How have blockchain and cryptocurrency evolved over the past few years? Where are they headed? Are these technologies just passing phases, or have they ushered in irreversible changes that will be permanently integrated into our society?
At Priority Crypto, we frequently discuss these questions, not only from a recruitment perspective but also to gain insights into our future. With the constant buzz around blockchain and crypto, we thought it would be useful to break down key events from 2016 to 2022 for those new to the industry. For those already familiar, consider this a reflection on your journey in the blockchain space.
Key Blockchain and Cryptocurrency Events from 2016 to 2022
2016: Milestones and Setbacks
2016 marked significant milestones for blockchain. It was a year of both industry integration and notable setbacks. Bitcoin dropped 20% due to an exchange hack, and the DAO faced a $60 million Ether theft. Despite these challenges, positive developments included the Bank of England exploring distributed ledgers for settlements and IBM starting to use blockchain technology.
2017: Increased Involvement and Development
The blockchain sector saw increased involvement and development in 2017. Ethereum's token value skyrocketed from $10 to $470, and Bitcoin's value increased tenfold. Japan recognised Bitcoin as a legal payment option, and Norway’s Sbanken allowed customers to hold Bitcoin in their accounts.
2018: Challenging Traditional Systems
By 2018, blockchain was challenging traditional payment and holding systems. Major companies like Goldman Sachs introduced Bitcoin trading, and Samsung began manufacturing chips for cryptocurrency mining. Environmental concerns arose due to the energy consumption of server farms used for mining. Demand for blockchain-related jobs tripled, highlighting the sector's growth.
2019: Market Expansion
Blockchain's market expansion continued in 2019, with increased global access to platforms and services. Coinbase expanded its crypto-to-crypto trading to 11 more countries, and the U.S. saw over 3,500 Bitcoin ATMs. Influencers like Elon Musk publicly supported cryptocurrencies, boosting their popularity.
2020: Multifunctional Uses
In 2020, blockchain’s multifunctional uses became more evident. Dubai became the first country with a blockchain-powered government. Cryptocurrencies helped the banking industry save around $1 billion, and the blockchain market was valued at $3.02 billion. Significant investments were made in blockchain solutions, including website development costing approximately $4.5 billion.
2021: New Applications and Innovations
2021 saw significant developments in existing blockchain projects and new applications, such as Non-Fungible Tokens (NFTs) dominating digital art and collectibles. The gaming industry benefited from the play-to-earn model with tokens like Sandbox (SAND) and Axie Infinity (AXS) surpassing Bitcoin in popularity. Decentralised applications (DApps) gained traction, further embedding blockchain technology in various sectors.
2022: Advancements in Web3 and Legal Adoptions
In 2022, Web3 developments aimed at creating a more intelligent, connected, and open internet. The NFT market expanded, utilising smart contracts for decentralised funding and secure digital asset authentication. El Salvador adopted Bitcoin as legal tender, and other countries explored creating their own government-backed crypto assets.
The Future of Blockchain and Cryptocurrency
Blockchain and crypto have proven their utility in streamlining transactional processes and enhancing security through distributed ledgers. Despite digital attacks, these technologies offer significant benefits, including job creation and economic efficiency.
We, at Priority Crypto, are experts in recruitment within the crypto and blockchain space. We invite you to share your thoughts on the future of this market. Will blockchain and crypto become central to our communication and transactions, or do they need more time to gain widespread adoption?
Contact us to see how we can help you stay ahead of the curve in this rapidly evolving industry.
