Aubrey Hansen published an article in Cointelegraph entitled “UAE Accepts Crypto Regulation, Blockchain Projects Stand to Benefit”. The article touched on a few key developments in the cryptocurrency industry. First, it brings up the subject of regulation. Establishing laws are important for the industry to help guide innovations. Most developers and experts agree that crypto products are being delayed simply for legal reasons. Another detractor of uncertain regulations is that of needing to rework a blockchain or a decentralized application (dApp).
Blockchains are not synonymous with cryptocurrencies. Where a blockchain acts as a distributed ledger, cryptocurrencies provide a mechanism of value. Both are at the heart of a revolution occurring in the app market. Blockchain is taking the business world by storm because of its improved operational efficiency and logistics alone. It has so many untapped applications. Decentralized applications have already been well accepted by the few who are tech savvy enough to embrace them. This past year, the crypto industry has seen a strong push to make dApps easier to develop and use. Next year promises to only further advance dApps and begin their replacement of centralized app stores. These benefits, including increased privacy for user data, transparency of allocations, and the ability to monetize P2P dealings have not been seen before.
Another key point in Hansen’s article is that of the UAE’s acceptance of the technology. While crypto has been touted as a solution for the underdeveloped areas of the world, it’s adoption in the Middle East has been slow to say the least. Many governments in the region have banned its use outright. The UAE is one of, if not the most forward thinking Middle East nation. This is particularly true in regards to technology. In a crypto industry that is being driven by Millennials, the UAE’s desire to be seen as a place where all the world’s culture can come together fits right in. Millennials think in terms of global opinions and policies. They often come together to solve international problems. And, they have proven that P2P solutions are effective. This is what crypto is all about.
The idea that the future of the world will involve cryptocurrencies is becoming as certain as the Internet connecting us as a global society. Crypto provides us with a medium for exchanging value. It fosters independent thought on a personal, rather than corporate, level.
