Major crypto developments and advances in blockchain technology / platforms since 2018 include:
- Decentralized Finance (DeFi) Boom:
- DeFi platforms like Uniswap, Compound, and Aave have revolutionized financial services by enabling decentralized lending, borrowing, and trading without intermediaries.
- The total value locked (TVL) in DeFi protocols has surged from a few million dollars to over $100 billion.
- Non-Fungible Tokens (NFTs):
- NFTs have gained immense popularity, representing ownership of unique digital assets like art, music, and virtual real estate.
- High-profile sales, such as Beeple’s “Everydays: The First 5000 Days” selling for $69 million, have brought mainstream attention to NFTs.
- Ethereum 2.0:
- Ethereum is transitioning from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism to improve scalability, security, and energy efficiency.
- The Beacon Chain, a core component of Ethereum 2.0, was launched in December 2020.
- Institutional Adoption:
- Major financial institutions and corporations, including Tesla, MicroStrategy, and Square, have invested substantial cash reserves into Bitcoin and other major cryptocurrencies.
- Fidelity, Goldman Sachs, and other traditional financial players have launched crypto-related services and investment products.
- Central Bank Digital Currencies (CBDCs):
- Numerous central banks are exploring or piloting their own digital currencies, with China’s Digital Yuan being one of the most advanced projects.
- CBDCs aim to modernize the financial system and provide more efficient payment methods.
- Regulatory Developments:
- Governments worldwide are increasingly focusing on regulating the crypto space to prevent fraud, money laundering, and ensure consumer protection.
- The U.S. SEC has been active in clarifying the regulatory status of cryptocurrencies and pursuing enforcement actions.
- Bitcoin’s Price Surge:
- Bitcoin’s price has experienced significant volatility but reached new all-time highs, surpassing $60,000 in 2021 and fluctuating around that level since.
- The total market capitalization of Bitcoin and the overall crypto market has grown substantially, from ____ in 2018 to more than ___ as of July 2024.
- Layer 2 Scaling Solutions:
- To address scalability issues, Layer 2 solutions like the Lightning Network for Bitcoin and Optimistic Rollups for Ethereum have been developed.
- These solutions aim to reduce transaction fees and increase throughput on blockchain networks.
- Interoperability Protocols:
- Projects like Polkadot, Cosmos, and Chainlink are working to enable interoperability between different blockchains, allowing them to communicate and share data seamlessly.
- This development is crucial for creating a more connected and functional blockchain ecosystem.
- Environmental Concerns and Green Initiatives:
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- The environmental impact of crypto mining, especially Bitcoin, has led to increased scrutiny and calls for more sustainable practices.
- Some projects are focusing on eco-friendly consensus mechanisms and carbon offset initiatives to address these concerns.
These points capture the major trends and advancements in the crypto and blockchain space since 2018, reflecting the rapid evolution and growing influence of this technology.
engine: ChatGPT 4o
prompt: “give me ten key bullet points to bring me up to speed on the major developments / advances in crypto and blockchain since 2018”
post: bold and text coloring added by YT; minor human text edits / additions