In March we visited two conferences in Zug – cryptocurrency capital of the World. One of them, CV Summit, was really a remarkable event. It was interesting to learn how things are going on the advanced front and what is the dynamics compared with 2017-2018. In this post we will try to summarize the main results from our point of view and how they relate to BCShop – secure escrow marketplace built on Ethereum blockchain.
First of all, fundamentals in the industry are getting really strong. The significance of the prospects of the blockchain is at the highest level. The technological revolution is happening right now. We got such impression after a speech by the President of Switzerland and the Mayor of Zug at CV Summit. Ueli Maurer, the president, has stressed that establishing regulation for the blockchain sector should be fast and clear.
Interest in ICO has almost disappeared. Among the projects at the exhibitions there was not one who would conduct ICO. Ways of financing shifted towards classical ventures and grants. IEO (Initial Exchange Offering) is not a big topic as well, spoken only by Chief Growth Officer of Binance.
Compared to 2017-2018, the conference program is noticeably shifted towards covering the macro situation in the industry: the development of the legal status of cryptocurrencies, the use of blockchain technology in solving real global problems, the introduction of blockchain by current players in the financial sector, including banks. We at BCShop find this shift especially important for the future of the project.
If you wonder how Silicon Valley in times of blockchain revolution is doing, we have some notes on this topic. Gambling prevails in the Valley, investors are willing to risk their money to score a big win. At the same time, inert regulation creates additional risks. SEC (Security and Exchange Commission) conducted several legal actions against USA projects. This is one of the reasons why many top projects, including our beloved Ethereum Foundation, locate their head offices in Switzerland. For Switzerland, legal regulation is a priority. We would not be surprised if, over the years, Zug will become not only crypto, but financial capital of the World.
At a fundamental level, progress is obvious in the blockchain industry. This may or may not be combined with a speculative market situation. Our opinion is that technology is with us for a long time and it will change many aspects of life we are used to.