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What does the crypto industry hold in the coming year?

What does the crypto industry hold in the coming year?

Continued growth in the number of cryptocurrency users, the launch of new Web3 DApps, and a more defined approach to crypto security and education are some of the expected future prospects in the industry. crypto industry in 2023.

Looking at all the events that have taken place in the crypto industry and around the world this year, analysts at Cryptocom Research have released a report on what is expected for the crypto industry in the year coming.

Increase in the number of crypto users around the world

First, Cryptocom analysts expect the number of global cryptocurrency users to double by 2023. In their report, they detail that despite the harsh crypto winter and bearish market conditions, the Crypto adoption has remained strong this year, growing an average of 2.9% per month to reach a total of 402 million cryptocurrency users worldwide.

Although it is unclear how the market will perform in the coming months, the crypto industry could reach between 600 and 800 million global users in 2023if cryptocurrency adoption levels remain constant.

Number of cryptocurrency users in 2022.
Number of cryptocurrency users in 2022.

More Developers Focused on Web3

Web3 came into effect this year, which has motivated major brands and companies to enter this new open and decentralized digital ecosystem. This same impulse has increased the demand for projects, protocols and applications focused on the decentralization of Web3. Therefore, by 2023, more Web2 developers and builders are expected to be interested in Web3 and flock to the next generation of the Internet to fuel its development.

Cryptocom analysts noted that Building Web3 apps has grown exponentially on Ethereum This year. The main Web3 development libraries, Ethers.js and Web3.js, grew by 178% over the previous year.

Installation of the main Web3 development libraries since 2018
Installation of the main Web3 development libraries since 2018

Building a decentralized society

This year, Soulbound Tokens (SBT), NFT assets that represent users’ identities in an immutable and non-transferable way, began to grow in importance and popularity. As analysts explain, these are non-fungible tokens whose operation is similar to a Curriculum vitaebecause they are linked to the affiliations and references of their owners.

THE SBT can accelerate the construction of a decentralized Web3-oriented society. Within this society, it will be possible for each individual to establish and map their reputation on the blockchain, to create their own personal brands and to build human relationships without trust. The objective of these digital assets is to promote the development of the Web3 ecosystem, expanding its use beyond the financial sector.

Traditional society vs decentralized society
Traditional society vs decentralized society

Increased focus on security and cryptographic education

For the next year safety and education should continue to play a leading role for the development and strengthening of the crypto industry.

This 2022, several projects related to training and education on cryptocurrencies such as Bitcoin and blockchain technology have started. Additionally, developers have increasingly focused on securing their projects to retain the trust of their customers and users.

As analysts point out, the collapse of Terra in May and FTX in November heightened the need for greater transparency and security, as well as increased user awareness of how the system works. crypto ecosystem.

Other Perspectives on the Crypto Industry in 2023

The prospect of an environment of greater growth and development in 2023 remains for the DeFi and GameFi ecosystems, analysts at the crypto platform have said. As for DeFi, project developers are expected to continue building new decentralized infrastructure and many of these projects are focused on improving public services.

On the other hand, it is possible that many AAA video game developers will adopt blockchain technology to optimize their platforms and offer new immersive and gamified experiences to their gaming communities.

Likewise, there is a lot of anticipation for what awaits Ethereum next year, with the arrival of the Shanghai Update, which will release deposits from node validators that remain stuck on the Beacon Chain. An increased focus on the development of zero-knowledge ZK technology is also expected, which is implemented by projects such as Polygon Network to promote scalability.


IMPORTANT: The content of this article is made for informational purposes only and, in no case, what is written here should be considered as advice or an investment recommendation. fknews News reminds you that before making any investment, you need to educate yourself and know where you are investing your money, as well as the advantages and disadvantages of the system. We detach ourselves from the actions and consequences that ignorance can bring. If you decide to invest in this asset class or any other asset class, you are solely responsible for the consequences that your decisions and actions may have.

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