
They all say it's now the early days of blockchain's Web3 and metaverse, but how early? How many more opportunities?
Blockchain is a new decentralized economic organization model implemented by a series of technologies. It was born in 2009 with the construction of the Bitcoin system and became a hot spot in the global economy in 2017, but there are few successful applications of blockchain, and this emerging industry is far from mature. Today, Vernacular Blockchain brings you a compiled article on the current state of blockchain development. I will tell you in detail where blockchain has developed so far. Here's the text: We're actually still in the early stages, and even in the next few years, the phrase “we're still in the early stages” will still be very effective. If you've been in the blockchain technology space long enough, the phrase “we're still in the early stages” is definitely something you've heard or even said a lot. But have you ever thought about when exactly you want to arrive? In this post, we'll take a look at how early the blockchain technology industry is currently developing, and how early can we go if we decide to join the industry later? But first, we need to figure out when it's considered too late? First, let's talk about the definition of being late here? Being late is like “Oh sorry, you're late; you can't go in” or, “Oh, sorry, Mr. XX, you're too late; we're done.” No matter what kind of definition of late this question reflects, in the blockchain industry, it's never too late. Ethereum, any other crypto asset, or an NFT doesn't reach a specific price, and once that price is reached, its value never rises or falls. Let's move on to the more important question: How early are we in the world of blockchain technology? To accurately answer this question, we need to dive deep into the various industries of blockchain, namely blockchain itself, web3, crypto assets, DeFi, NFTs, and the metaverse. 01 Blockchain Blockchain is more than just a storage for transactions; as more people adopt this technology, people are discovering more and more about its functions. Recently, the South Korean government revealed that it plans to embed blockchain-based digital identities into citizens' phones in 2024 to boost its economy. Additionally, Google Cloud recently launched the Blockchain Node Engine — a technology designed to help Web3 developers build and deploy new products on blockchain-based platforms. And more and more entities and companies are taking advantage of blockchain technology. Yes, products developed by these entities and companies using blockchain will help advance blockchain technology in the long run, but until then, we are still in the early stages. 02 Crypto Assets The whole idea of building digital assets based on blockchain technology began with Bitcoin, a type of crypto asset developed by an anonymous person or entity under the pseudonym “Satoshi Nakamoto” in 2009. About 13 years have passed since this year. From the creation of Bitcoin in 2009 to Bitcoin today, there is clearly a huge difference. When Bitcoin was first created and released, not many people knew about it. People who knew it called it “just an internet scam” or “criminal asset,” then people gradually downplayed its existence until a man named Laszlo Hanyec sold his 10,000 bitcoins for just two pizzas. Fast forward to 13 years later, and Bitcoin is the biggest crypto asset by market capitalization. Everyone (me included) wishes they had bought Bitcoin at a bargain price 13 years ago. Well, time can't be turned back, let's continue to talk about the development of crypto assets. Bitcoin was created as a digital payment method on the internet. The idea behind creating Bitcoin was to make digital assets an alternative payment system that operates in a decentralized manner. While some of the reasons Bitcoin was created have been debunked on the internet, even some countries, such as El Salvador, have accepted Bitcoin as legal tender. Although some of the primary purposes for which Bitcoin was created have already worked in the 21st century we live in, it still hasn't become as mainstream as its white paper or Satoshi Nakamoto hoped. Not everyone on the internet today uses Bitcoin as a means of payment, and some don't even know what Bitcoin is. If we were to put it in writing, let's say that about 45% of people on the internet have probably heard of Bitcoin, 33% know that Bitcoin is a cryptographic asset, and only 5% of people on the internet can use Bitcoin as a means of payment. Now let's talk about the crypto asset industry as a whole. First, if Bitcoin becomes mainstream, what should the industry look like? At this rate, we need to compare the crypto market to the stock market. The US stock market New York stock exchange platform...










