Top 5 Most Expected Crypto Industry Events in 2023
General computerization, the rapid development of IT technologies, globalization, and the unrestrained growth of money markets entailed the appearance of a great number of additional institutions, financial instruments, and new forms of interaction between people in our society. The electronic money system is one such institution.
Сryptocurrencies and the blockchain industry as a whole are designed to fundamentally change the course of the economic system as we know it today and to usher in a new era of digitalization and globalization of society. In turn, the development of the crypto industry already opens up many new opportunities for the use of digital technology, and the development is already bearing fruit in the form of the emergence of a staggering number of different crypto projects in virtual reality or metaverse, medicine, education, game industry, electronic payments, cloud solutions, etc.
This article will explain why the crypto industry today is an integral part of the economic system and discuss the most anticipated events waiting for this young but promising market in 2023.
Crypto Industry as an Integral Part of the Financial System
Virtual money has grown in popularity and price rapidly, in particular Bitcoin, the rate of which, from the beginning of 2017 to the beginning of 2018, increased by almost 1000%. This has caused considerable interest among researchers to examine new types of money. The notion of cryptocurrencies and the technology that underpin them are being integrated into social and economic relations, as well as the system of everyday use at the user level as a method of delivering payment transactions, means of accumulation, and financial speculation. Besides, due to numerous crises in the modern global financial system, the urgency of introducing alternative methods and instruments to ensure its stable functioning can hardly be overestimated.
The relevance of research into the problems of the functioning of virtual money is also increasing due to the development of Internet commerce and the need for appropriate electronic money transfers. Unlike traditional types of money, which can also be a means of payment in electronic settlement systems, modern virtual money is characterized by a higher level of protection against cybercriminals. Consequently, there is a real possibility of the further spread of cryptocurrencies as a more secure payment instrument in the future. On the other hand, not everyone can clearly understand the main advantages of digital currency, the mechanism of its operation, and the prospects of the new chain system of data storage and money transfers.
The rapid development of such a complex phenomenon as cryptocurrencies has become a significant challenge for both government authorities and international organizations. Regulators are trying to find an adequate economic and legal interpretation of the phenomenon of virtual currencies and to develop regulatory measures that would not hinder innovations (digital economy projects, development of financial and technical industry) and, at the same time, prevent new threats from the global, anonymous, uninstitutionalized, and unregulated environment of cryptocurrencies circulation. Finding an answer to these challenges requires an analysis of virtual currencies’ nature and spread factors.
Top 5 Most Expected Crypto Industry Events in 2023
There is no doubt that cryptocurrencies and everything related to them play a very significant role in the global financial system today. Below we will look at the main events that are expected in the next year.
- Allbridge and NEAR Protocol Integration
Allbridge, the company that created the cross-chain bridge of the same name, announced its integration with NEAR Protocol. “We are becoming the first bridge connecting NEAR Protocol with the Terra, Solana, and Celo ecosystems,” Allbridge said in a tweet. – “This allows us to bring liquidity to NEAR from 12 different networks.” The cross-chain bridge will include Terra’s LUNA and UST tokens, Solana’s SOL cryptocurrency, and Celo Protocol’s CELO and cUSD assets. This integration allows a wide range of DeFi users to interact with NEAR Protocol’s growing ecosystem. In addition, NEAR has recently raised $150M in a round led by Three Arrows Capital.
- Development of Coinbase Travel Rule “TRUST” Technology Solution
One of the world’s most prominent crypto exchanges, Coinbase, which launched the Travel Rule Universal Solution (TRUST) technology, an industry solution designed to meet a requirement known as the Travel Rule while protecting customer security and privacy, plans to add new members as the next step in system development in 2023 so that TRUST can provide comprehensive compliance in the crypto industry. The reach of the travel rule is expanding internationally, and the TRUST solution must expand. This year, TRUST is focused on expanding into many other jurisdictions.
Basically, TRUST is a platform that allows cryptocurrency exchanges to securely send the information required by law by the Travel Rule.
- Launch of Bonanza Mine, an ASIC Accelerator for Bitcoin Mining from Intel
A few years ago, Intel announced its efforts to create XPUs, which entails diversifying their compute boards into specialized architectures. More recently, Intel formed a new Custom Compute Group within its Accelerated Computing Systems and Graphics (AXG) business unit to create custom silicon platforms optimized for customer workloads. At the 2022 IEEE International Solid-State Circuits Conference (ISSCC), the company unveiled Bonanza Mine, its first-generation ASIC blockchain gas pedal. The complete system includes 300 Bonanza Mine ASICs and is said to achieve 40 THash/s at 3,600 watts. This mining gas pedal is expected to be released in the first quarter of 2023 and will provide a new perspective on Bitcoin mining.
- Ubiquitous NFT Vending Machines Introduction
The first NFT vending machine, owned by NFT marketplace Neon, has been installed near Wall Street in New York City. Because Neon has set out to make NFTs more accessible and understandable, this vending machine does not require any cryptocurrency or cryptocurrency wallet, and users can pay with their bank card dollars. After paying, the machine gives the customer a physical card with a QR code. To receive an NFT, it must be scanned into the app. Samples of the offered NFTs from the two collections – Party Pigeons and Project Color – are painted on many walls in New York, but the prospective owner doesn’t know which token he or she will receive.
An era of empowerment is coming for those artists whose work is often undervalued, and NFT vending machines are planned for mass introduction worldwide in 2023.
- BlackRock Trading Offer Cryptocurrency
One of the biggest Investment management companies, BlackRock, the world’s largest asset manager, is preparing to offer a cryptocurrency trading service to its investor clients, according to three people familiar with the plans.
The New York-based company, which manages more than $10 trillion in corporate assets, plans to enter the cryptocurrency space with a “customer support trade and then its own credit line,” one source said. In other words, customers will be able to borrow from BlackRock by pledging crypto assets as collateral.
BlackRock will reportedly allow its customers, including public pension programs, endowment funds and sovereign wealth funds, to trade cryptocurrency through Aladdin, an integrated investment management system, as early as 2023. The timing of the service’s opening is still unclear.
While 2022 was a year where many exciting things happened in the crypto community, there is no doubt that there is a lot more to come. The development of the crypto industry is happening at a rapid pace, and it is certain that in the near future, we will discover a whole new world full of limitless possibilities for using blockchain technology in financial, social, and other spheres. The new digital age will open the door to a virtual future where blockchain technology, virtual reality, and many other widely used digital solutions will come together. No one can say how blockchain and crypto assets will evolve, but one thing is certain: they have become mainstream.