What's the next big thing in cryptocurrencies? I'm interested in your opinions!

[sometimes]

That the price of Bitcoin will rise again sooner or later is beyond doubt for me. Cryptocurrencies and the blockchain have great potential and I am sure that this will come to fruition at some point.

Since I was already determined to hold my portfolio for the long term when investing in cryptocurrencies, the current developments do not make me nervous either. On the contrary, I believe that right now could even be a good time to buy coins and expand your portfolio.

In the last months I have been following with interest the discussions around proof of work and alternatives to the method. To be honest, I have my doubts whether proof of work or even proof of stake have a great future.

Proof of work has a much too high power consumption and brings the disadvantage that only large mining pools can provide the computing power for mining. But proof of stake, even though it is more energy efficient, also has the disadvantage that early investors and people who hold a large portion of the coins have a disproportionate amount of influence. I rather believe that so far undervalued cryptocurrencies like Idena, which is based on proof of personhood, have the potential to be a gamechanger and be the next big thing. Because the process is low power, there are many nodes and each participant's vote has equal weight.

I would be interested in your opinions. What do you think is the next big thing in cryptocurrencies?

 

[knowbody]

Interesting discussion and a nice point of view! Apart from the current situation, I think that the next big thing as you call it or the trends in crypto will be oriented on other trends within our society (at least it’s the people who make them grow right?)

Therefore I think that values like Community and Sustainability will become more and more important – also in crypto.

I have just briefly read an article about proof of personhood but then had no time to do any further research on it – since you seem to be well informed on this: do you have any experience with a practical version of proof of personhood? How does it work?

 

[sometimes]

the trends in crypto will be oriented on other trends within our society

I also assume that all developments influence each other. Saving energy has not yet been that important to some people. But due to the rising prices, everyone feels on their own body how important it is to save energy. Not only to reduce costs. But of course also for the sake of the environment. But for many people, the environment is probably more abstract than their own wallet.

At the moment, I think many people don't have money to invest in cryptocurrencies. But that will certainly change again at some point. And I also think that then the experiences will influence the decisions when investing.

Whether community is important to many people, I can hardly assess. On a small scale, that's certainly true. On a large scale, I don't know. But I think that almost all people find it fair if the voice of each person counts equally and not those with more money or those with better technical equipment also have more influence and power.

I have just briefly read an article about proof of personhood but then had no time to do any further research on it – since you seem to be well informed on this: do you have any experience with a practical version of proof of personhood? How does it work?

It is difficult to imagine how proof of personhood works if you have only read about it. I would recommend you to either watch youtube or, if you are convinced of the concept, to participate in a validation yourself.

The proof of personhood method of Idena works in a way that all members of the community have to solve picture puzzles every few weeks at the same time. Several pictures have to be put in a meaningful order so that the pictures tell a story. Humans can solve this task, but machines cannot. However, since there is only a limited amount of time available for this task, it is also not possible for humans to operate more than one account at a time. In order to maintain the unique and yet anonymous crypto identity, the validations must be participated in regularly. And because it is ensured that only one real person can be behind each account, it can also be handled in such a way that the vote of each participant counts equally. It doesn't matter whether he has a good computer, has enjoyed a good education, is rich or holds many coins. As I said, I really believe that this blockchain based on proof of personhood can be a gamechanger.