Author: Bradley Keoun, CoinDesk; Compiled by: Songxue, Golden Finance
Many blockchain developers may feel that they are working on the cutting edge of future financial and business infrastructure. This is undoubtedly a revolution. Based on what we've seen and reported, they're not wrong. Or to say the least, the pace of innovation and new developments in the blockchain space is rarely less than awe-inspiring, except in those moments when everything seems similar.
This year’s crypto market downturn hasn’t given a breather to announcements, product launches, integrations, partnerships, collaborations, fundraising, launches, deployments, migrations, transitions, and more. There's a lot of change and information out there, and it's all quite technical and complex; while it can be hard to keep up, keeping up can be equally daunting.
Some of the key trends for 2023 are widely foreseen by experts. To be honest, no one really knows where this is all going. We’ve compiled 10 predictions for 2024 from blockchain technology experts; their predictions are, like any other, quite technical.
1. Interoperability
"By 2024 and beyond, blockchain interoperability protocols The advancement will mark a major shift that breaks down existing barriers between different blockchains. This change will enable various blockchain platforms to interact seamlessly by sharing data and value transfer, creating a unified and A more efficient blockchain ecosystem. The role of interoperability protocols will be crucial in this transformation, as they will foster innovation and drive the emergence of new applications and use cases, especially in the DeFi space." — —David Schwartz, Chief Technology Officer (CTO), Ripple Labs.
2. Bitcoin Fees
"Given the gradual reduction of fixed block rewards to miners, we believe the catalyst will become Increasingly important. The Bitcoin Core protocol has largely remained stable, with the Taproot upgrade since 2016 being the only major protocol upgrade in the past five years, at least as far as changes requiring a soft fork are concerned. So, We believe the catalyst for usage will come from technological innovation, primarily within the framework of existing network protocols, such as increased use of blob data (such as Ordinals and Atomics), on second-level Layer 2 like Lightning Network (LN) Increased activity, or future implementations of smart contract environments built on top of the Bitcoin network, such as Rootstock, Stacks, RGB or BitVM." - David Duong, Head of Institutional Research at Coinbase.
3. Modularity
"We also see the consolidation of modularity propositions, and in this There are more and more hybrid solutions coming to market in the space, such as Ethereum Rollups using Celestia as a data availability layer. At the same time, we also see blockchains like Solana continuing to move towards their monolithic nature and Refuse to adopt Layer 2 because they believe it is bad for liquidity and user experience. It will be interesting to watch both narratives develop in 2024, especially with some Ethereum Rollups exploring the use of the Solana virtual machine." — Abdelhamid Bakhta , Lead Ethereum Developer of the Starknet Ecosystem.
4. Zero-knowledge proof
"SNARKs allow for the unforgeable calculation of a 'cryptographic receipt' of a certain computational workload, by an untrusted 'proof' Proceedings: In the past, computing such a receipt cost 10^9 times the original calculation; recent advances have shrunk this number to around 10^6. Therefore, in the initial calculation the provider can afford 10^6 times the overhead while SNARKs become feasible in situations where the client cannot re-execute or store the original data. The resulting use cases are numerous: edge devices in the Internet of Things can verify upgrades. Media editing software can embed content authenticity and transform data; and mashups Memes can pay homage to the original source. LLM inferences can contain authenticity information. We can have self-verifying IRS forms, unforgeable bank audits, and many more consumer-friendly uses." — Sam Ragsdale, a16z Investing engineer.
5. Key Management/User Interface
"The emergence of account abstraction means that we can soon overcome the technical challenges of self-custody. 2024 will be the year when seed phrases finally become the majority A year of historical practice for people. The idea that asset security means there are 12 words that you can never lose but others can never access is outdated and has largely hindered progress in actual user adoption. Blockchain therefore holds the promise of delivering on the promise of financial inclusion that has been central to our values since the beginning." - Friederike Ernst, co-founder of Gnosis and Gnosis Pay.
6. Censorship
"Centralization essentially boils down to two core issues: (1) Whether some form of centralization causes network performance issues and exposes applications to outages Risks? (2) Will centralization bring censorship challenges? The decoupling of block construction, relaying and verification in Ethereum is an interesting thing, it clearly distributes censorship challenges across the Ethereum transaction processing stack between three different tiers. Last summer, major Ethereum relays began scrutinizing transactions after the U.S. Office of Foreign Assets Control (OFAC) imposed sanctions on the Tornado Cash address. The issue only came after Flashbots open-sourced its market-leading relay, and allowed permissionless relays like Ultra Sound, Agnostic, and bloXroute to become more competitive. Today, more and more block builders have started to review transactions. Some of the biggest developments I expect in 2024 Breakthroughs will come in areas like mempool encryption, thereby shielding transactions from potential censorship parties before they are included in a block." - Ryan Selkis, Founder and CEO of Messari.
7. Security/Privacy
“By 2023, there will be a large number of hacking and fraud incidents in the cryptocurrency space, including Euler Finance and Angle Protocol. We will see a Blockchain Protocol creates more security solutions and places a greater emphasis on privacy.” — Ramani Ramachandran, CEO, Router Protocol.
8. Enterprise Cryptocurrency
"Network and development platforms should be ready to attract enterprise and startup builders, as well as independent developers. Network protocol teams should be ready to provide the ability to User experience that engages millions of end users in their native digital experiences. Larger companies are moving beyond viewing crypto as an asset class to seeing it as products and tools for user engagement. Crypto needs to expand its reach and introduce The next wave of on-chain activity." — Vanessa Pestritto, Director of Partner Programs at Agoric OpCo, a JavaScript-based smart contract platform and proof-of-stake blockchain.
9.Layer2 wave
"In the middle of the year, activity on the Layer-2 chain weakened greatly, and most of the liquidity was still confined to the Ethereum mainnet. Therefore, native existence in DeFi protocols on Layer-2 chains have seen liquidity drain most of the time. However, as gas fees on the Ethereum mainnet rise with increased activity, a portion of new funds will flow to Layer-2 chains over the next year. , becoming their new home." - Outlook report from digital asset data and analysis company CCData (formerly known as CryptoCompare).
10.Layer2 integration
“Ethereum will implement EIP-4844 (proto-danksharding), which will reduce transaction fees and improve the efficiency of Layer 2 chains such as Polygon, Arbitrum, Optimism, etc. Scalability. Within a year of the upgrade, Ethereum L2 will be consolidated into two – compared to three major players – as measured by value and usage.” — Mathew Sigel, Head of Digital Asset Research at VanEck.
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