If you check online for a review of all payments worldwide received by the top 20 crypto exchanges, you can see that Bitcoin Cash use in commerce has decreased dramatically.
BCH payments dropped below $3.8 million just a few months ago from a stunning $10.5 million in March. Some say that the reason behind is that there are fewer users of Bitcoin Cash and also fewer holders. The BCH price decreased by 75 percent during this summer and the reason for the low adoption rate is probably the concentrated ownership. Almost 56% of the cryptocurrency is controlled by 67 wallets.
This means that there are somewhere between 10.000 and 100.000 BCH in just two wallets! Bitcoin Cash appeared just a year later after a hard fork from the BTC blockchain. The BCH launch caused a lot of controversy at that time but others urged to explain the importance of the fork. BTC.com vice president said in an interview for Cointelegraph that ‘’The ability to make forks while keeping the community aligned was a great achievement. By providing much greater bandwidth per block by first increasing to 8 MB and then again to 32 MB’’.
Bitcoin Cash is still among the top 10 largest cryptocurrencies. Bitcoin Cash is not as dominant on the market as well and it did take a large hit in terms of the market cap where it has lost nearly 90% of its market cap. Also, further bad news such as consensus vulnerability in the BCH code led to more damage to the BCH blockchain.
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MakerDAO Will Focus On Security Tokens For Their New Feature Rather Than BTC
“The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
“Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
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