Time for Updates – What’s on the Roadmap of Major Cryptocurrencies?
Those of you who use or trade сryptocurrencies are all too familiar that any coin goes through a perpetual cycle of updates. These updates are often highly anticipated by end users because they are designed to enhance the functionality either by implementing faster transactions or increasing security protocols. No cryptocurrency functions perfectly, and with each update the idea is to progress the currency further towards perfection.
User feedback is critical for developers in deciding which updates need to occur and which should take priority. Some updates are very complex and can take a long time to roll out so a currency could lose significant market value simply by undergoing the wrong update.
2019 – A Year of Change?
2019 is a big year for cryptocurrency in so many ways. Primarily, it is up to all currencies to try and bounce back from a terrible year in 2018, becoming more mainstream.
It is interesting that even the mighty Bitcoin is facing market challenges, and the three key areas that are detrimental to its progress include:
- Bitcoin as a currency. The majority of people worldwide are still unaware of Bitcoin and thus do not accept it as a currency.
- Price volatility. It is difficult to actually use Bitcoin for transactions because people are never really sure about the value of the token, or whether that value will still be there tomorrow.
- General development. This ties in nicely with the article, because Bitcoin as a currency is still in its infancy and will need a lot of work before it becomes mature.
The Bitcoin Roadmap
Of the major cryptocurrencies, Bitcoin has perhaps the most difficult task ahead as it always bears the brunt of scrutiny due to its market share. Fortunately, the value of Bitcoin is recovering and workarounds to make the coin more scalable and speed up transactions have proved a moderate success.
Some Bitcoin developers though are wary of such workarounds as they compromise user safety and security. Therefore, they are looking to develop a better fix to the scalability and speed issues. Whilst there aren’t any particular updates to address these problems, we can only hope that Bitcoin developers are working on this issue as you read this.
Scalability issues and slow transactions could ultimately bury Bitcoin as other more advanced cryptocurrencies gain traction. The path ahead for Bitcoin will be to ensure the price remains healthy and as stable as possible while working to implement fundamental changes to the currency.
The Ethereum Roadmap
Unlike Bitcoin, Ethereum has had a tumultuous time of late. In February the Ethereum team rolled out an upgrade called Constantinople which isn’t a major upgrade in itself but it opens up the Ethereum model to be upgraded with subsequent additions in the future. Constantinople can be seen as a foundation block in this respect or the planting of a seed that allows growth and the currency to branch out.
Because Constantinople took the currency into a completely new direction, many traders and users mistook it for a hard fork. However, as there was no currency attached to Constantinople it was actually an upgrade that took the entire Ethereum network off on a more productive tangent.
Over the course of 2019, there are a few major improvements being launched on the Ethereum platform that will use Constantinople as an enabling tool. These upgrades are to improve technical elements of the coin and make it easier for end users to trade with. With a simplified transaction process and a better user experience, more people will supposedly use Ether.
The Ripple Roadmap
The Ripple roadmap is by far the most exciting, because unlike the other two cryptocurrencies their updates are not born out of critical problems. Instead, Ripple has been enjoying a great amount of success at the expense of Bitcoin and Ethereum because it doesn’t suffer from the same types of problems that the other two have encountered.
2019 saw Ripple go from strength to strength.
In February, Ripple released a new version of its XRP ledger with improved security measures as well as additional transactional functionality. The ledger is now more censorship-resistant, and thus difficult to tamper with. In the future (unless a critical issue is flagged up) it is likely that Ripple will continue to use its solid platform and upgrade it to streamline it further as with the existing ledger upgrade.
Although these are still significant upgrades, they don’t change the trajectory of Ripple in the way that both Bitcoin and Ethereum need to do to survive. That puts Ripple in very good stead for long-term success.
Behind Ripple the only cryptocurrency that is able to cause concern for the top three in the immediate future is Bitcoin Cash. This coin is currently doing very well and upgrades are plentiful, so it is most certainly one to watch, especially as we make our way into 2020.
Whether or not these cryptocurrencies will be the role models in the coming years remains to be seen. The industry is ever-evolving one, and nobody can say with confidence what it will look like in a year or two. This is why traders and investors should keep a keen eye on the roadmaps of coins that they are planning to invest in.