The World of Cryptocurrency in 2023
Forecasting is difficult. None of us can truly tell anyone else what is going to happen. We can only guess, speculate, and throw darts at a wall regarding the upcoming year.
Nevertheless, that has not stopped people from delivering their versions of what will happen.
In this article, we are not going to make forecasts of prices. We will not put out a price target on Bitcoin, $HIVE, or a Honda Accord. Instead, our concern is what will happen in terms of the overall industry.
This is crucial. It is one thing to be enamored with markets. That tends to tell us very little. What we need to do is dive down and see what is happening at the core. As they say, what are the boots on the ground telling us?
It is imperative to understand how we things could evolved in 2023.
Utility
The first point that is going to be important is utility.
We saw a lot of fluff the last few years. This started during the ICO craze and really never left. It is something that is common with most new technologies and this is no different.
However, for something to be lasting, people need to adopt it. That means utility.
The Internet was wonderful in the early days. However, if it did not move past porn and chatrooms, the medium would have been bust.
Fortunately, things evolved and the pace of adoption grew at a regular rate. Now, there are over 5.25 billion people using the Web. This makes it one of the biggest inventions in human history.
If we expect cryptocurrency, in all its forms, to replicate this to any degree, utility is crucial. This is more than just simply buy a token and look for the mooning. We need real world use cases that will drive network effects.
There are going to be an assortment of projects that offer that.
Web 3.0
This is tied to the first part but goes much deeper. To start, we have to look at infrastructure. Web 3.0 is about a new Internet, one that is not siloed like Web 2.0.
For this to come to fruition, we need a lot built. Companies in the technology arena spent decades building their infrastructure. The open source/blockchain community needs to do the same. Fortunately, the numbers are on our side because the more that gets put out, the more that gets built.
It becomes a self feeding mechanisms.
Build enough shortcuts for developers and they will increase the past of more development.
Once the infrastructure is in place, we can see the formation of Web 3.0 much clearer. Those of us on Hive see it today. However, the rest of the world is oblivious to what is taking place.
We can call Web 3.0 a paradigm shift. This is going truly alter the way people live. Our work, monetary situation, entertainment, and socialization will all change due to this. We will see more involved in earning their living from content creation and gaming. There will be a host of innovation that causes society to further adapt.
This is the potential of Web 3.0.
We could see this really start to take shape in 2023. A lot of the fluff was washed out in the carnage of 2022. This opens the door for legitimacy to step through.
Network Effect
This is the year we see the early onset of the network effect kick off. What this means is we should see the numbers really growing in some areas of the industry.
Development should increase as more developers are finding the ability to build here. With more documentation along with open source code, the time spent to enter with a working application is reduced.
Ultimately, this all has an impact upon users. While it is a trickle, we will see tens of millions of people arriving.
Cryptocurrency is still waiting for that "Killer DApp". I think we see it in 2023.
Article by @taskmaster4450le
Posted Using LeoFinance Beta
