Paris, July 15: Paris Blockchain Week Summit (PBWS) has confirmed France’s position as a hub of expertise and interest in the Blockchain industry.
By analyzing the contributions of more than 355 speakers during 144 sessions, the report provides an overview of the industry and the market by its most prominent leaders.
Inspiring figures such as Changpeng Zhao, CEO of Binance; Brad Garlinghouse, Founder of Ripple; Sam Bank Fried, CEO of FTX and founders of French unicorns such as Sébastien Borget, Co-founder of Sandbox, shared their vision of the meaningful shifts happening in crypto in 2022.
“This latest edition of the PBWS has confirmed France’s position as a hub of expertise and interest for the Blockchain industry,” Michael Amar, Co-Founder of PBWS said.
The first trend reveals that crypto-currency marketplaces are among the fastest-growing profitable companies in the world.
Binance, for example, is the fastest-growing startup in history generating one billion in profits.
As they grow, these platforms are starting to incorporate financial services closer to those of banks, such as providing payment solutions or loans.
The second trend involves the rise of DAOs (Decentralized Autonomous Organizations) as a new decentralized management method for launching and growing projects.
Still, in a very early experimental stage, DAOs already have more than 500,000 participants, according to Ryan Selkis, CEO of Messari.
The third analyzes the burning issue of regulation and its means.
The main challenge is to build a framework that takes into account the reality of use cases, preserving the capacity for innovation and decentralization.
Caroline Malcolm, in charge of public policies at Chain Analysis, reminded us that only 0.15 per cent of transactions using blockchains could be attributed to illicit activities.
Scams and hacks of users and web protocols are a much more sensitive topic, as 9.92 billion have been lost in 2021 due to attacks.
Another meaningful learning is about the development of crypto payments.
It is still the most prominent and accessible use case for new users.
The potential is mainly on the side of merchants who could save some costs by making payments via stablecoins, especially in countries with weak financial infrastructure. CBDCs (Central Bank Digital Currencies) could also have a systemic effect, lowering counterparty risks and reinsuring the market by guaranteeing solvency.
The fifth finding regards the close relationship between centralized finance (CeFi) and decentralized finance (DeFi).
As a result, users are increasingly interested in gaining exposure to decentralized finance and its yields but still rely on centralized applications to provide a more fluid and reassuring experience.
The sixth trend involves the vision of a Cross-Chain future that will connect the various crypto ecosystems. While the concept is clear, the means to get there differ.
For example, we see that crypto bridges that replicate a wrapped asset on another blockchain are the targets of massive hacks that reveal the fragility of this path.
NFTs’ utility has also been widely discussed.
Stakeholders tend to agree that NFTs have become a financing tool for the creative industries by adding a social and community layer.
The hope is that this capital inflow could help foster a new funding source for the most disruptive artistic projects.
The NFT market in the first quarter of 2022 was estimated at $7.6 billion.
“NFTs merge multiple use cases. For example, it has become a form of venture capital with investors funding a project and a vision.
However, this is combined with clever social signalling features mixed with a new type of digital culture,” Aristide Bui, Co-founder of CRVE said.
Finally, the last insight is about video games and blockchain applications for gamers.
It is clear that the economic aspects have sometimes taken over the pleasure of the game and the quality of the gameplay, creating precarious Ponzi pyramids.
Therefore, the arrival of major game publishers with the means to develop more complex and better-staged worlds is eagerly awaited.
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