There’s no way around it: the web3 space’s reputation took a big hit in 2022. This was caused by powerful hacks, failed lending platforms, volatile markets, and, of course, the failure of many too-big-to-fail firms like FTX. Call it a wake-up call, a dose of reality, or a time to clean up before the next inevitable bull run, but it wasn’t pretty.
Even though there is blood in the water, web3 builders keep building. In 2023, some great products will come out that could change a badly shaken industry. Here are five of the best to watch out for.
DeFi Meta Chain (DMC) brings Bitcoin maximalists into the DeFi ecosystem. It is an EVM-compatible blockchain that runs in parallel with DeFiChain, which is itself a hard fork of the Bitcoin network.
Community members first talked about DeFi Meta Chain in an Improvement Proposal in November 2021. It has been in development for well over a year, with its patient builders working away out of sight as the market went crazy after FTX. DMC’s selling points are clear: it uses the vital security of Bitcoin and lets developers use infrastructure, tools, assets, and intelligent contracts from other blockchains. They can also use Ethereum and other EVM networks, which have a large number of users, without losing access to the DeFi Chain.
This year, the DMC test net will start up, and if everything goes well, a mainnet will start up after that. We’re so excited.
Interoperability is the most popular word in blockchain, or it wasn’t until 2022 that “metaverse” took its place. In any case, interoperability will be better in 2023 because of projects like Astar Network, which just launched its Cross-Virtual Machine (XVM) on a public testnet.
Astar, which provides the infrastructure for making dApps with EVM and WASM intelligent contracts, says that XVM is a game-changer. This is different from the usual overstatement from a project that wants to sell something. XVM is a custom pallet that lets an intelligent contract in one virtual machine talk to a smart contract in another virtual machine as if they were in the same environment. So, XVM can help intelligent contracts in both EVM and WASM talk to each other.
The CTO of Astar Network, Hoon Kim, says that the product is “the beginning of the next wave of innovation for dApps.” After all, he might be right.
Almost everyone in the industry agrees that decentralizing the web3 database to allow for advanced intelligent contracts is a good idea. Space and Time got $20 million from a group of big-name investors led by Microsoft’s M12 fund.
Space and Time is the first fully decentralized data warehouse in the industry. Its goal is to turn central databases from vulnerable centralized entities into trustless data sources connected to smart contracts. It is aimed at both businesses and decentralized applications (dApps) that want to use its proof-of-SQL cryptography, which is still pending a patent.
Space and Time will also work with Microsoft Azure. This is interesting because it will give Azure customers a way to access, manage, and analyze blockchain-native data. Microsoft is one of many big names that work with it. AWS, Nvidia, Chainlink, and Polygon are also partners.
In a lot of fundamental ways, blockchain games are better than their Web2 counterparts. Most of the time, though, they could be more fun. But projects like Banger are beginning to change that.
In a nutshell, Banger lets people play the same AAA games they already like and earn web3 rewards at the same time. The platform, which started taking signups for its Alpha version at the end of 2022, wants to build on the success of the traditional video game industry instead of starting from scratch to make new games. In effect, it makes web2 games work like web3 games, and players can earn Banger Coins by playing different games.
Banger’s plans for early 2023 are centered on the battle royale game PUBG: Battlegrounds, but the startup will be looking to add more games to its library throughout the year.
Since its testnet launch in February 2022, more than 50,000 people have signed up to use Fluidity Money. This is because it has a blockchain incentive layer that rewards people just for using their digital assets. The spend-to-earn protocol was made to change how people think about buying, saving, and making money. It went live on mainnet last month and didn’t require any crypto-specific knowledge, so it has a good chance of becoming popular as it builds its name.
Fluidity works by wrapping users’ crypto on a 1-to-1 basis and storing the underlying token in a lending protocol, with interest going into a reward pool. The cool thing is that all on-chain transactions can get a share of this pool. Between 50 and 70% of Fluid asset transactions are considered “yield-bearing.”
From a theoretical point of view, the protocol is pretty much the perfect way for regular people to get started with crypto 2023
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