has been held back by the United States Securities and Exchange Commission. While hearings are still in process, it’s a good time to review once again, why this digital currency is deemed so promising:
- Telegram Open Network is designed in a way to allow micropayments speed, which makes its token a real competition for major credit cards and also Libra.
- The TON ecosystem is said to provide its users with light crypto wallets, that will be much more intuitive and user-friendly than the existing ones, and also compatible with other types of cryptocurrency .
Despite its currently shaky status due to legal issues, GRM currency is already said to be supported by Coinbase Custody  along with Orchid and Solana, which makes it clear that most of the crypto community firmly believe in its success.
Digital Yuan, Digital Yen and LINK Launch in Japan
The Asian market has much stricter rules when it comes to the digital currency, but it looks like it is coming to terms with the progress. 2020 is most likely going to be the year when China starts experimenting with its own national digital currency, the development of which was in big part fueled by the announcement of Libra. Central Bank of China knows they cannot hold the crypto market at bay forever, so they have to come up with a centralized answer .
Consequently, Japan, in fear of digital yuan, allegedly has a proposal of a digital national currency development in the works, and it is to be submitted to the government in February.
And while digital yen is only in the planning stage, the Japanese messaging app LINE is moving into the domestic market with its own currency LINK. The release is anticipated for April of 2020, but the company is still handling the legal necessities .
Ethereum 2.0 (Serenity)
The second biggest blockchain platform is moving from the proof-of-work (PoW) to the proof-of-stake system (PoS), which will make it much more scalable and efficient. The good news is that Ethereum 1.0 will not go away, but will receive upgrades. The more controversial news is that it will probably take years before ETH will be transferrable between two chains .
Nevertheless, Serenity is highly anticipated as it may give a huge boost to ETH itself and Decentralized Finance in general.
Evidently, 2020 is going to be a huge year for crypto, so we’ll continue to explore this topic as new information will come to light.