The Tiny Little $750 Billion Giant
Anytime somebody is worth three quarters of a trillion dollars, you have to take them seriously. Well that is the cumulative value of the cryptocurrency market in recent days. Allow me to illustrate the significance of this in a different way.
Since December 17, when Bitcoin briefly touched $20,000, its value has declined by about $90 billion. Bitcoin was on the vanguard of cryptocurrencies and today represents 37% of the total crypto value. Yet in spite of the enormous decline in Bitcoin, the value of all crypto has never been higher.
Apple Corp and Google are among the most valuable companies anywhere. The collective value of crypto is now larger than Google and not all that far from Apple.
What does all of this mean?
A year ago at this time when Bitcoin was about the only real game in town, you might have been safe in calling it a bubble and the people who fell into the Bitcoin trap stupid: that is what JP Morgan CEO Jamie Dimon did.
It is too late for that now. There are still lots of untested technology to be deployed and that spells risk. Over the last year hundreds of millions of dollars have been frozen by the imperfect system while hackers have made off with still more. Critics have singled out ICOs as nothing more than cash grabs. We even experienced a scary day last month when all three currencies lost 33% of their value.
Yet through it all, the value of crypto has never been higher. If there had been a bubble, it would have been burst last year.
The Strength of Foundations
It is easy to visualize $750 billion all in the hands of investors, but that would be a mistake. Remember most of the coins are in the hands of non-profit foundations that are setup to standardize and promote the use of Bitcoin, Ethereum and others. Today, these two have financial power never before seen anywhere. To those who have startup platforms or special alt currencies, good luck, you are facing a juggernaut with more dough that Microsoft and Intel back in the early days of the personal computer.
Here is just one example. On the first day of business this year, The Ethereum Foundation invited teams of developers from every area to apply for grants between $50,000 and $1.0 million to improve the scalability of the Ethereum ecosystem.
The last adequate transaction speed is one of the most serious issues faced by the crypto community. This is simply one example of putting economic power in the hands of those people that favor mass adoption. As we have long pointed out, that which is good for Ethereum is good for SilentNotary as well. If this is your first look at SilentNotary, consider the following.
What Ethereum Means For SilentNotary’s Future
The Ethereum platform benefits SilentNotary everyday. The company’s mission is to grow a global ecosystem and to use its first mover advantage to accomplish this objective. SilentNotary aims to create and rebuild trust everywhere. This includes the music industry.
They are the first global blockchain notary to timestamp, certify and store data for business-to-business, business-to-consumer, business-to-government and the Internet of Things.
Where there is a need for trust and verification, there is a SilentNotary customer.
SilentNotary has taken the Ethereum platform and added it’s patented Lightstamp technology. This will be a popular feature among musitians.
Starting To Build Its Ecosystem
The company has already achieved traction. On December 6th of two agreements were signed with the Naro-Fominsk district of Moscow. SilentNotary technology will be used in a state land inspection to certify land-use development and in control over burial cites. This is merely the beginning.
Team SilentNotary now totals more than 18 and growing. In addition to seasoned developers, the group consists of financial and legal experts, product designers and marketing specialists. This is real firepower.
SilentNotary ICO
Keep a close eye on SilentNotary.com for information on our ICO that will be announced shortly.
James Waggoner
