The post Web3 needs to regress before we can progress in 2024 appeared on BitcoinEthereumNews.com.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. 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 haven’t 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 result—but 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,…

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Filed under: News - @ December 30, 2023 10:22 pm