TOKEN2049 takeaway
Oh what a week it was, especially the 28th and 29th of September spent learning what the thought leaders of the web3 community were aspiring to be and predicting how the industry would move forward.
Here are some of my key takeaways,
Blockchain/crypto is already in the mainstream. Now the next step is to see and understand how the industry can adapt to the mainstream regulations and how the mainstream regulators can and should build new regulations allowing the industry to thrive and innovate within the guard rails.
If there has to be mass adoption of crypto the entry points need to be simplified. Almost every good speaker resonated with this view. Only 12% of mass adoption has happened so imagine how big a gap this is. If there have to be solutions/innovation it has to be in this area first.
Privacy and security will be one of the key areas where a lot of developments are going to happen. In the case of Privacy Take Zero-Knowledge Proofs for example would be one of the methods that you will widely see being used, the tricky part would be to marry privacy and regulations, it will be interesting to see how this is achieved.
The industry needs to give a lot of importance to security, with so many hacks happening it is not a good advertisement for people looking at newly venturing into crypto
Multichain is the future. The builders are increasingly interested in building solutions that are chain agnostic or expect to integrate their solution into another chain. This is another area for potential innovation and solutions to happen in the future. If you want to onboard a million/billion users, multichain is the way forward.
While we are all happy about blockchain being the flagship model of decentralisation, the reality is not the case. Look at node hosting of the major blockchains, 50% of Ethereum nodes are hosted with AWS. For true decentralisation, even hardware should be decentralised. This is another area where new solutions are likely to be developed.
Crypto/ digital assets are already being adopted by banks and financial institutions as alternative investment vehicles. While crypto is volatile the view was that Crypto has already gone as low as it can and has factored in the macro market conditions already. It can be flat next year but from here on the possibility of cryptocurrencies going higher is more likely than going low. Unless there is some specific chain-related crashes and issues.
I haven’t mentioned NFTs here because they are a separate topic together and I did not go to many of those sessions, I’m a bit biased I know ;)
Women are underrepresented in the web3 space. It would do more good for us to have a lot of the fairer sex in our teams. This is to provide diversity and a different view for the industry to flourish more and move forward.
That’s it, folks. Each of these topics can be explained in detail but I will choose a few topics later and go into details in the future. Winter is building time and not hibernating time in crypto…
#TOKEN2049