Currently, the crypto market is bullish. Investors are happy about the possible outcomes of projects they invest in.
In this Binance research, you will discover the most important trends of the crypto industry in 2024.
Binance Insights: An In-Depth Look at the Cryptocurrency Market
The crypto ecosystem is vast. Let’s explore different aspects of crypto and their key leaders.
In our latest #Binance Research report, we provide an overview of the crypto industry by highlighting projects across multiple sectors.
We spotlight themes from DePIN, Artificial Intelligence, Restaking and others in this report.
Check it out 🔽https://t.co/26WxKIP7FV
— Binance Research (@BinanceResearch) March 21, 2024
Infrastructure
From this research, we found five key areas of innovation:
- Scalability and Fairness.
- Data usability and Tooling.
- Security and privacy.
- Cloud computing.
- Connectivity.
Scalability and Fairness
Layer-1 (L1) blockchains are in use as more people board into the crypto space. There is a need to increase transaction speed and fairness in the distribution of rewards by using efficient methods. Some protocols exist to handle this.
Zero Knowledge (Zk) rollups
Zk rollups bundle transactions off-chain and confirm transactions with zero-knowledge proof. Examples are ZkSync, Scroll, and Linea.
Optimistic rollups
Optimistic rollups work based on assumptions that transactions are valid. Arbitrum, Base, and Blast are in this category. There’s more to it.
To validate transactions, some validators benefit by manipulating the inclusion or order of transactions within the Blockchain. Now, that’s a whole lot. But here’s the icebreaker. MEV solution prevents it and stops validators from acting by using Flashbots, Skip protocol, and Jito Lab.
For the second area of innovation, we have Data usability and Tooling.
Data usability and Tooling
For developers working with blockchain networks, data usability, and tools are essential to their work description. Currently, it isn’t easy to access and use blockchain data. The only way forward is by improving data query, indexing services, and smart contract automation.
There are tools for data query. They are Remote Procedure Call (RPC) Providers. RPC provider reduces the hassle of getting blockchain data through traditional means. With RPC node providers, you can interact with blockchains and carry out any blockchain activity. Such tools include Alchemy, Infura, and Getblock.
Based on Data Indexing, we have The Graph, 0xScope, and Covalent.
Finally, based on Smart contract automation, we have the Gelato network and OpenZeppelin.
As we head into a new week, let’s recap the last few days. The Weekly Market Highlights is an initiative from the #Binance Research team to round up the week, summarizing key market events and views from the team.
Let's get the ball rolling 🧵👇
— Binance Research (@BinanceResearch) March 17, 2024
Security and Privacy
Recently, there have been so many reports of wallet hacks. There are specific tools and safer wallets for your usage as a crypto enthusiast.
For privacy solutions, we have some protocols that add to the security of a blockchain network. they include ImmuneFi and Revoke Cash, Forta.
For a safer wallet, specific crypto wallets need two or more private keys for transactions, posing to be much more secure than your regular wallets. They include Safe, Msafe, and Squads.
Do you know that some projects have your privacy as their primary concern? Anoma, Automata, and Hopr operate at that angle. They ensure your private information is safe.
Cloud Computing
We have sub-sectors like Cloud computing, Content Delivery Networks (CDN), and File storage.
For Cloud computing, we have tools like 4EVERLAND, Flux, and Render Network.
Content Delivery Network (CDN) has protocols like Meson Network, Media Network, Theta Network, and Fleek.
Finally, for File storage, there is Filecoin, Ethereum Swarm, Sia, Storj, and BNB Greenfield.
17/ Interested to learn more? Be sure to check out the #Binance Research website for more project and macro research reports.https://t.co/vQLhZNceOq
— Binance Research (@BinanceResearch) March 17, 2024
Connectivity
The connectivity between Layer-1 (L1) blockchains is not fully developed. They struggle to work together. The introduction of a cross-chain solution will improve user interaction with different blockchains. We have Cross-Chain Bridges, Oracles, and Wireless networks.
For the cross-chain bridge, we have Portal, Synapse, and Celer cBridge.
Oracles, we have Chainlink and Nest Oracle.
For Wireless Networks, we have Helium, Pollen, and Karrier One.
The next aspect of the crypto ecosystem that we would look into is DeFi.
Continue reading the second part.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
