Maciej’s 2024 Predictions

Greetings to all our readers and blockchain enthusiasts, happy New Year!

Welcome to a fresh edition of Multichain Matters, your monthly source for updates on the t3rn protocol's latest developments. As we step into 2024, I am convinced that this will be a pivotal year for blockchain technology, marked by significant strides in seamless interoperability and innovative developments across various sectors. The concept of modular multichain solutions, particularly through platforms like t3rn, is set to redefine the efficiency and security of blockchain transactions. 

In this inaugural 2024 edition of Multichain Matters, I'm excited to share with you some of my predictions and insights for what promises to be a groundbreaking year in blockchain technology. Enjoy this edition, as we explore the future that lies ahead.

Estimated read time: 2.28 minutes, 3.5 for those who take it all in at a leisurely pace 😊.

🔮 My 2024 Predictions

Seamless interoperability will drive adoption.

I believe that finally arriving at seamless interoperability will be a key driver for broader adoption across various industries. As blockchain ecosystems become more interoperable, it will not only be easier to transfer assets and data across different chains but also far cheaper than it currently is. This improvement in interoperability will attract more users and use cases to the blockchain space, fostering growth and innovation.

Gamefi and Deso are my favorite narratives.

The GameFi narrative, which combines gaming with things like NFTs will certainly gain significant traction. This is driven by the growing interest in blockchain-based games that offer financial incentives, such as earning cryptocurrency or non-fungible tokens (NFTs) through gameplay. My belief is that as more gamers become aware of the potential to earn while playing, alongside blockchain based game studios releasing higher quality projects, the demand for GameFi platforms will increase. Additionally, advancements in blockchain technology (especially the one I mention above) could enhance the gaming experience, making it more seamless and attractive.

I also think there is something growing in decentralized social media. I can’t quite pinpoint it but, for me, friendtech felt like a meaningful stride forward, there is definitely something there. Similarly to being paid to play (GameFi), the idea of being “paid to scroll” (which people do for free anyway) has the potential to gain vast traction, if executed properly.

Stablecoins for the win.

I expect that stablecoin adoption will continue on an unrelenting upward trajectory, not only being used in countries that are facing economic difficulties (Ukraine, Turkey, Argentina, etc) but in the Western world as well. A key catalyst for this will be Circle, in which Coinbase is a significant shareholder, doing an IPO in 2024. It is safe to assume that Coinbase will be pushing as much of the native Circle stablecoin, USDC, to the Base network as possible and with Coinbase being a household name with one of the most widely used cryptocurrency exchanges/products in the industry, while diligently abiding by US regulations, I expect the two combining to be one of the foremost drivers for stablecoin use outside of the realms of crypto. 

Modularity goes multichain.

I expect the concept of modular multichain solutions to be a significant driving force in 2024, in particular leveraging an approach that involves the use of interoperable blockchain networks that can operate together seamlessly. The key advantage is the ability to harness the strengths of various blockchain systems while mitigating their individual limitations. For instance, one chain might offer high-speed transactions, while another provides enhanced security features. By combining these chains, users can benefit from a more robust, efficient, and scalable blockchain ecosystem. 

In our approach, t3rn harnesses a multichain architecture, centralizing most storage functionalities on t3rn's Parachain. This strategy anchors the trustless security of execution firmly within t3rn’s infrastructure, which derives its validation security directly from the Polkadot Consensus. Concurrently, the bulk of settlements occur on target chains such as Ethereum and various Layer 2 solutions like Arbitrum, Optimism, Base, and Scroll. This design optimizes both the security and efficiency of transactions across different blockchain networks.

RIP Ordinals.

Call me old-fashioned but I like Bitcoin being used for permissionless money. Bitcoin was conceived and has primarily evolved as a digital currency, a financial instrument designed to provide a decentralized, secure, and efficient means of carrying out transactions and storing value. The inclusion of Ordinals, which embeds non-financial data like images or texts directly onto the Bitcoin blockchain, could be seen as a deviation from this core purpose. It introduces unnecessary bloat to the blockchain, leading to larger block sizes and potentially slower transaction verification times. This undermines the efficiency and scalability of the network, detracting from Bitcoin's primary function as a streamlined financial instrument. 

I get the argument about the lack of innovation on Bitcoin but, for me, I believe that Bitcoin should remain focused on financial transactions to maintain its efficiency, reliability, and the original vision.

Those are my predictions for the year ahead. As 2024 unfolds, I eagerly anticipate revisiting these insights to see how accurately they have captured the dynamic and ever-evolving world of blockchain technology.

⛓️ Cross-Chain Composability: Unlocking Deeper Liquidity Pools

Have you heard about cross-chain composability in the blockchain space? It's revolutionizing how different blockchain networks interact, allowing them to communicate and share resources more effectively than ever before. This isn't just about connecting; it's about enabling these networks to collaborate and build complex, integrated systems.

At t3rn, we're dedicated to contributing to the ongoing innovation in cross-chain transactions. We aim to play a role in making these transactions safer, more accessible, and efficient. We understand that many others are also actively involved in this field, and we're committed to doing our part in this collective effort.

🔗 Dive into our latest article to explore the transformative role of cross-chain composability and how t3rn is contributing to a more integrated, user-friendly blockchain ecosystem. 

Or watch the video:

🔙 2023: A Year of Innovation and Growth at t3rn

Did you miss our 2023 recap? As we embrace the start of 2024, it's an opportune moment to revisit the remarkable strides t3rn made in the past year. Our journey through 2023 was punctuated with significant achievements and collaborations, each a crucial step toward crafting a more inclusive, decentralized, and user-friendly blockchain ecosystem. 

These milestones have been pivotal in advancing our core mission of enhancing blockchain interoperability and refining smart contract functionality. Let's take a moment to reflect on some of the key accomplishments that have defined our journey in the previous year.

Learn more about our 2023 recap here:

In case you missed it…Electric Capital's 2023 Developer Report is now live, offering a wealth of insights into the current state of the crypto development landscape: steady growth in experienced crypto developers (>2 years),  30% now supporting multichain development and a notable 72% based outside North America, emphasizing the global reach. These insights align with our vision that a multichain approach is essential for the future of crypto.
Check it out!

Share your thoughts with me on X @Maciej_Baj shall you have a taste for the topics to cover in the next editions of the Multichain Matters newsletter.

Stay tuned for more updates and insights in the upcoming "Multichain Matters" newsletter issues! 

Maciej Baj
Founder & CTO of t3rn