Beyond Bitcoin Ep 73 -While the SEC Appears to Attack the US Based Crypto Industry, the Industry Continues to Grow and Evolve
The cryptocurrency industry has seen some positive developments in recent times, despite the ongoing debate on the SEC versus crypto issue. One of the bright spots is the industry’s resiliency, with Bitcoin leading the growth in the market. The Bitcoin protocol, which allows users to inscribe references to digital art or other items, has sparked a lot of debate on whether Bitcoin should be purely a payment system or not. The inscription protocol, called Ordinance, was launched a month ago and has enabled the creation of non-fungible tokens (NFTs), which give rise to a massive ecosystem that was previously untouched by the Bitcoin system. NFTs on Bitcoin have brought utility into the system, expanding its use cases beyond being a payment instrument or a store of value. However, Bitcoin maximalists still see NFTs as controversial and against the pureness of Bitcoin. Other positive developments in the industry include Solana’s resurgence, with over 400 projects popping up on the layer one protocol. Helium is also decentralizing telecom networks with HMD tokens, allowing people to host low range, wide area networks and monetize them. The developments in the cryptocurrency industry have shown the industry’s resilience and innovative capabilities.