Entering a New Era of Decentralization
Decentralization is a pivotal tool in democratizing crypto systems, promoting competition, and expanding user choices and ownership of Internet infrastructure. While challenges persist in achieving decentralization at scale, the evolution of web3 governance models, influenced by the “living laboratory” of web3, is paving the way for unprecedented levels of decentralized coordination, operational functionality, and innovation.
Resetting the UX of the future
The user experience (UX) in crypto has long been criticized for its complexity. However, developers are actively exploring solutions to reset the frontend UX in the coming year. Innovations such as passkeys, smart accounts, embedded wallets, MPC, advanced RPC endpoints, and more are poised to simplify the crypto experience, making it more mainstream, user-friendly, and secure than its web2 counterpart.
The Rise of the Modular Tech Stack
In networks, network effects dominate, either strengthening or weakening modularity. Despite initially lagging behind monolithic architectures in performance, open-source, modular tech stacks unlock permissionless innovation, encourage specialization, and foster healthy competition. The need for greater modularity and open-source collaboration is emphasized to propel advancements in this space.
AI + Blockchains Come Together
Decentralized blockchains counterbalance centralized AI, allowing for the creation of multi-sided, global, permissionless markets. This facilitates contributions from anyone, democratizing AI innovation and driving down costs. Crypto technology’s role extends to addressing the challenges posed by abundant AI-generated content, ensuring transparency, and decentralizing generative AI to prevent concentration of power.
Play to Earn Becomes Play and Earn
The “play to earn” (P2E) model in gaming, where players make real-world money, is evolving into “play and earn.” This shift recognizes users’ contributions to gaming platforms and aims to compensate them for their time and value generation. The dynamics of gaming economies are expected to change as P2E matures, blurring the lines between gaming and the workplace.
When AI becomes the game-maker, crypto offers guarantees
AI agents in games must come with guarantees to maintain integrity. As AI becomes the game-maker, crypto provides essential guarantees, enabling transparency, accountability, and penalties for deviations. The alignment of AI in gaming is framed as an incentive design problem, aligning with the core principles of crypto.
Formal verification becomes less, well, formal
Smart contract developers demand accessible formal verification methods to ensure robustness and security. Recent tools with improved developer experience leverage the simplicity of smart contracts and advancements in SMT solver performance. Increased adoption of formal methods-inspired tooling is anticipated to enhance the reliability of smart contract protocols.
NFTs become ubiquitous brand assets
Established brands are increasingly introducing NFTs to mainstream consumers. Beyond collectibles, NFTs are positioned to represent customer identity, bridge physical and digital realms, and co-create products with enthusiasts. The trend toward inexpensive NFTs for large-scale collection suggests their potential ubiquity as digital brand assets in 2024.
SNARKs go mainstream
Succinct Non-interactive ARguments of Knowledge (SNARKs) are emerging as a viable strategy for verifying computational workloads, overcoming historical limits in cost and scalability. SNARKs offer cryptographic receipts for compute workloads, making them applicable in various scenarios, from edge devices in the Internet of Things to media editing software and self-verifying financial documents. The increasing usability of SNARKs is expected to open new avenues for consumer benefits.
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