Gnosis co-founder Dr. Friederike Ernst shares insights on Web3 Trends for 2024, particularly noting the anticipated integration of cryptocurrency into everyday scenarios.

As we approach 2024, the trajectory of Web3 The onset of 2024 appears to be a pivotal time for transformation. Several significant trends are anticipated to influence our understanding and engagement with digital landscapes.

As experts and analysts gear up to explore the trends set to shape Web3 in 2024, Dr. Ernst articulated her thoughts in an exclusive conversation with Metaverse Post, elaborating on the imminent shifts expected in the Web3 environment next year. Dr. Friederike Ernst , co-founder of Gnosis and Gnosis Pay Dr. Ernst's insights center on three essential themes: the pressing need for better user experiences, the anticipated decline of the 12-word seed phrase, and the gradual integration of real-world considerations into the crypto space.

Critical User Experience (UX) Factors for the Worldwide Adoption of Blockchain Platforms in 2024. crypto payments .

Dr. Ernst emphasized the need for the Web3 ecosystem to tackle incoming hurdles, asserting that 2024 may become a defining year. She pinpointed UX as a primary concern that needs urgent attention.

In her view, ‘2024 will mark the shift where Web3 solutions start catering not just to early users and crypto enthusiasts, but also to newcomers. This transition is already noticeable with new products and applications that better resonate with the general public,’ stated Dr. Friederike Ernst to Metaverse Post. ‘User experience is definitely the most pressing issue we need to focus on. For Ethereum and equally neutral blockchains to step up as universal settlement platforms, substantial progress is essential in making the applications running on these networks more accessible and practical for a wider audience.’ user experience She argued that for Ethereum and similar decentralized platforms to truly establish themselves as global settlement solutions, there must be a significant transition toward providing user-friendly experiences. Ethereum , to prioritize usability.

‘Creating a more straightforward and welcoming interface for both novice and experienced users is crucial for Ethereum to solidify its position as a global settlement layer, based on the principle of practical usability for a broad audience. Therefore, the responsibility lies with Ethereum, and particularly those involved in development, to simplify and enhance the user experience,’ she added.

Overcoming Blockchain Tribalism Will Be an Industry Challenge.

Addressing the need for a shift away from tribalism, Dr. Ernst pointed out the existing confusion about which blockchain is best suited for various business scenarios, emphasizing the industry's duty to aid in making informed decisions. She argued that decentralization and open innovation should steer the sector, pushing for a more collaborative and inclusive environment in the upcoming year.

‘Breaking free from blockchain tribalism will pose a challenge for many. Much of the tribalism we’ve observed in the blockchain community stems from a sense of pride in what individuals have created and the teams they've collaborated with,’ she elaborated. ‘Part of the reason for this tribalism is the belief in the existence of ‘one chain to dominate them all.’ However, as we look toward 2024, it has become clear that this is not the direction our industry is heading. Consequently, many projects struggle to identify the future paths that will maximize their impact.’

Dr. Ernst advocates for moving past tribalism in decision-making processes within the blockchain community, encouraging a collective approach to conduct thorough cost/benefit analyses across varied networks. She believes this will empower organizations and firms to tailor their decisions to meet their distinct business requirements. blockchain ‘Different blockchains come with varying validator sets (for instance, Ethereum has around 600,000 validators while Gnosis Chain has 170,000). As blockchain applications gain more traction, understanding the nuances of decentralization and conducting careful price/benefit evaluations becomes essential in ensuring you choose the most suitable technology stack. The industry must enhance its support to assist projects in navigating these choices,’ Dr. Friederike Ernst highlighted to Metaverse Post.

Account Abstraction Is Set to Revolutionize DeFi.

Dr. Ernst underscored the rise of account abstraction as a transformative factor capable of resolving the technical hurdles faced in self-custody solutions. She indicated that this approach can address UX challenges and simplify self-custody technical issues in 2024, allowing for improved onboarding, gas fees management, and batch transactions. projects ‘By streamlining the technical complexities of certain operations for the end user and automating them in the background, the decentralized finance experience can become significantly smoother and more approachable. Account abstraction can facilitate easy onboarding, simplified account recovery, gas fee management, batch transactions, and much more,’ asserted Dr. Friederike Ernst.

She acknowledged that with emerging technologies, early adopters often gravitate towards technical customizations, enjoying the freedoms their understanding of the underlying technology affords them.

Nevertheless, as technology continues to evolve, this technical specificity becomes less common, with many new users entering the space drawn by the emerging ability to leverage the benefits of these innovations, as more intricate decisions are abstracted away from their views.

‘Account abstraction resolves multiple UX barriers simultaneously. It stands to be groundbreaking in tackling these user experience issues and in addressing the technical challenges related to self-custody,’ she noted. account recovery Dr. Ernst anticipates that 2024 will signal the end of the era dominated by the 12-word seed phrase, asserting that this once-essential security measure has become outdated. She believes the move towards account abstraction will herald a new phase for blockchain technology, paving the way for inclusivity principles that have always been central to the industry's mission.

‘The conventional use of 12-word seed phrases for securing cryptocurrency wallets has, for many, become a relic of the past. Given the advancements blockchain technology has brought to privacy and security, it’s almost ironic to consider that amidst such sophistication, crypto holders are still cautioned with, ‘these are your 12 words, NEVER lose them and ensure NO ONE ever sees them.’ We require solutions that simplify onboarding and offer various custodial and recovery options (including social recovery, institutional recovery, and partial recovery),’ Dr. Friederike Ernst explained.

The Fusion of Traditional and Cryptocurrency Payment Systems.

Dr. Ernst envisions that the merging of conventional and cryptocurrency payment systems will be one of the standout trends in 2024. She anticipates a fluid integration that would enhance the practicality and user-friendliness of cryptocurrencies in day-to-day applications. customization ‘As cryptocurrency gains traction and acceptance while traditional financial institutions look towards blockchain and crypto for enhanced security and innovation, it becomes evident that the next logical step is the unification of conventional and crypto payment pathways,’ she stated.

Reflecting on the significant breakthroughs made in 2023, particularly those aimed at connecting both on-chain and off-chain transactions, Dr. Ernst highlighted the transformative potential these advancements bring.

End of the 12-Word Seed Phrase

‘Navigating on- and off-ramping has been among the most significant challenges in the past. The complexities associated with transitioning between crypto and fiat currency, and vice versa, have limited the practicality of holding cryptocurrency as well as the broader application of on-chain financial assets, almost all of which exist off-chain.’ finance The Future of Blockchain and Payment Systems in 2024 and Beyond

Dr. Ernst shared her visions for the future technologies that will emerge in 2024, highlighting privacy solutions, enhanced interoperability, and on-chain platforms. She believes these innovations will shape the future landscape of blockchain and technology.

‘Key themes for the upcoming year will undoubtedly include privacy technologies, advanced interoperability, and AI-driven agents on-chain. Privacy is crucial for numerous applications aspiring to reach mainstream adoption, and Zero-Knowledge (ZK) tech will play a vital role in enforcing rules without compromising sensitive information,’ remarked Dr. Friederike Ernst during her conversation with Metaverse Post. ‘The introduction of AI agents on-chain will be revolutionary in 2024. Endowing AI agents with some level of economic independence could unleash immense potential for automation and efficiency, as blockchains offer an ideal platform for machine-to-machine transactions.’

Looking into 2024, Dr. Ernst stressed the urgency of developing connections between traditional financial infrastructures and Web3 payment systems, highlighting Gnosis Pay as a prime example of this approach. She champions the concept of permissionless innovation and experimentation as essential to conquering the intricate challenges faced by the industry in 2024 and beyond. transactions .

Dr. Friederike Ernst, co-founder of Gnosis, has shared her insights regarding the future of Web3 in an engaging discussion with Metaverse Post. She has outlined six key trends that she believes will shape the industry in 2024, including a pivotal move toward real-world cryptocurrency integration.

In a revealing chat with Metaverse Post, Dr. Ernst, who played a crucial role in founding Gnosis and Gnosis Pay, shared her top six forecasts regarding the Web3 sector as we approach 2024. Proof of Concepts According to Dr. Friederike Ernst, who is a key figure in Gnosis, the predictions for 2024 revolve around significant transformations in the Web3 space, particularly with respect to real-world applications of cryptocurrency.

As we look forward to 2024, Dr. Friederike Ernst, one of the visionary minds behind Gnosis, foresees a significant integration of cryptocurrency into everyday life, according to her latest predictions for the Web3 landscape.

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uk uz This article was published on December 22, 2023, at 10:56 AM, with updates provided on May 27, 2024, at 9:41 AM. uz To enhance user experience in different languages, we sometimes utilize an automated translation feature. However, please be aware that the translation might not always be precise, so we recommend caution when reading.

During her recent interview with Metaverse Post, Dr. Freiderike Ernst, who co-founded Gnosis and Gnosis Pay, elaborated on her six main predictions that could redefine the Web3 sector in the upcoming year.

The coming year is set to revolutionize the Web3 arena, with several trends expected to take center stage and transform how we engage with digital ecosystems. vi Industry experts and analysts are eagerly looking forward to the trends that will unfold in Web3 during 2024, and Dr. Ernst provided her insights through her recent conversation with Metaverse Post regarding the transformative trends expected to emerge.

Dr. Ernst identifies several crucial areas for development, emphasizing the need for improved user experiences, the phasing out of the traditional 12-word seed phrase, and the increasing merger of real-world and digital currencies.

User experience (UX) is essential for gaining global acceptance of blockchain platforms in the year ahead, according to Dr. Ernst.

Acknowledging the significant hurdles the Web3 ecosystem faces, Dr. Ernst posits that 2024 could be a crucial year. She has singled out user experience as a primary hurdle that must be overcome.

Dr. Ernst believes that 2024 could mark a transformative year in which Web3 technologies evolve beyond being exclusive to initial users and crypto enthusiasts, instead catering to a broader audience. She noted, 'UX poses the most significant challenge. For Ethereum, or any truly decentralised blockchain, to serve as the global settlement layer, we must enhance the usability and functionality of applications across these networks to connect with a wider range of users.'

She asserts that for Ethereum and similar neutral blockchains to succeed as the global layer for settlements, they must shift focus towards crafting much more user-friendly experiences. vi .