Unveiling the Exciting Crypto Highlights for 2024

Get ready to dive into the thrilling world of crypto innovation! Below is a list that spurs excitement about the future. From groundbreaking developments to revolutionary concepts, join us as we explore what’s on the horizon in the ever-evolving realm of cryptocurrency.

Embarking on a Fresh Phase of Decentralisation

Decentralisation is crucial to safeguarding user freedoms by avoiding concentrations of power in a few hands. It democratises systems, fostering competition, diversity, and user choice. Achieving decentralisation at scale faces challenges against centralised systems’ efficiency.

Web3, with its decentralised autonomous organisations (DAOs), has experimented with governance models. However, existing models often fall short of addressing sociopolitical realities. Web3’s “living laboratory” has led to emerging best practices, incorporating richer features and Machiavellian principles for effective decentralised governance. As these models evolve, unprecedented levels of decentralised coordination, operational functionality, and innovation are anticipated.

Revitalising the Crypto User Experience for the Future

Despite the ongoing complexity of the crypto user experience (UX) since 2016, developers are actively exploring tools to revamp it in the coming year. New approaches include passkeys for simplified app and website logins, enhancing security by automatically generating cryptographically secure keys.

Smart accounts enable programmable account management, while embedded wallets streamline onboarding within applications. Multi-party computation (MPC) facilitates third-party support for signing without custody of users’ keys. Advanced remote procedure call (RPC) endpoints enhance user understanding and fill gaps. These innovations not only aid Web3’s mainstream adoption but also promise a more secure and improved UX compared to Web2.

The Ascent of a Modular Technological Framework

Network effects dominate the world of networks, either strengthening or weakening modularity. In open source, the latter rarely makes sense. Monolithic architectures initially offer deep integration, but open-source, modular tech stacks unlock permissionless innovation, encourage specialisation, and foster healthy competition, crucial elements needed in the world of technology.

The Convergence of Artificial Intelligence and Blockchain Technologies

Decentralised blockchains counter centralised AI control, allowing broader access. AI models, as seen in ChatGPT, are limited to tech giants due to resources. Cryptocurrency fosters global, permissionless markets, reducing AI costs. As AI transforms content creation, crypto unveils its origins, ensuring transparency. Web3 decentralises generative AI for democratic governance, enhancing safety in open-source crypto networks.

Play to Earn Becomes Play and Earn

In “play-to-earn” (P2E) games, players earn real-world money for gaming efforts, aligning with the creator economy’s shifts. Web3 challenges the norm of gaming companies keeping all proceeds, advocating for user compensation. While games weren’t initially workplaces, the ideal scenario involves enjoyable games where players capture the value they generate. P2E is evolving into “play-and-earn,” highlighting the gaming-work distinction. As P2E advances, managing gaming economies will shift, seamlessly integrating play-and-earn dynamics into the gaming landscape.

Crypto Provides Assurances When Artificial Intelligence Assumes the Role of the Game Creator

In the realm of Web3 games and the gaming future, ensuring AI agent guarantees is paramount to integrity. When AI becomes the game maker, procedurally generating lore, terrain, and narrative, we need credible assurance of neutrality. Crypto provides these guarantees, allowing understanding, diagnosis, and penalties for AI mishaps. Essentially, “AI alignment” becomes an incentive design issue, aligning with crypto’s core principles of addressing and designing incentives for agents, whether human or artificial.

Formal Verification Becomes Less, Well, Formal

Formal methods, common in hardware verification, are less prevalent in software due to their complexity. Smart contract developers demand accessible verification tools for high-stakes transactions. Recent tools, like ours, enhance the smart contract development experience, leveraging simplicity, deterministic execution, and a small memory footprint. Advances in SMT solver efficiency improve performance. The growing popularity of formal-method-inspired tools foresees more secure smart contract protocols, mitigating costly hacks.

NFTs Turn Into Widely Used Assets for Branding

Major brands are increasingly incorporating NFTs into mainstream consumer engagement. Starbucks, for instance, employs NFTs in a gamified loyalty programme, while Nike and Reddit market digital collectibles to a broad audience. Brands can leverage NFTs to enhance customer identity, connect physical goods with digital counterparts, and co-create products with dedicated enthusiasts.

The trend towards affordable NFTs, managed through custodial wallets and “Layer 2” blockchains, is expanding. Heading into 2024, conditions are ripe for NFTs to become commonplace as digital assets for a diverse range of companies and communities, as detailed in an upcoming book by Steve Kaczynski and me.

Snarks Gain Widespread Adoption for Crypto Users

Historically, verifying computational workloads involved strategies like re-execution, using specialised machines (TEEs), or relying on blockchain infrastructure, each with scalability or cost limits. Now, succinct non-interactive arguments of knowledge (SNARKs) are becoming more practical.

SNARKs enable the computation of an unforgeable “cryptographic receipt” for a workload, with recent advances reducing overhead to around 10^6. This makes SNARKs viable for scenarios where initial providers can handle this overhead, benefiting use cases like verifying upgrades in IoT devices, embedding authenticity in media editing, and ensuring unforgeable financial audits, offering significant consumer advantages.

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