Consensus 2018 has come to an end. During the three-day cryptocurrency and blockchain conference, attended by 8500 people and held by Coindesk in New York City, lots of announcements were made and many speakers had their say on the cryptocurrency and blockchain space. Chepicap brings to you the highlights of three days of crypto in The Big Apple.
Price action: Bitcoin back to where we were
The last weeks a lot of investors were excited for the Consensus bull run, the yearly price increase of the crypto market following the conference. This year, the bulls didn't make it to New York. Bitcoin had a small jump in price after the opening of Consensus from $8300 to $8750, but at the end of the conference BTC is trading again at $8300. With the total market cap at $380 billion at the time of writing, we are back at where we were at the start of the conference.
Ok... so a post consensus pump?— Potato McGruff [CEO of $DOGE] (@PotatoMcGruff) May 16, 2018
Speakers: FedEx, Dorsey and the Bitcoin bet of Jimmy Song
During Consensus, FedEx's chairman and CEO Fred Smith spoke about the potential for blockchain in the supply chain sector, while Twitter CEO Jack Dorsey shared his vision on cryptocurrency as a payment method, stating that 'the internet deserves a native currency', adding that he hopes Bitcoin will be that currency.
The US regulators were present as well on Consensus 2018, with the SEC stating that it has been open about meeting with people from the industry discussing the possibilities on cryptocurrency, while also mentioning that 'the main issue is whether the token or whatever asset you have is a security, and the commission has put out guidance on that.'
There was fireworks on stage as well, with Bitcoin developer Jimmy Song taking on a bet from Ethereum co-founder Joseph Lubin. Lubin said that blockchain tech projects by large corporations would have meaningful adoption within the next five years. Song, who believes that blockchain is 'not a magital thing you sprinkle blockchain dust over and it's okay', accepted the bet 'on any amount of Bitcoin' that this would not be the case.
"In five years most of these blockchain projects will have gone nowhere, especially the enterprise ones."— Aaron van Wirdum (@AaronvanW) May 14, 2018
The sheriff is taking no prisoners on the main stage of #Consensus2018 today. pic.twitter.com/BAsTJGD8op
Consensus started with a major announcement revealing the opening of a blockchain resource center by New York City and NEM kicked off the week well too with the launch of blockchain software Catapult. Trading company Circle announced the launch of their own USD token and said Bitcoin mining giant Bitmain is leading a $110 million investment in Circle.
The Winklevoss twins announced the listing of Zcash, Litecoin and Bitcoin Cash on their recently acquired Gemini exchange, while Ripple launched the new initiative Xpring, that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepenuers. QLink did a rebranding to QLC Chain, and the announcement of Enigma turned out to be the first public demonstration of their secret contracts.
During Consensus 2018 it was also announced that App.co, the first universal app store for decentralized applications, is now live, and other big news came from ConsenSys, the studio building decentralized applications on Ethereum, announcing a partnership with Amazon Web Services. Streamr announced their partnership with Nokia and OSIsoft, while HTC will be launching a new 'blockchain phone'.
Fake protests & Lambo's
Off the stage there was enough to see as well during Consensus, with Lamborghini's being parked in front of the Midtown Hotel and driving through New York. On the first day of Consensus there was a fake protest outside of the hotel by the organization called #BankersAgainstBitcoin, with 'protesters' yelling 'Hey Hey, Ho, Ho, blockchain has got to go'. It turned out to be a satirical protest. Snoop Dogg gave presence as well during a $XRP party, asking the crowd to come smoke weed with him.
“Hey, hey. Ho, ho. Blockchain has got to go,” protesters outside Consensus. pic.twitter.com/WRKKIZVkcj— :: lawson baker :: (@lwsnbaker) May 14, 2018
An unhappy crowd
It was not all positive vibes in New York this week. This year's Consensus received a lot of critisism as well, with industry professionals and other attendees expressing their dissapointment on the lack of substance and depth in the presentations. This post by Kurt Wucker Jr. on Facebook seems to represent the feeling of many.
The difference between #Consensus2018 and last year! This year all about suits and making banksters happy. Last year it was about the vision! Lets bring back what we are here for?#positivecryptonews pic.twitter.com/ouzuiQ3aDI— PositiveCryptoNewsMan (@leakimp) May 17, 2018
During Consensus 2018, it once more became clear that cryptocurrency and blockchain is maturing, with big players stepping in. The hype on cryptocurrency in mainstream media will slow down now the conference is over, but the industry professionals will go back to work to further develop the crypto and blockchain space. Adoption, in any form, that comes out of this three-day conference is a big win for cryptocurrency and blockchain.