In his New Year message for 2024, Xiao Feng, the CEO of HashKey Group, discussed 8 important trends for the business world in the upcoming year. These trends are based on the fundamental concepts of blockchain technology.
Feng studied how people kept records a long time ago, from writing on clay tablets in Sumer to using digital technology like Bitcoin today. He said that society and the economy have changed and adjusted over time.
Feng found important trends for the blockchain industry in 2024:
- Ethereum is still in the lead: Feng thinks that Ethereum will keep being the top innovator in blockchain technology and no one can beat it.
- Evolving Layer 2 Technology: Blockchain’s layer 2 technology is getting better and helping the growth of applications with specific purposes and real benefits.
- Cryptoeconomics is growing in importance. It’s now seen as a real science and the use of digital tokens is proving to be valuable in supporting the economy and technological progress.
- Bitcoin is changing and growing. The Lightning Network is making it easier to use Bitcoin for everyday purchases. But Feng says we need to remember what makes Bitcoin special for it to be successful.
- Blockchain is a network designed for developers, not for regular people. All big blockchain networks compete with each other, and the ones that have more developers supporting them do well.
- The reason why Bitcoin prices are going up is because people in Europe and the US are worried about inflation, and they see Bitcoin as a safe place to put their money during uncertain times.
- The world is about to see a big increase in people who are new to using digital technology. Many countries are trying to attract these new digital users by offering special visas. They want to become leaders in technology and innovation around the world.
- Decentralized Physical Infrastructure Networks (DePIN) connects real and virtual worlds, linking offline and online systems.
This is not a suggestion about where to put your money.