In his 2024 New Year message, HashKey Group CEO Xiao Feng shared his views on the top 8 industry trends for the coming year, based on the first principles of blockchain.
Feng examined the evolution of record-keeping methods, from the first ledger that appeared in Sumer in 3500 BC to distributed ledger records that emerged in the digital world with Bitcoin in 2009 AD. He stated that social and economic changes have been adapted each time.
Feng identified several key trends for the blockchain industry in 2024:
- Ethereum Continues to Lead: Feng predicts that Ethereum will continue to lead blockchain technology innovation and no one can match it.
- Maturing Layer 2 Technology: Blockchain’s layer 2 technology is maturing and supporting the rise of applications with specific scenarios and real value.
- Rise of Cryptoeconomics: Cryptoeconomics has clearly become a science, with the token economic model showing great real value in supporting the real economy and technological innovation.
- Evolution of Bitcoin Ecosystem: While Lightning Network’s fiat stablecoin payment clearing system is something to look forward to, success can only be achieved by following Bitcoin’s core features, according to Feng.
- Developer-Focused Networks: Blockchain is a developer-focused network, not a consumer-focused one. All major blockchain networks are competitive, and those that gain more developer support can thrive.
- Logic Underlying Bitcoin Rally: According to Feng, the underlying logic of this Bitcoin rally is anti-inflation in the developed economies of Europe and the US, driven by safe-haven demand amid geopolitical turmoil.
- Global Digital Immigrant Boom: The global digital immigrant boom is about to begin, with countries scrambling to launch “digital immigrant visas” in the race to become a global technology and innovation hub.
- Decentralized Physical Infrastructure Networks (DePIN): DePIN bridges the real world and the virtual world, connecting off-chain and on-chain.
*This is not investment advice.
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