Cryptocurrency Roller Coaster Drives Development of Space
It is reported that Omer Amsel, the Web3 director of Fireblocks, said at the ETH Denver conference that the roller coaster market of cryptocurrency is the driv…
It is reported that Omer Amsel, the Web3 director of Fireblocks, said at the ETH Denver conference that the roller coaster market of cryptocurrency is the driving force for the development of space. The collapse in 2017 and 2018 and the resulting bear market led to the explosive growth of DeFi and NFT we see today, which in turn followed the boom and collapse of ICO in the middle and late 2010. Cryptocurrency has the ability to challenge the limit, then something will happen, and then return to the normal track to think about the next thing. I think this is the charm of this industry.
Web3 head of Fireblocks: Encrypting the bear market will bring better products
Interpretation of the news:
Omer Amsel, the Web3 director of Fireblocks, discussed the impact of the cryptocurrency roller coaster market on the development of space at the recent ETH Denver conference. According to Amsel, the boom and collapse of the ICO market in the mid to late 2010s led to the explosive growth of DeFi and NFT markets we see today. This development is a result of the bear market of 2017-2018, which challenged the limits of the cryptocurrency market.
Amsel believes that the volatility of the cryptocurrency market brings charm to the industry. Cryptocurrency has the ability to challenge the limits, then something happens, and the market returns to normal to think about what’s next. This cycle of boom and bust has been part of the cryptocurrency market since its inception.
However, Amsel sees the development of space as one of the driving forces that will sustain the growth of the cryptocurrency market. Bitcoin, for example, can be used for space mining or satellite launches. Space development is one of the fields that could benefit from the reliability and security that the blockchain technology can provide.
Indeed, several companies are already exploring the space-related applications of blockchain. For example, SpaceChain has launched several blockchain nodes to be sent to space to ensure the secure and decentralized communication of space data. The Swiss Space Systems aims to use blockchain to create a new mode of satellite communication and data transmission.
In conclusion, the cryptocurrency market’s roller coaster ride is a catalyst for the development of space applications for blockchain technology. The bear market of 2017-2018 spawned the DeFi and NFT markets that we enjoy today. The cycle of boom and bust will continue, but Amsel sees this as being part of the charm of the industry. Space development is the next frontier where blockchain can provide solutions to the issues of data security and decentralization. As such, the cryptocurrency market will continue to challenge the limits of technology and bring in remarkable improvements in the space industry.
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