The world of blockchain and crypto has a lot of issues associated with it as of now. It is still in its early phase of development. But the prospects that are offered by this world are revolutionary. So as we move forward in time, what is expected to happen? In order to get a perspective of someone who is actively involved in the development and improvement of this world, BlockPublisher got in touch with Chief Executive Officer of LQDEX, Yogesh Srihari. LQDEX is a decentralized platform that allows the exchange of crypto assets in a secure and transparent ecosystem supporting cross-chain movements.
Talking about the future of cryptos, Yogesh stated:
I think the centralized government-issued currencies will become extinct and the banks will suffer the same fate, possibly even before that. The day that consumers can buy coffee at one price, and buy the same coffee 3 weeks later for about the same price, is when the adoption of the crypto will surpass other forms of payment infrastructure.
Yogesh seemed to be strongly of the view that traditional financial frameworks that are employed these days will be wiped out in the future. The need for a global currency is growing stronger and the governmental-issues currencies will have fewer chances of survival once a global financial framework is in place.
Yogesh also seemed to suggest that for this to happen, the issue of volatility that is associated with it needs to be handled as soon as possible. Price volatility is one of the major reasons why cryptos haven’t been able to achieve the success they should have achieved. One day the crypto market is seen booming with prices shooting up, and the very next day, it is seen crumbling down. Owing to this volatility, people are using cryptos just as a source of gaining profit in fiat, instead of treating them as actual currencies. So, in order to make the adoption of cryptos large-scale and ensure its incorporation in real-life activities, the issue of volatility needs to be tackled, as implied by Yogesh.
Further talking about blockchain technology, Yogesh stated:
I would look at blockchain as experimental technology. Blockchain technology works really well for the transfer of value, but still, a lot of time is spent working on scalability. I believe there are a lot of businesses claiming use-cases that are not necessarily applicable to blockchain. The best analogy is thinking about building Dropbox when internet speed was 56kpbs in 1999 – most certainly Dropbox wouldn’t have worked.
Yogesh pointed out an important detail that although the prospects offered by blockchain are very bright, it doesn’t mean it should be incorporated in every other framework. There are certain scenarios where avoiding the usage of blockchain is much better. Yogesh termed the technology as experimental. This technology can prove to be very beneficial if it is properly used for the transfer of value. Financial industries can be revamped if it is used properly for the right kind of problems. But before this technology reaches the pinnacle of its adoption, it needs to solve the major issues that are holding it back, such as scalability.