Do You Still Believe in the Story of the Crypto Revolution? Share: Async Labs Date Published 25 October 2022 Categories Blog Reading Time 3-Minute Read It goes beyond market trends and technological advancements. Regardless of its downfalls, cryptocurrency marks an inevitable cultural change. There is a lot of speculation and suspicion surrounding the cryptocurrency industry, but most people still have little to no understanding of it. Experts have long predicted the current “crypto winter” phase, characterized by a market downturn. This is due to the 2008 market crisis, which highlighted the need for a decentralized financial system. The rise of cryptocurrency and the revolution The financial crisis in 2008 showed the world that complete centralization and the need for trust in financial institutions are deeply flawed. This led to the development of the digital economy, which is based on decentralized cryptocurrencies. The initial promise of Cryptocurrency was to revolutionize the financial system. The goal was to create a system that would prevent a market collapse like the one in 2008 by changing it. The change would rely on a public code that works in a certain way — without the banks and rating agencies. The only thing you must depend on in this system is the public code. Crypto and blockchain technology initially promised to enable us to have immutable or unchangeable transaction records without centralized third parties. Like any other invention or new technology, the development of blockchain and the cryptoverse went through a couple of main phases and interphases. We are currently in one of them. The recent crash in the crypto market can be attributed to several factors, chief among them being the overall economic climate. With inflation on the rise and recession looming, crypto markets have suffered accordingly. Another factor is the overall young age of the industry, which is still in its early stages of evolution. This means that it is more susceptible to market fluctuations. We still believe in the crypto revolution Since Async Labs was founded in 2016, our main philosophy and goal have been to become the industry’s game changers and innovators. That is why we choose new and unknown projects not just for us but for the market in general. Even though this approach has proven to be risky and challenging, it enabled us to grow and have a unique seat at the market table. Our CEO Alen states: At the beginning, while we were just another agency in a row that deals with software development and marketing, blockchain technology is what offered us much greater opportunities in the market. Find out more in our article The Story of the Crypto Revolution and Why We Still Believe in It? Interested in implementing a blockchain project? Don’t worry, we got your back! Get in touch, and we’ll find the best solution for your specific needs.