U.Today - Stakeholders have begun contemplating the sector's future, with the crypto market inching closer to 20 years. Fundamentally, the conversations are moving toward how the cryptocurrency market will evolve as it gains broader adoption globally.
Ki Young Ju’s 5-year vision for crypto
Ki Young Ju, the founder of CryptoQuant, has shared his thoughts on this critical issue and how he sees crypto in the next five years.Young Ju, known for his insightful commentary, sees the current online space primarily centered on monetizing attention through social media engagements and ads. He, however, predicts that in the next five years, a dramatic shift could happen that will transform everything.
The CryptoQuant founder envisions a shift toward a more organized collaborative labor system. This might mean a move toward decentralized, tokenized or smart contract-based user compensation models.
He noted that crypto analysts, content creators and data curators online will move beyond monetizing attention to collaborating with different entities for information production. This will rely on the systems already created by blockchain and smart contracts to facilitate transparent payments for such contributors.
Interestingly, microblogging platform X has inked a collaboration with card payment giant Visa (NYSE:V) to offer direct payment solutions.
Linda Yaccarino, Chief Executive Officer of X Corp, believes the X Money account could later provide P2P payments. It might integrate crypto payments into the "everything app" vision of the platform.
Challenges in adopting crypto-powered information economy
Some experts argue that Young Ju’s model has challenges that need tackling. These include widespread adoption and technology infrastructure.Switching to such a model would require widespread global adoption, particularly in the use of crypto. This is not limited to users but also to different platforms. Additionally, users already used to "free access to information" might resist this move.
In addition, tech experts maintain that the infrastructure needed to support such changes might prove overwhelming. They highlight issues of security of crypto assets, scalability and how user-friendly blockchains need to be to make them "labor linked" and not just for information consumption.