The blockchain ecosystem in 2020 is predicted to see both progress and setback, but adoption will only ensure growth.

With exponential growth in blockchain this year, the technology is forecast to continue to grow in many aspects even as some initiatives will likely fall behind. Below are the top 10 blockchain predictions for 2020.

1. China will Launch CBDC

China’s Central Bank Digital Currency (CBDC) is reportedly “ready” but will only be launched in some cities, according to the People’s Bank of China.

2. Facebook’s Libra will Have Limited Functionality

Libra is expected to launch in one jurisdiction and but is unlikely to be the payment rails and onboarding vehicle Facebook has promised.

3. No Approval for Bitcoin ETF

Bitcoin ETF will still not be approved next year after the U.S. Securities and Exchange Commission (SEC) rejected all Bitcoin ETF filings.

4. Golden Year for Stablecoin

Stablecoins are expected to be adopted more with the official launch of Fnality and J.P. Morgan’s stablecoin.

5. DeFi and Open Finance will Rise

The growth of DeFi and Open Finance will continue as a result of their popularity this year.

6. Ethereum 2.0 will Progress

Ethereum 2.0 will continue to grow with more updates and progress from its developers.

7. Lightning adoption will grow

An increased number of applications, nodes and channels will be created on the network.

8. More Privacy Tools, Oracles

2020 will see more privacy tools such as zero-knowledge (ZK) and multi-party computation (MPC) projects. Chainlink, an Oracle project, will grow further.

9. Blockchains Protocols will Co-Exist Better

Interoperability between blockchains protocols is expected to take place next year.

10. Wyoming Sets Example for Blockchain Regulation

Other U.S. states are reportedly keen on similar legislative work for blockchain as Wyoming which has laid out a friendly regulatory regime for digital banking.

Source: www.forbes.com

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