Blockchain Firms’ Roadmaps are Reshaping Amid the Pandemic
The coronavirus pandemic has been swaying more and more in aspects of the blockchain and cryptocurrency market. In a previous report, over half of the 2020 crypto conferences were either canceled or suspended because of the COVID-19 outbreak. At the same time, mining manufacturers have no choice but to stop the equipment production in China.
Also, other firms have been able to master new opportunities by digitizing business processes and moving employees online. Some analyzed the level of severeness the consequences seem to be for projects working with blockchain technology and cryptos.
The recent news linked to digital initiatives indicates that, in most cases, the extent of changes within the project correlates with the degree of spread of the coronavirus in a particular country.
For instance, China reportedly stopped the spread of the pandemic on its territory. And they announced that they would launch its national blockchain network in April 2020, as initially scheduled. Then, Chinese mining firms have returned to their work following the recent closure of their offices and facilities.
In Russia, they are experiencing fast growth in the number of COVID-19 cases. The country has postponed the adoption of a law on cryptocurrency indefinitely. In an earlier report, the Russian government halved the budget for the development of blockchain technologies. Also, New York City is facing a massive number of confirmed coronavirus cases. And it has seen nearly all local blockchain firms close their offices.
In addition to that, other projects have temporarily halted their activities related to doing business in other countries. Like for Prime Trust, – a company offering open banking solutions in the blockchain industry – stated that its representatives couldn’t visit their offices in Cyprus, resulting in slowdowns and delays with everyone working remotely.
The Effect of Coronavirus
It looks like the roadmaps from the top 20 crypto projects in terms of capitalization remain unaffected by the coronavirus. The fact the launch of the main critical updates planned for 2020 carried out by the blockchain – not by people – explain this. Also, the employees involved are used to working in a decentralized way.
Aside from that, the automation of processes has let Bitcoin Cash (BCH) and Steemit (STEEM) work successfully. Then Tether (USDT) has launched its stablecoin on the Bitcoin Cash network. The outbreak looks like it did not affect the date of the forthcoming Bitcoin halving event unless miners around the world shut off all their equipment at the same time.
The development of Cardano’s (ADA) blockchain platform is also going as it should be despite the COVID-19 pandemic. Then, the developers guaranteed the investors and users that the project has been making substantial progress on the upcoming network update named Shelley.
During an interview, the director of community at Enterprise Ethereum Alliance, Paul DiMarzio, said that the firm’s groups carry on with their work. However, the alliance must adjust its roadmap.
He explained, “For Synchronize and Consensus, we rolled our sponsorship over to 2021. Blockchain Global is now to be in the fall. We’ve put any thought of conferences on hold for now until life starts to restabilize.”
