C the cryptocurrency could be due for a great return. Last month saw the debut of the largest Asian blockchain conference, the International Blockchain Congress in India, with over 5,000 registered participants and over 200 government participants. It's a huge sign of interest in technology, and co-host Nucleus Vision's CEO sees it as a sign that markets are about to rise.
"We need only a few triggers globally to bring the market back to the market," Abhishek Pitti says Inverse . "What has happened in India is giving everyone this huge signal that governments are supporting blockchain applications.The cryptographic markets are only following the signals that come in. There was certainly a delay in going back, but based on of the adoption of the blockchain in the community, cryptographic markets are just a signal to go back in. Although at the moment it is a bit bearish, I think it is only a short-term issue. "
The current price of Bitcoin of $ 7,375 is well below the December peak of nearly $ 20,000, while the total capital cap of $ 240 billion is good below the peak of $ 830 billion at the beginning of January.
"People who have worked in this sector have seen this movement repeatedly," Pitti says, citing the fall in the price of the 2014 bitcoins from around $ 1,500 to nearly $ 200 which caused many to question the potential for long-term sector. "Because of the basic principles of blockchain and decentralization, of the whole disintermediation of resources, I think the blockchain is obviously here to stay."
Developers are still exploring new applications for both the coins and the decentralized blockchain that underpins it despite the recession, with Revolut offering criptoval cashbacks and Everipedia launching a censorship-proof blockchain encyclopedia.
The conference of this year, hosted in Hyderabad on August 3 and 4 and in Goa on August 5, saw several memoranda of understanding signed between governments and organizations. The conference also saw the announcement of the Eleven01 blockchain protocol developed in India.
"Eleven01 is a blockchain protocol for emerging markets with government compliance standards, which serves as a basis for decentralized applications," Rama Iyer, president of the Eleven01 Foundation, said in a statement. "This will create a blockchain ecosystem and build a nation-centered procedure that is tailored to the needs of the country."
A representative of the state government of Telengana highlighted the role of the country's largest T-Hub incubator in bringing the project to life. The state government, together with the government of the state of Goa, co-hosted the conference.
"This has not happened anywhere in the world, where there are 200 people from the government attending the conference," says Pitti.
Pitti predicts the growing interest in technology will lead to greater interest in the second annual blockchain congress next year, projecting a tenfold increase in participants. The team is also planning a women's hackathon in late February in the state of Goa.
Cryptocurrency can not make headlines as before, but its supporters are working on its future applications.
The author of this story has a participation in Bitcoin and Ethereum.