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a16z recap

Dec 16, 2022
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At GotBit, we agree with the thoughts shared by a16z on the potential for blockchain to have a 'mobile moment' in the near future shared in their last article. The ability for users to verify blockchain data directly from their devices through light clients like Helios, Kevlar, and Nimbus is a significant step towards decentralisation for mobile frontends. We also believe that zero knowledge systems have the potential to drive scalability and privacy-preserving applications in the cryptocurrency space. The maturation of high-level programming languages and the growth of zero knowledge libraries and frameworks will make it easier for developers to work with these systems, leading to more widespread adoption.

Decentralised Finance (DeFi) has the potential to reach mainstream adoption in the coming years due to its increasing availability of user-friendly interfaces and the potential benefits it offers, such as increased accessibility and the potential for higher returns. However, in order to fully realise its potential, DeFi protocols must also focus on improving user experience and security. Additionally, DeFi protocols should aim to address regulatory concerns and ensure compliance with relevant laws and regulations. That means we might see a lot of KYC protocols being integrated in DeFi products. By addressing these issues, DeFi can become more widely adopted and reach its full potential as a disruptive financial technology.

At GotBit, we are also looking forward to seeing more experimentation with non-fungible tokens (NFTs) and the potential for decentralised autonomous organisations (DAOs) to become more mainstream. The ability for NFTs to create new economic models and change the way we think about ownership and scarcity is an exciting development, and we believe that DAOs have the potential to revolutionise decision-making and governance.

In 2023 we will for sure see more:

  • Creating and managing digital identities
  • Interoperability between different blockchain networks
  • Real world asset tokenisation and digital provenance tracking
  • Tokenising real estate and other physical assets
  • Automated scalable asset exchange
  • Secure tokenised asset trading and lending
  • Autonomous DAO-owned financial platforms being used as an alternative to traditional trading methods
  • DAO networks leasing out cloud computing resources to companies
  • Autonomous DAO-controlled AI systems providing forecasting and analysis for businesses
  • DAO-powered distributed data storage and sharing networks.

Finally, we agree with a16z on the importance of governance in the cryptocurrency space and the potential for decentralised identity solutions to become more prevalent. Ensuring the sustainability and success of networks through effective governance is crucial, and decentralised identity solutions offer increased security and control over personal data.

To read the full article by a16z, follow the link