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Blockchain Tech Predictions for 2024: Interoperability, Bitcoin's Protocol, Zero-Knowledge Proofs, and More

Experts from Ripple, Coinbase, a16z, and Starknet provide insights into the future of blockchain technology, highlighting advancements in interoperability, security, privacy, and Ethereum's network upgrade.

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Overview

  • Blockchain interoperability protocols are expected to break down silos between different blockchains, enabling seamless interaction and fostering new applications, particularly in DeFi.
  • Bitcoin's protocol is predicted to remain stable, with technological innovation expected to originate from increased usage of blob data and elevated activity on secondary layer 2s.
  • The advancement of Zero-Knowledge Proofs (SNARKs) is anticipated to enable the computation of a 'cryptographic receipt' of some compute workload by an untrusted “prover”, opening up a range of use cases.
  • The emergence of account abstraction is expected to overcome the technical challenges of self-custody, potentially making seed phrases a historical practice by 2024.
  • Blockchain protocols are predicted to take security and privacy more seriously in response to the numerous hacks and fraud within the crypto space in 2023.
  • The Ethereum network is expected to implement EIP-4844 (proto-danksharding), which will reduce transaction fees and improve scalability for layer-2 chains.