The adoption of blockchain technology is in full swing with traditional corporations. Few in the cryptocurrency industry doubted that this would happen. However, the exact details may have deviated from the original vision. Expectations suggested that these companies would come in and partner with established cryptocurrency projects. While this is somewhat the case, most of the larger corporations are dead set on creating their own, independent cryptocurrencies. Understandably, these companies want the ability to exert a level of control over their assets.
Yet, this also runs contrary to the idea that founded blockchain. Decentralized networks are a way to create a trust-less environment. Centralized blockchain is inherently corruptible, removing the benefits of immutability that make it attractive. Despite this, both JP Morgan Chase and Facebook are moving forward with their own projects. In contrast, popular messaging service, Telegram, intends to follow a more well-established route.
Libra Brings Momentum but also Notoriety
Facebook’s Libra project caught the public’s attention in the wake of the most recent Bitcoin rally. Although Bitcoin began rising before Libra’s full announcement, many are quick to correlate the two. While cryptocurrency may well receive a boost, Libra is fraught with bad publicity. Almost immediately, multiple nation’s governments came out strongly against the Facebook coin. Even the famously tech-averse President Donald Trump came out against it. For Libra to be successful, Facebook will have to overcome the fact that even their users don’t trust them.
JPM Coin Attempts to Topple Ripple
On the far more niche side of the market, JP Morgan Chase’s cryptocurrency project is farther along. JPM Coin, a fiat-pegged stablecoin, will soon begin testing with select clients. While the project represents a considerable upgrade when compared against legacy banking software, it brings nothing new to the table. Industry-leading Ripple provides a more robust service. It also doesn’t require clients to fork over massive supplies of fiat to be held in trust.
Telegram Sticks to What Works
On the opposite side of the coin, Telegram is still new to the tech-giant scene. Their software is popular among the more tech-savvy start-ups, and their ICO remains one of the largest. Their TON project is still in its infancy with details sparse. However, they’ve suggested that it will be decentralized and available on the open market – something that Libra and JPM Coin cannot currently claim.
Article By: Adam Stone