The impact of blockchain on technology and society can not be overstated. Since entering the picture following the discovery of Bitcoin in 2009, the blockchain has influenced many industries, even as it’s become a vital institutional technology itself. Blockchain technology has disrupted institutions and traditional social systems across the globe, creating new economies and incentives that have filled gaps left unattended by conventional institutions. 

Drew Pascarella, a senior lecturer of Finance at Cornell University opined that “Blockchain has the potential to be quite disruptive and make the way people work fundamentally more transparent and collaborative in the future.” This opinion is a general consensus across the industry. 

The global blockchain technology market was valued at $17.57 billion in 2023. This figure has grown to $27.84 billion in 2024 and is poised to reach $825.93 billion by 2032. The CAGR in this forecast period is 52.8%. Figures like these show how far blockchain technology has come, an evolution that we’ll be discussing in this article. Some diverse applications of this disruptive technology include Layer-1s, Layer-2s, and Real-World Assets (RWAs) and these are what we will be focusing on — highlighting the growth through some key projects. 

Understanding Blockchain Technology

The blockchain is a decentralized ledger technology that records transactions across multiple nodes (re: computers) within a business network. Before the advent of the blockchain, transactions, and record-keeping in industries suffered from vulnerabilities like fraud and cyber-attacks. A limited level of transparency also affected the operations and bottom lines of businesses in different sectors. All these have since been drastically reduced or eradicated with the introduction of blockchain technology. Now there’s greater trust, improved security, and efficiency with faster transaction speeds becoming the norm.

Layer-1 Solutions

Layer-1 blockchains like Bitcoin and Ethereum provide the core infrastructure for the blockchain. These chains provide network security and process transactions with Bitcoin processing up to 7 transactions per second (TPS), while Ethereum processes around 15 TPS. Traditional payment systems on their part depend on banks and payment processors to facilitate transactions. Settlements for these transactions often take 1-3 business days to reflect depending on the banking institution and the type of transfer.

Layer-1’s are becoming increasingly important for cross-chain transactions. The need for communication and data sharing with other networks has seen the rise of interoperable platforms like Aptos and MANTRA Chain. 

Aptos is a layer-1 community-driven network governed by the people who build on it. It leverages the novel Move programming language and a parallel execution engine to improve the throughput of transactions significantly. The blockchain processes approximately 160,000 TPS, validating them in under one second.

MANTRA Chain is a purpose-built layer-1 blockchain ecosystem that integrates RWAs into the blockchain space. According to Boston Consulting Group (BCG) research, the tokenized asset market will reach $16 trillion by 2030 (10% of the global GDP). Another study by Binance shows that the market value of tokenized RWAs has surged past $12 billion. This is proof that RWAs are quickly becoming a huge market with the MANTRA blockchain at the forefront of this niche offering an innovative solution: a permissionless environment where permissioned applications can flourish. This bridges the gap between traditional finance (TradFi) and decentralized systems.

Scaling Solutions With Layer-2

The blockchain trilemma is a term coined by Ethereum co-founder Vitalik Buterin, and it refers to the challenge of achieving three critical aspects of blockchain technology: decentralization, security, and scalability. The first pillar, security, is vital because only robust defenses can prevent and withstand malicious attacks. The peak of scalability is having blockchains accommodate an increased number of transactions and users, without a substantial increase in fees or slower transaction times. As highlighted in this article, decentralization is an essential feature of blockchain technology as control over a network is evenly distributed among participants, ensuring fairness and transparency.

Layer-2 solutions are solving this trilemma, and a great example of this is Metis. Metis is an Ethereum layer-2 Rollup platform that offers simple and fast smart contract deployment within the network. Metis provides solutions to some of the big challenges present on the Ethereum network, including transaction speed, cost, and scalability. This layer 2 is also the first Optimistic Rollup that has achieved sequencer decentralization, eliminating single points of failure and properly aligning incentives between all network participants.

Privacy and Censorship Resistance

The need for privacy and censorship resistance has seen the rise of privacy-preserving cryptocurrencies like TOMI. TOMI is the native token of tomiNET, a parallel worldwide web designed as an alternative to the government-controlled and censored web. It is targeted at users in locations where their access to open information is limited, or where businesses cannot ensure their domain-based property rights on the existing Web2 infrastructure. TOMI combines the best Web2 and Web3 technologies for a privacy-preserving, self-governing internet. 

The need for blockchain interoperability

There are currently over 55 blockchains, and these networks communicate with each other, sending and receiving data and tokens are important, especially in today’s blockchain landscape. This is blockchain interoperability. Emerging blockchains with unique features and use cases must be able to communicate and share data. This allows for seamless collaboration between different networks, thereby improving the overall utility and efficiency of blockchain technology. 

While most layer-1 blockchains don’t inherently support cross-chain interoperability, Aptos champions building a flexible and adaptable infrastructure, allowing for potentially easier integrations with cross-chain protocols. Because MANTRA is a blockchain designed for RWAs, it likely focuses on the interoperability between TradFi systems and blockchain networks. As an Ethereum layer-2 solution, Metis inherently offers interoperability with the Ethereum ecosystem. And even though tomiNet’s main focus is creating a censorship-resistant internet, it will likely adopt interoperability features that ensure seamless communication between its network and the existing Web2 infrastructure. 

Conclusion

The blockchain industry continues to grow, and the technology is marked by innovative projects like the ones mentioned in this article. These platforms offer unique solutions to the challenges of scalability, security, and decentralization on the blockchain, as they shape a more inclusive and digital ecosystem.

In the past few years, there has been a significant increase in the global adoption of crypto, particularly as this distinct asset class has increasingly become part of traditional finance (Trad-fi) systems today. Research indicates that by 2024, an astonishing 6.8% of the world’s population – approximately 560 million people own cryptocurrencies.

Narrowing down on the western hemisphere, the United States has continued to be a frontrunner in this ongoing digital race, with a remarkable 40% of American adults now holding some cryptocurrency or the other (up from 30% in 2023). Not only that, the ownership demographic landscape is also evolving rapidly, with women’s ownership rates surging from 18% in 2023 to 29% in early 2024. 

Number of verified crypto users between 2016 – 2023 (source: Techreport)

Globally, too, a growing number of countries are embracing cryptocurrencies at varying levels. India, for instance, currently lays claim to more than 93.5 million crypto users, while Vietnam boasts of an impressive ownership rate of 21.19% (followed closely by the U.S. at 15.56%).

Lastly, viewing this from an external perspective this growth is attributed to the resilience in the cryptocurrency market. After a challenging 2022, the market has progressed well all through 2023-2024, propelled by the introduction of various Bitcoin ETFs and improvement in crypto regulatory clarity.

Global BTC ownership rates (source: Crypto.com)

Cultivating trust and accessibility

With the crypto realm having matured greatly in recent years, many companies are now making use of innovative strategies to attract new users while retaining their existing clientele. At the forefront of these efforts stands user education. In recent years, firms like Coinbase and KuCoin have all started offering comprehensive tutorials and webinars to demystify the world of digital assets for potential investors.

Similarly, regulatory compliance is another domain that has been seen by many as a cornerstone of trust-building and user acquisition. To this end, entities like Binance have adapted their operations to align with local regulations. The exchange’s recent registration with India’s Financial Intelligence Unit (FIU), exemplifies this ideal.

Moreover, platforms like Crypto.com offer reward programs where users earn cashback in crypto for transactions made using their cards, incentivizing spending and encouraging users to remain engaged with the platform.

Apart from such traditional efforts, companies like VALR, Africa’s largest cryptocurrency exchange, have recently taken user engagement to a completely new level. The exchange’s innovative “Global Treasure Hunt” competition, for example, has been designed to be a four-month extravaganza — offering both new and existing users the chance to earn ‘Mystery Boxes’ containing a share of $80,000 worth of cryptocurrency rewards.

The competition’s structure is designed to encourage active participation and platform exploration. Users begin by selecting a region of their choice, each themed around different global landmarks (from Tokyo to Angkor Wat). Such a unique gamification element adds an exciting layer of adventure to the crypto experience.

The future is crypto. Here’s why

Examining data found on the internet, it is evident that various signals point towards a significant increase in cryptocurrency usage in the next few years. This trend is likely to be further driven by the changing financial trends and regulatory environments which are currently being established. Likewise, there is a growing political backing for cryptocurrencies, especially among younger voters who are pushing for digital assets.

Furthermore, the US Securities and Exchange Commission (SEC) approving multiple Bitcoin ETFs has become a major factor attracting possible new investors. Around 21% of non-owners have stated that these approvals have increased their inclination to invest in cryptocurrencies.

In the US specifically, this may mean about 29 million new users entering the crypto industry, leading to a significant change in the landscape.

Focused on what lies ahead, the cryptocurrency market is on the verge of a new era, largely propelled by the previously mentioned engagement tactics. Hence, with digital assets gaining more acceptance from individuals and institutions, we can anticipate an increase in innovation, expansion, and collaboration in both traditional finance and cryptocurrency sectors. Exciting times are coming!!

As 2024 crosses to its last quarter, a potential major bull run is highly expected by the cryptocurrency community. Investors are actively looking for cryptos that are promising high returns. Solana (SOL), Rexas Finance (RXS), and Dogecoin (DOGE), stand out as potential lucrative investments. Each of these tokens has unique qualities and positions in the market that make them worth considering. So, why are these altcoins poised to explode soon? Let’s dive into details

1. Dogecoin (DOGE): The Resilient Meme Coin

As the first meme coin Dogecoin has grown to be the leading sought-after cryptocurrency in the global market. Its community-driven approach and strong social media presence is the basis of its resilience within the volatile market.

Current Market Performance of DOGE

Dogecoin is currently trading at $0.1237, with a market cap of $18.1 billion. Although, it experienced fluctuations recently, DOGE has increased in value by 16.85%, 23.04%, and 103.33%, over the past week, month and year, respectively. With a surge of 47.87% in its 24-hour trading volume reaching $1.48 billion, the leading memecoin is experiencing heightened trading activity in the market.

Why DOGE is Set for a Bull Run?

• Community support: The enthusiastic support and engagement from the Dogecoin community have the potential to boost demand and increase prices.
• Increased usage: Well-known companies are now starting to embrace Dogecoin for payments, expanding its usefulness beyond mere speculation.
• Market sentiment*: When Bitcoin is on the rise, it is common for other altcoins, such as Dogecoin, to also experience growth due to the surge in investor activity.

2. Rexas Finance (RXS): The Innovator in RWA Tokenization

Rexas Finance is gaining momentum in the cryptocurrency industry by concentrating on tokenizing real-world assets (RWA). This new method enables investors to acquire partial ownership of physical assets like property and goods using blockchain technology.

Current Market Performance

Rexas Finance has achieved impressive success during its first two stages of presale, quickly gathering over $1 million** and catching the eye of major investors. The current initial offering price for RXS tokens is established at **$0.05**, with forecasts indicating a trading debut price of approximately $0.20. This has the potential to provide early investors with returns of up to 400%.

Reasons for the Increasing Popularity of RXS

• Distinctive value proposition: Through the tokenization of tangible assets, Rexas Finance provides access to investment options that were previously out of reach for a lot of investors.
• Impressive presale results: The platform’s quick fundraising achievements show strong interest from both institutional and retail investors.
• Prospects for future growth: With intentions to broaden its services and improve its platform capabilities, Rexas Finance is poised for growth as an increasing number of investors look for alternative investment approaches.

With the changing market landscape, Texas Finance emerges as an innovative crypto presale project poised for significant growth during the upcoming bullish phase.

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3. Solana (SOL): The High-Performance Blockchain

Solana has become a top choice for decentralized applications (dApps) and smart contracts because of its fast processing speed and affordable transaction fees. Despite encountering obstacles in the previous year, Solana’s foundational technology remains attractive to both developers and users.

Current Market Performance

Valued at approximately $157.34, Solana has displayed strength with a market capitalization surpassing $73.76 billion . In the last seven days, SOL’s value has increased by around 6.78% showing positive momentum as investor trust strengthens.

Why SOL Could Explode in 2024

• Diverse Environment: Solana’s ecosystem comprises a broad array of decentralized applications in different areas such as finance, gaming, and NFTs. The variety contributes to its ability to bounce back and expand.
• Handling Increased User Demand: Solana’s continuous enhancements in network scalability and performance make it capable of managing higher user demand in times of market growth.
• Institutional Interest: With investors seeking alternative options to Ethereum, Solana’s distinct advantages stand out as an appealing choice.

Due to its solid foundations and growing ecosystem, Solana is expected to experience substantial gains during the upcoming bullish market.

Conclusion

As we progress with 2024, the cryptocurrency market shows signs of renewed optimism. Investing in altcoins like Dogecoin, Rexas Finance, and Solana could provide significant opportunities for growth as they each bring unique strengths to the table. With careful planning and strategic investments, participating in the upcoming bull run could yield impressive returns.