• 25 June, 2024

Dr. Xiao Feng Unveils 2024 Blockchain Projections and Industry Shifts

In commemoration of the transformative impact of Non-Fungible Tokens (NFTs), Dr. Xiao Feng, Chairman of HashKey Group, has released a visionary New Year’s message outlining the blockchain industry’s trajectory for 2024. Grounding his reflections on the first principles of blockchain, Dr. Feng reflected on the historical evolution of accounting ledgers and dived into the top ten trends shaping the industry in the coming year.

The first principle emphasized by Dr. Feng is the creation of an open and transparent global public ledger. He traced the historical development of ledgers from the single-entry accounting on Sumerian clay tablets in 3500 BC (Ledger 1.0) to the advent of double-entry accounting in the Mediterranean city-states of northern Italy in AD 1300 (Ledger 2.0). The culmination of this evolution occurred in 2009 with the introduction of distributed accounting in the digital world (Ledger 3.0), marking the inception of blockchain technology.

Dr. Feng predicted several significant trends shaping the blockchain landscape in 2024. Ethereum (ETH), currently valued at $2,271.35, is anticipated to maintain its pioneering role, standing unmatched in blockchain innovation. Subsequently, the maturation of Blockchain L2 technology is highlighted as crucial for supporting applications with specific use cases and tangible value, marking a significant advancement in the industry’s technological landscape.

Moreover, Cryptoeconomics is poised to become a prominent science, supporting the real economy and technological innovation through token economic models in education. Bitcoin’s (BTC) development will prioritize adherence to its core characteristics, with the emergence of the Lightning Network’s legal currency stablecoin payment and clearing system as a noteworthy advancement. 

The advanced economies’ endeavors to counter inflation and increased desire to secure assets amid global geopolitical uncertainties create room for a surge in Bitcoin’s value. In the most recent update, Bitcoin is currently priced at $41,670.90, reflecting a 1.99% decline in the last 24 hours.

The smooth fusion of artificial intelligence (AI) and Web3 is set to capitalize on blockchain technology, creating extensive collaboration networks. Decentralized ledger technology (DLT) will play a pivotal role in handling tasks such as registration, issuance, exchange, and transactions. Moreover, developers will take the lead in steering blockchain networks, and their decisions will significantly impact the competitive landscape of major networks.

Nonetheless, the onset of a global wave of digital nomads is imminent as countries vie to launch digital nomad visas in the race for global science and technology innovation centers. Besides, DePIN aims to connect the real and virtual worlds by bridging off-chain and on-chain interactions.

The integration of distributed business applications with blockchain’s L3 and L4 layers marks a pivotal shift from infrastructure construction to commercial implementation in 2024. This transition signifies the maturation of distributed ledger technology (DLT), driving innovative solutions in the digital economy.

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