Crypto trends 2024 from the Global Fintech & Blockchain conference 2024! ??

As previously mentioned in our announcements, our team had a privilege to attend an enlightening event within the crypto-community at the beginning of this week, hosted at Imperial College London.

We were thrilled to be part of the discussion on the key trends shaping this dynamic industry. And we're excited to share these insights with you!

Here are the trends that stood out for us:

1. Ethereum Blockchain Layer 2’s.

Ethereum, the second-largest cryptocurrency by market capitalization, has been making significant strides in its development. One of the key areas of focus has been the creation of new protocols and technolgies like Layer 2’s, the secondary framework that is build on top of an existing parental blockchain system to help to reduce the load on the main blockchain and improving transaction speed and efficiency. This evolution aims to address the scalability issues that have been a challenge for Ethereum, particularly as it faces increasing adoption and usage. With the rise of DeFi (Decentralized Finance) and NFTs (Non fungible Tokens), the demand for faster, more efficient transactions is higher than ever. Ethereum Layer 2’s are stepping up to meet this demand. The introduction of new protocols like sharding (divides the Ethereum blockchain into smaller, more manageable parts called “shards”), rollups (bundle multiple transactions into one, reducing the data that needs to be stored on the blockchain), and State Channels (allow for off-chain transactions to occur in a private, secure manner) in Ethereum's blockchain layer 2 represents a significant advancement in the Ethereum ecosystem.

2. AI and Decentralisation.

Artificial Intelligence and decentralisation are two pivotal technologies that are reshaping the digital landscape. AI, with its capability to learn, adapt, and automate, is being integrated into various sectors. Decentralisation, on the other hand, is the process of distributing power and control away from centralised entities, thereby giving individuals more autonomy and control over their digital lives, is another key trend in the finance and blockchain sectors.

3. DAOs (Decentralised Autonomous Organisations).

DAO, is a unique type of organization, decentralised digital entity, that operates on self-governing and self-executing basis without a central authority. It uses automatic algorithms to coordinate activities among its participants. In the crypto world, DAOs are built on smart contracts, a feature made possible by Ethereum. Today, with Ethereum's many alternatives, you can create a DAO on any blockchain that supports smart contracts, such as Polkadot, Solana, or Cardano. The concept of a DAO is more radical than that of cryptocurrencies. It's not just about decentralized money emission, but also about creating a decentralized management system. The technology behind smart contracts has the potential to replace traditional institutions like banks, courts, and credit institutions.

4. More NTFs.

As we look ahead to 2024, one of the most anticipated trends in the crypto world is the continued growth and mainstream acceptance NFTs. NFTs have rapidly evolved from a niche market to becoming a significant force in the digital economy, with artists, musicians, and even sports teams leveraging this technology to create unique and valuable digital assets. The appeal of NFTs lies in their ability to tokenize unique digital assets, such as art, music, videos, and even virtual real estate. The forecast spotlights the escalating importance of NFTs as versatile brand assets, hinting that these distinctive tokens are set to revolutionize far more than just the art scene.

5. Institutional Adoption.

Institutional adoption of DeFi is anticipated to surge, particularly in the brokerage and asset management sectors of traditional finance. This trend is driven by the increasing popularity of tokenized real-world assets and traditional financial products within the DeFi ecosystem. The emergence of “TradFi-DeFi bridges” is a significant development in this space. These bridges facilitate the mirroring of assets across both worlds, enabling seamless interoperability between traditional and decentralized finance. This not only broadens the investment opportunities for institutions but also increases the exposure of crypto assets within the traditional finance market. As a result, we can expect to see an increased presence of crypto assets in traditional financial systems.

Stay tuned for more trends and insights from Elcoin!

We're eager to share more about how these developments are reshaping the future of blockchain and crypto.?