Three Emerging Trends from the 2022 Paris Blockchain Summit
Web3 enthusiasts converged on the City of Lights at this year’s Paris Blockchain Summit. Hackathons, launch parties and NFT art exhibits are just a few of the many events being hosted. With over seventy sponsors and hundreds of speakers, the summit is showcasing blockchain’s market adaptation in open finance, public policy and general enterprise. As trends continue to emerge out of blockchain technology, the Paris rendezvous is showing three major trend outliers that portend for future applications of blockchain.
Mass adoption of dApps
On Monday, TONcoin.fund formally launched their $250M crypto fund dedicated to supporting the development of dApps (decentralized apps). Dapps run on decentralized, peer-to-peer networks, in stark contrast to most current apps which run on centralized servers. The Open Network (TON) boasts a powerful, environmentally friendly platform able to onboard at least six hundred million users. With its user-friendly apps and quick transaction speeds, TON is fast becoming a trend forerunner for decentralization en masse.
Continuous integration
Nomadic Labs held an event to promote their efforts toward improving the Tezos blockchain. Tezos’ open-source blockchain is groundbreaking because it “incorporates a self-amending governance system”. Since a blockchain is decentralized, consensus from all nodes (software segments of the entire program) is required to make holistic changes to the code. Tezos is able to verify the durability of a software’s code as the software is being developed. Nomadic Labs’ research team of 50 academic and industrial professionals submit various proposals to Tezos to bolster its protocols, codebase and digital wallet. Self-governance is a huge step forward toward market-level integration of blockchain technologies.
The “trust network”
KILT Protocol showcased their credentialed-trust platform at their keynote. KILT’s goal is to instill trust into Web3––a resource that is severely lacking in Web2. Their blockchain verifies the identification of a given entity, such as an individual, by publishing the content of the individual’s claim amongst a network of verifiers. Any data the individual wants to publish for verification is entirely up to the individual. Moreover, KILT’s white paper explains that “a Trust Market for the Attesters of such claims…allows trusted entities to attach prices to their valuable attestation work and get paid.” The Trust Market model is cutting-edge for its flexible ability to financially reward truthful claims.
The Paris Blockchain Summit is highlighting how decentralization is breaking all kinds of molds. These trends, and others, are leading the way for numerous radical changes and laying the foundation of Web3. Decentralized apps, self-governing consensus and sovereign identity are shattering the limitations of Web2, meeting and exceeding demand and stocking the future with new and innovative solutions.
