THE YEAR AHEAD…
Two new cryptocurrency developments set to make waves
Initial Coin Offerings
Fledgling startups are now seeking funding for their blockchain-based endeavours by creating their own cryptocurrency, which can be bought initially as an investment and then later used for payments within their system. The ICO for Rentberry, which aims to automate the process of signing leases and paying rent with smart contracts technology, recently raised over $20 million.
The Lightning Network
A fix for Bitcoin’s high transaction fees and slow transaction times, these expediated payment channels will allow low-risk transactions to take place without having to be logged on the blockchain. Balances will then be periodically recorded to the main ledger as a way to finalize all of the transactions that have taken place in the prior time period. Currently in a testing phase, it’s slated to be built it into the system later this year.