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On the surface, things now seem very different from a year ago, with Bitcoin (BTC) being more than double the $16,000-17,000 and the total market cap of crypto being comfortably above a trillion dollars.

While the prices do indeed reflect some form of recovery partly fuelled by speculation around the approval of Bitcoin ETFs, we havent progressed enough as an industry, as most of the barriers to crypto adoption still remain unresolved.

It may have been a grueling crypto winter, and the resurgence of bull-posting on X (former Twitter) is a welcome contrast, but the industry needs to regress and slow down to make meaningful progress in 2024. Otherwise, it will basically be going through a repeat of the previous market cycle, albeit with a few improvements or differences.

The industry is still nascent and only slightly over a decade old, and there are still solid use cases lacking as a resultbut this youth will not last forever, and neither should the status quo.

The fast-paced nature of the industry can be exhilarating and impressive at times, as a lot can change in the span of a day or week, like most technology-based industries. However, this can be a double-edged sword as it inclines us to focus on the new rather than the old and be stuck in an echo chamber of sorts.

While it may be counterintuitive, the industry needs to force itself to slow down instead of always looking to go faster. It also needs to look at what has been done outside of web3 that has already been tried, tested, and, more importantly, resilient and prosperous.

Sure, Metaverse-focused utilities such as NFTs, web3 gaming, and SocialFi may be refreshing ideas. Still, they are much too foreign to mainstream users to be effective pull factors for mainstream adoption. Such utilities serve as excellent, unique niches for the industry, generating curiosity and interestbut should not be misconstrued as drivers for mainstream adoption, at least not for the near future.

The reality is that blockchain technology is already complex enough as it is to understand for new users, and this hasnt changed much. Adding relatively foreign ideas to the mix as a focal point only exacerbates this further.

This is where battle-tested and more tangible utilities such as established payment systems and real-world assets (RWAs) come in as a more viable foundation for adoptionmost mainstream users already understand how most of these function, and the grounded nature of these utilities are much more appealing and suitable for institutional and mass adoption as compared to newer and riskier verticals. Unsurprisingly, the data and metrics also back this up; the total value locked (TVL) for RWAs is currently sitting at $5.7 billion in TVL, with projections for growth up to $10 trillion.

Estimated tokenization market sizing | Source: 21.co

As for payment systems, we are also seeing established legacy players such as Visa and Mastercard making moves to support crypto usage in 2023, and this trend will only continue to gain momentum in the coming year.

Accessibility has always been a problem hindering adoption for web3 and crypto, so having more convenient on and off-ramps for crypto will undoubtedly be necessary for user acquisition and retention. Coupled with regulatory compliance, these utilities will be the real backbone and foundation for adoption as they are stable and reliable enough to withstand the test of time.

While speculation undeniably fuels the web3 space, this creates a level of volatility and instability that intimidates and deters new entrantsthe web3 industry cannot rely on this if it is to scale beyond being treated simply as a decentralized casino.

Features such as memecoin trading also do not add much legitimacy to the industry for mainstream users to take web3 seriously, and this all needs to change.

As the industry matures, tokenomics, trendy narratives, and buzzwords will take a backseat to sustainable business models in 2024, as projects without actual value creation and revenue generation continue to be weeded out by increasingly discerning users. Weve already gotten important lessons from FTX, Luna, USTC, and most recently SafeMoon on the importance of decentralization, self-custody, and proper due diligence.

The crypto space does tend to have goldfish memory, and most users are happy as long as they are making money and forget about existing concernsbut this approach needs to change as ponzinomic projects do not bring any meaningful positives to the industry and do not last forever.

Frauds like FTX may have grown to a colossal size and lasted for a long time on empty promises and lies, but eventually collapsed and damaged the industrys credibility tremendously.

Conversely, projects like Pudgy Penguins and their move to introduce a real-world toy collection, in addition to typical NFT utilities, have done relatively well through the bear market, unlike most NFT projects. This isnt a mere coincidence and highlights the importance of having sustainable business models.

In 2024, we will see more and more positive examples as projects deliver on their product roadmap and drive actual utility triumph over competitors with empty promises and hype-based marketing. Both builders and users need to be practical and patient instead of hunting for moonshots or simply looking to make a quick buck to build and support projects with proper revenue sources.

Aside from projects requiring sustainable business models, another core issue is that web3 infrastructure cannot currently maximize the industrys full potential due to its nascency. As an example, decentralized exchanges (DEXes) provide an essential foundation for decentralized finance, which is a core vertical of web3but trading volume and liquidity for the top DEXes are still bested by the leading centralized exchanges due to the familiarity of the user experience, better slippage, depth of liquidity, and more.

While decentralization maximalists might not like the notion, many mainstream users are much too comfortable with custodial services to jump straight into self-custodyresulting in many centralized services acting as a bridge of sorts into web3.

We already see such a trend slowly growing, with Coinbase providing a gateway for its users into the Ethereum ecosystem with its L2 Base, Binance providing its users with an entry point into defi with its recently launched web3 wallet, and even Telegram-focused custodial wallet TON Space.

More and more of such web2.5 products and services, which are built on a hybrid mix of the decentralization from web3 and battle-tested efficiency from web2, will drive critical use cases and larger-scale adoption for the crypto industry.

The security aspect of the infrastructure also needs to be improved, as the web3 industry is still rife with scams and exploitswith $290 million being lost from just five hacks in November alone and legacy wallet providers like Ledger falling victim to an exploit which put many users at risk in December.

It is still far too early for decentralization alone to be the means to an end, as the web3 industry still requires more time to mature. User education also has a pivotal role, along with product UI and UX improvements. As it stands, decentralization and its autonomy should be an end state that the web3 industry strives to make accessible, safe, and easy to use even for mainstream users.

While this has not yet been achieved, the progression through regression for web3 in 2024 should be celebrated, as it will undoubtedly bring the industry closer to making significant breakthroughs and mainstream adoption possible.

Veronica Wong

Veronica Wong is the CEO and co-founder of SafePal, the comprehensive decentralized crypto wallet suite with over 10 million users across hardware, mobile, and browser extension wallet solutions. With a decade of experience in Fortune 500 companies like Tencent, Veronica took the leap of faith from Big Tech and e-commerce into web3 to set up SafePaland has been committed to solving security, UI, and UX issues for crypto users, in addition to cross-chain interoperability for 100+ blockchains (EVM and non-EVM) for the past five years.

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Web3 needs to regress before we can progress in 2024 | Opinion - crypto.news

St. Vincent and Grenadines, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Kelpis a new cryptocurrency aiming to become the stable foundation of a modern, global financial ecosystem. Its mission is to succeed where other crypto projects have failed and deliver the promise of digital money by combining actual econometric models and central banking theorems.

Kelp is inspired by a growing demand within the crypto community for a stablecoin 2.0. Several prominent voices, such as Brian Armstrong of Coinbase and renowned investor Ray Dalio, have discussed the possibility of Flatcoin - a new stable cryptocurrency that could become a form of decentralized digital money with worldwide use.

Kelp's mission is to transcend the limitations of existing cryptocurrencies, striving to become the cornerstone of a new, global financial ecosystem. Unlike its predecessors, Kelp doesn't merely replicate current fiat currencies in digital form. Instead, it charts a fresh course towards universal adoption, applying the principles of central banking and sound monetary policy within a decentralized framework.

Drawing inspiration from Bitcoin, Kelp acknowledges the challenges faced by the most popular cryptocurrency in becoming a widely accepted form of digital money. Kelp addresses these issues head-on, especially the volatility stemming from Bitcoin's fixed supply. Through the integration of blockchain technology with a sophisticated econometric model, Kelp introduces a stability protocol the Kelp Protocol. This innovative approach positions Kelp to fulfill the essential functions of money: a medium of exchange, a unit of account, and a store of value.

The Kelp Protocol is engineered to stabilize the currency by analyzing market activity and predicting the optimal circulating supply. This system dynamically adjusts economic variables, such as interest rates, to influence market behavior, sidestepping direct market manipulation.

Adding to its appeal, Kelp has launched a mobile application, available for both iOS and Android users. The Kelp App, inspired by the success of projects like Quahl (formerly Initiative Q), allows individuals worldwide to reserve future Kelp. Remarkably, this reservation process doesn't require financial commitment. Instead, users engage in community-building activities, like referrals and Action Tasks, to earn their stake in Kelp. Already, the app boasts a burgeoning community of 80,000 members.

As Kelp continues its journey, it stands as a testament to the potential of combining the best of traditional finance and decentralized innovation. With its unique model and growing user base, Kelp is not just a cryptocurrency but a movement paving the way for a stable, accessible digital economy.

About Kelp

Kelp is a Canadian fintech company comprising financial experts and crypto professionals led by entrepreneursEdward Bishop(founder and CEO) andRakshit Kumar(CTO and co-founder). Some of its partners include prestigious brands in the crypto space, such as industry-leading auditor SolidProof and crypto aggregator CoinMarketCap.

Kelp is developing an all-encompassing ecosystem of protocols and algorithms designed to bring about price stability. Currently, the company has an R&D division building KATE - Kelp's Autonomous Trading Engine - that will utilize the Kelp Reserve, Kelp DEX, and smart contracts to create a unique investment solution. This product will use hedge fund algorithms to analyze the market for opportunities. It will likely come online in the Q2 of 2024.

You can download the Kelp mobile from the Apple App Store and Google Play Store to try its innovative features.

Learn more about Kelp by following these links:Website|Twitter|LinkedIn

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Kelp Is Crafting a Global Currency by Fusing Central Banking Theorem and Blockchain Decentralization - GlobeNewswire

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The cryptocurrency landscape is dynamic and ever-evolving, with new projects constantly emerging to challenge the dominance of established players.

In recent years, Solana (SOL) and Cardano (ADA) have gained prominence as promising blockchain platforms, each with its unique features and capabilities.

However, one project that is poised to disrupt the status quo and potentially overtake both SOL and ADA is Retik Finance (RETIK). In this article, we will explore the reasons behind Retik Finances potential to surpass Solana and Cardano in 2024.

Solana has been lauded for its impressive scalability and high throughput, which makes it suitable for a wide range of decentralized applications (DApps) and smart contracts. However, Retik Finance is designed to offer even greater scalability and transaction throughput. Retiks blockchain architecture is optimized for handling a vast number of transactions per second, surpassing the capabilities of both Solana and Cardano. This enhanced scalability positions Retik Finance as a formidable contender in the race for blockchain dominance.

Decentralization and community governance are essential principles in the blockchain space. While Cardano and Solana have made significant efforts to achieve decentralization, Retik Finance takes this concept to the next level. Retiks decentralized consensus protocol ensures that no single entity has undue control over the network, making it truly decentralized.Additionally, Retik Finances governance model empowers token holders to actively participate in shaping the platforms future. This commitment to decentralization and community involvement sets Retik apart from its competitors.

Security is paramount in the world of cryptocurrency, and both Solana and Cardano have implemented robust security measures. However, Retik Finance places a strong emphasis on security and privacy. Retiks credit-scoring architecture leverages blockchain transparency to enable trustless transactions. This approach eliminates the need for trust-based protocols, providing users with a higher level of security compared to traditional financial systems. The combination of security and privacy features makes Retik Finance a compelling choice for users seeking a secure and private blockchain platform.

Click Here To Take Part In Retik Finance Presale

Retik Finances mission is to promote financial empowerment and inclusion worldwide, transcending geographical and socioeconomic boundaries. This vision aligns with the core principles of blockchain technology, making financial services accessible to everyone. While both Solana and Cardano have made strides in the blockchain space, Retiks focus on inclusivity positions it as a strong contender for widespread adoption. Its commitment to creating a global financial ecosystem that welcomes users from all backgrounds sets it apart.

Efficiency and cost-effectiveness are crucial factors in the blockchain industry. Solana, in particular, is known for its low transaction fees and high efficiency. However, Retik Finance offers a cost-effective solution with even lower transaction costs. Retiks smart contract functionality automates processes, enhancing efficiency and reducing costs. This focus on affordability and efficiency makes Retik Finance a competitive choice for businesses and users alike.

Retik Finance offers a comprehensive suite of DeFi products and services, ranging from the Retik Wallet to the Retik DeFi Debit Cards and Retik Pay. These products are designed to facilitate seamless crypto management, investment, and participation in the DeFi ecosystem. While Solana and Cardano have made significant advancements in DeFi, Retik Finances user-centric approach and diverse range of DeFi offerings position it as a formidable competitor.

One of the standout features of Retik Finance is its DeFi Debit Cards, which bridge the gap between traditional finance and the cryptocurrency world. These cards empower users to spend their crypto holdings in real-world transactions.

What sets Retiks DeFi Debit Cards apart is the integration of cashback rewards in RETIK tokens, providing users with additional benefits for every transaction. While Solana and Cardano are focused on blockchain infrastructure, Retiks approach offers an attractive incentive for cryptocurrency spending, making it a compelling choice for users.

Click Here To Take Part In Retik Finance Presale

The RETIK token plays a central role within the Retik Finance ecosystem. It serves as a transaction currency, a governance mechanism, and an incentive for users. The tokens multifunctionality enhances user engagement and facilitates various ecosystem activities.

While Solana and Cardano have their native tokens, Retiks RETIK token empowers users and contributes to the overall growth and stability of the platform. Whats more exciting is the predicted 2000% price surge in RETIK tokens, which could potentially skyrocket its value.

This surge is driven by the projects innovative features, growing adoption, and a strong community of supporters.

While Solana (SOL) and Cardano (ADA) have made significant contributions to the blockchain industry and continue to be prominent players, Retik Finance (RETIK) presents a compelling case for overtaking them in 2024.

With its enhanced scalability, decentralization, security, inclusivity, low transaction costs, comprehensive DeFi offerings, innovative features, and a predicted 2000% price surge, Retik Finance is well-positioned to challenge the dominance of Solana and Cardano.

As the cryptocurrency landscape evolves, projects like Retik Finance showcase the potential for innovation and competition in the blockchain space. Additionally, dont miss out on the Mega Giveaway that could be your ticket to owning RETIK tokens and becoming a part of this exciting journey.

Click Here To Take Part In Retik Finance Presale

Visit the links below for more information about Retik Finance (RETIK):

Website: https://retik.com/

Linktree: https://linktr.ee/retikfinance

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Solana (SOL) and Cardano (ADA) to be overtaken by Retik Finance (RETIK) in 2024 - Finbold - Finance in Bold

Censorship is on the rise in Ethereum as key players block transactions tied to US sanctions, undermining its decentralized ethos. Image by Kerem Goktug Kaya, DALL-E 3.

A pillar of Ethereums original vision was decentralizationthe idea that its blockchain would operate outside constraints from centralized entities like governments and corporations. Recent data indicates this ideology is being tested, however, as key Ethereum players increasingly censor transactions linked to US sanctions.

A major turning point came last year whenthe US Treasury Departments Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, an Ethereum mixing service that enabled private transactions. OFAC claimed the tool was utilized by terrorists and other illicit actors.

In response, Tornado Cashs code was added to the same US blacklist containing bad actors like North Korea and Hamas. Supporters decried the targeting of Tornado Cash as government overreach and censorship. Ethereum has not proven immune, however.

In recent months, censorship of transactions tied to US sanctions has markedly increased on Ethereum, according to new research from Ethereum Foundation researcher Toni Wahrsttter. A metric measuring censored blocks on Ethereum surged from around 25% in November 2022 to approximately 72% currently.

This spike stems largely from block builders, who assemble transactions into blocks and provide them to validators to add to Ethereums blockchain. Five major block builders now contribute over 90% of Ethereum blocks. Of those, only one major builder, Titan Builder, claims it does not filter transactions in this manner.

The lone block builder still processing all transactions claims over 20% of blocks. If Titan began engaging in censorship as well, per Wahrsttters analysis, overall Ethereum censorship could immediately jump to over 90%. Such reliance on a few builders contradicts the decentralized ethos blockchain promised.

For many in the Ethereum community, such censorship represents a betrayal of the networks founding principles. The technologys decentralized appeal rests on it being uncontrolled and unfettered by real-world biases. Yet block builders now hold immense power over which transactions end up on Ethereum, granting them the power to selectively exclude addresses flagged by OFAC.

Some builders defend this censorship as merely prudent compliance with US regulations. However, critics argue it sets a dangerous precedent of centralized entities overriding Ethereums core coding to meet external rules. It also limits full access to the blockchain for individuals sanctioned by the US government.

Beyond censorship, the centralization of key transaction functions into a few dominant block builders could pose security risks, according to experts. Further, these players gain privileged access to pending transaction data, potentially allowing them to maximize profits through trading strategies before transactions are added to the blockchain. This raises additional questions about fairness and transparency.

Ethereum was designed as a decentralized network not beholden to external constraints. Block builders processing transactions increasingly censor addresses tied to US sanctions, however, calling Ethereums decentralization into question. While some view this censorship as prudent legal compliance, critics see it as contradicting Ethereums core values.

In response to these concerns, Ethereums leadership is exploring ways to curb censorship trends. Vitalik Buterin has proposed updates that inhibit transaction blocking by validators and builders.

This challenge to Ethereums decentralized ethos may prove to be a defining one, forcing the community to confront difficult questions about the limits and future direction of the technology. The answers could shape Ethereums ability to evolve while retaining the core principles on which it was founded.

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Censorship Climbs on Ethereum as Block Builders Bar US-Sanctioned Transactions - Cryptonews

Microsoft, Tencent and 16 other Web2 giants have partnered with Consensys on its mission to decentralize the Infura network the key point of access to Ethereum for much of the decentralized finance (DeFi) sector.

The partnerships aim to increase decentralization on the Infura network key to preventing outages of the Web3 services that leverage it, including the wallet service MetaMask.

Speaking to Cointelegraph, Consensys senior product manager Andrew Breslin said the significance of the partnerships was less about who they were and more about the big-name firms aligning with Infura in wanting to decentralize every layer of the blockchain infrastructure stack.

Scheduled for a Q4 launch, the Decentralized Infura Network (DIN) stands as a solution to the problem of centralization for Infrua, with the network currently controlled by Consensys, meaning there remains a single point of failure.

The cost and complexity involved with running a service like Infura was kind of limiting in terms of who we could partner with to serve this traffic, said Breslin. Now theres this huge flourishing ecosystem of Web3 infrastructure providers that can provide a service thats complimentary to Infura.

Breslin said one of the first major features offered in the DIN is failover support for the Ethereum and Polygon networks. Failover support means that traffic can be re-routed to one or multiple DIN partners in an outage, guaranteeing higher uptime rates in the long run.

Upon launch, the DIN will allow for more reliable and censorship-resistant access to Ethereum as decentralized applications (DApps) wont need to rely on a single service provider located in just one place, Breslin said.

Developed by the blockchain software giant Consensys, Infura offers a development suite that provides API access to the Ethereum and IPFS networks. At present, Infura is the access point for most DApps to access real-time on-chain data from the Ethereum blockchain.

In November 2020, the centralization issue came to light when the MetaMask wallet stopped working due to Infura suffering a temporary outage. Several centralized exchanges and DeFi projects were also affected by the downtime.

Decentralizing blockchain data providers on the Infura network is critical for censorship resistance in the long term because, at present, centralized data providers can be shut down with a single well-planned attack or sufficient legal action.

Related: End of an era Consensys sunsets Truffle, Ganache amid shift to MetaMask Snaps

Speaking to the roster of newly announced partners, Breslin said the current lineup was not a closed set and that Infura wanted to let other highly reliable internet infrastructure providers know that Infura is open to them joining the DIN as well.

The cohort of new companies is working with Infura in what Breslin called the federated phase of the DIN a temporary trial period where the network remains centralized.

Infura and these 18 partners are now participating in this federated phase of DIN, which means that we work as equal partners, said Breslin.

In the future, Breslin said the DIN would ideally be governed as a decentralized autonomous organization or some other type of governance structure that ensures each partner has a democratically weighted say in the direction of the network.

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Microsoft, Tencent and other tech giants join Decentralized Infura ... - Cointelegraph