Messari annual report-2022

summary
Web1 To Web2 To Web3 The evolution of is described as from “ Read only to write read , Then to write 、 read 、 Have ”

Traditional institutions will only help the older generation who have accumulated a lot of assets to continue “ Make rich ”, These emerging investment methods have the opportunity to subvert those traditional investments

“Web3 “ It's all inclusive , It covers cryptocurrency （ Digital gold and stable currency ）、 Intelligent contract （L1&L2）, Decentralized hardware infrastructure （ video 、 Storage 、 Sensors, etc ）, Heterogeneous token NFT（ Digitization ID And property rights ）,DeFi（ Exchange and mortgage web3 Financial services for assets ）,Metaverse（ Meta universe , Create digital land in a game like environment ）, And community governance (DAO, Decentralized autonomous organization ）.

Three areas are particularly underdeveloped ：NFT infrastructure 、DAO Related construction and cross chain bridge （ Scaling and interoperability solutions ）.

There is still a lack of reliable and universal NFT infrastructure .NFT trading platform 、 Financialization primitive 、 Developer tools , Community oriented business model , And decentralized identity management / Credit management systems are still in their infancy .2022 Will be one of the hottest investments .

Community members are indifferent to the vote on community governance , And the time for community investment processing is too long .2022 The year will be DAO The year of development and construction .

Ethereum has reached its capacity limit this year , Therefore, other public chains began to undertake the market value that Ethereum could not accept . But all the public chains （ Plus... On Ethereum L2） All need to communicate with each other , So the pain point of the cryptocurrency world today may be the lack of cross chain bridges .

Cryptocurrency investment scale is very large , There are about 75% The capital is concentrated in infrastructure and centralized exchanges .

Where is the upper limit of the encryption market ？

The next goal of bitcoin will be to benchmark the market value of gold, i.e 50w The knife , Bitcoin may still have 10 Multiple investment opportunities .

ETH It is difficult to surpass in this cycle BTC. Ethereum is facing the problem of capacity expansion , Also because of the fierce competition in the public chain , Moreover, the market tends to build a multi chain parallel ecosystem in the future .

Solana Other public chains It is competing for the No. 1 market value of encryption market 3 The location of . Market competition has two points , Business development （ Application creation and deployment ） And ecological drainage （ Whether developers can be attracted to build projects on non Ethereum blockchain ）

DeFi Our long-term expectations are excellent , There's still a lot of room to rise . If you believe that the cryptocurrency market will replace the traditional centralized institutions , It may give you a pretty good risk return opportunity

NFT Non forgeable and illiquid , So it's hard to NFTs Of “ Market value “ Make any kind of summary . The development prospect is quite good

The bear market is long The price of the currency may fall lower than you think , The bear market will be longer than you think

Imitation disk and wind direction Whether it's a project or a meme , There are many imitation discs , Funds are also flowing between these hot imitation plates . A certain event suddenly became popular and took the lead in the track , Then the next similar hot project may appear soon

If you are still skeptical about cryptocurrency , It's no big deal . Just don't be openly hostile and closed to its potential .

From a regulatory perspective , Investors are more comfortable with digital gold than ever .

Bitcoin is still the institutional shift to anti inflation 、 The best liquidity bet for value storage assets .

Bitcoin's dominance has changed from 71% Slide down to 42%. It's not good . but ETH The dominant position of smart contract platform has also changed from 80% Slide down to 60%, And maybe to it in 2022 The new second floor listed at the beginning of the year rollup “ ally “ Deliver additional value .

Bitcoin futures ETF. It is estimated that in the next five years , Locked in something like ETF Of the tools BTC The total amount will remain at... Of the supply of circulating bitcoin 10% following .

these years , Chinese miners account for... Of the bitcoin hash value 70% above . Before the abundant rainy season , Production capacity will be transferred to clean and hydropower rich Sichuan Province , And for the rest of the year , Will return to the coal power plant （ xinjiang , yunnan , Inner Mongolia ）. As the mining ban has basically developed to absolute zero , It may be a strategic mistake .

Bitcoin as a stimulus for clean energy

Bitcoin network consumes a lot of energy , This is optically bad . But there are other practical uses ：

1. It is politically impossible to curb global emissions within a reasonable period of time .

   Such as China , Russia , The United States , Even if India and other countries curb emissions , It is also inevitable that someone will do it for the sake of interests .

2. For all that , We should still try to curb the largest emitters “ Bend the curve ”.

3. Bitcoin can be wasted by recycling / Stranded energy （ Such as the resources of Sichuan , Remote area , Some natural gas is burned ） To help reduce emissions .

4. Mining infrastructure can actually help subsidize new clean energy capabilities .（ Miners can help fund or subsidize capital expenditure , In exchange for cheap energy rights ）（ They also put 96% Recycled energy is used for heating ）

5. At the same time, bitcoin is ESG Aspects also provide S and G Solutions for .

The workload proof mechanism works because the workload proof mechanism is useful

every other 10 minute , With the creation of new blocks , The bitcoin network will issue a certain number of bitcoins , And reward it to the selected bookkeeping node .PoW （ Workload certification mechanism ） Distribution according to work means distribution according to work , Work more .

PoS Attempt to resolve PoW A large amount of resources in the mechanism are wasted , The more you hold , The more you get .

PoW and PoS The main difference is , How to determine the voting rights in the blockchain consensus . stay PoW in , The voting power is proportional to the computing power of the node ; And in the PoS in , The voting right of the system is proportional to the proportion of equity held . stay PoS In the public chain , To validate transactions and create blocks , The Minter must first place his cryptocurrency in the designated " Ore pool " in , Become a share . The right to block out the blockchain can only be decided by the head player , This makes PoS The public chain has become a network monopolized and dominated by giants in essence . for example , One has bitcoin 3% Share miners can only mine in theory 3% Block of .

The workload proves the protection of minority rights

Bitcoin soft fork upgrade , Once enough users support bifurcation , You will eventually be automatically pulled to the new version of the agreement .

Taproot Reduce the transaction cost of bitcoin , Enhanced bitcoin privacy defaults and replaceability .

Ethereum's new hard fork , Or choose to enter , Or exit and lose access to the primary network .

Cryptocurrency policy in the United States

The United States is not the only country trying to find a balance in formulating an effective cryptocurrency policy . Each country has different policies . Present China 、 India 、 Israel is opposed . But most countries still seem to be keen to push forward their central bank's digital money plan .

dcep Central bank digital currency ： E-cash , Legal status and security are higher than wechat , If one day the third party payment company goes bankrupt , Then people's money in it will also face risks , But the central bank digital currency does not have these problems . It's the liabilities of the central bank , Guaranteed by the credit of the central bank , There won't be big price fluctuations . It can drive the development of domestic digital economy industry . It is conducive to promoting anti money laundering 、 Anti tax evasion 、 Anti corruption 、 Anti terrorist financing, etc .

In the struggle against more superior combat power , We must at least remain at the commanding height of morality .

Trading risk ： If the user loses the key or makes a mistake , You may lose your own assets forever .

Encryption does weaken the monetary sovereignty of some regions .

Anti money laundering monitoring risk ： Illegal activities account for only... Of cryptocurrency transactions 0.34%（ lower than “ Regulated ” The incidence of illegal activities in financial services , The bank has always been an effective money laundering channel for the notorious monopoly alliance and tax dodging super rich ）, But the borderless and anonymous nature of cryptocurrency , Make prohibitions and blacklists difficult or impossible to enforce .

so far , Cryptocurrency has benefited greatly from the lack of a clear single regulator and regulatory rules . Exchanges will complain that they spend too much money to meet the requirements of relevant departments . Cryptocurrency （ obviously ） Booming in the gray area .

USDC yes DeFi The most liquid stable currency in .

NFTs & Web 3

majority NFTs Will go 2017 Most of the year ICOs Way …… Zeroing .

In the past 18 In the months ,OpenSea* Enjoy the fastest revenue increase of any enterprise in history . They have gone from a seed stage start-up to a potential billion dollar company , I think they may eventually become a 1000 Billion dollar company （ Or network ）

Matthew Ball The meta universe is defined as a virtual field with seven characteristics ： persistence （ A permanent 、 Always open global gathering ）; Vividness （ The real time , Just like the physical world ）; Unlimited users “ coexistence ”（ Like a stadium ）; Economic robustness （NFTs It's merchandise , Homogeneous tokens are money and goods ）; Correlations across the digital and physical worlds （ A home without walls ）; Interoperability （ Portable goods 、 identity 、IP）; User driven evolution （” Content “ and “ Experience “ It was created publicly , Not through a central company ）

ENS It is the name system in the blockchain .ENS The name eliminates the need for people to copy or enter lengthy blockchain addresses . Users can use only one ENS Name to receive any cryptocurrency .

Decentralised social DeSo

Give financial rewards to any users of viral transmission .

You no longer need to send your personal information 、 Interests and relationships trust a single entity 、 Company or government . Use DeSo The coin , You have complete control over your interactions with other people on the network . No central authority is watching you . contrary , You monitor yourself by becoming an active member of the network , Verify the information you receive .

Users can tip creators with diamonds . The creator can present the front of the creator token 100 Owners offer exclusive products and experiences .

Expansion of physical network

A truly decentralized Internet also requires unlicensed and censorship resistant hardware networks , To support computing and propagation .

Helium yes Web3 One of the best performing companies in the field （+3,000%）, Its global wireless hotspot network continues to attract huge partners

Helium There are various partners producing more than ten types of miner equipment , It is proved that hardware can effectively expand the scale through token incentive mechanism .

DeFi2.0

It is still the reserve currency of most exchanges and trading pairs in the world , USDT Liquidity ratio USDC or BUSD One order of magnitude higher .

This year, USDT Share in the stable currency market from 80% Down to 50%, but Tether The structural importance of crypto exchange settlement remains unchanged .

DAl It is still the most widely integrated decentralized stable currency in the industry , It's also Ethereum DeFi The preferred decentralized stabilization strategy in ecosystem . This is largely due to its four-year stable record . If the most important attribute of a stable coin is survival .DAl Have their own Alliance . It has withstood many cruel cuts , And proved its toughness , This cannot be easily copied by competitors .

Layer 1 Relative valuation of

In a broad sense , Ethereum's competitors are trying to solve the Impossible Triangle of blockchain from different angles , That is, blockchain can only give priority to scalability 、 Decentralization and security are two of the three priorities .Vitalik And other Ethereum core development members have focused on rollup Unite for the core future , The priority of this route is security and decentralization , Scalability is left to rollup Of L2, This pattern is similar to Polkadot and Cosmos Preferred path for . On the other hand ,Solana Chose a faster route , It sacrifices a certain degree of decentralization in pursuit of speed .

Zero knowledge proof expansion

Vitalik Think in the long run ZK Rollup Will handle most Ethereum transactions , They may also subvert those L1 Candidates .

ZK Rollup Using zero knowledge to prove （ Also known by insiders as “ Magic beans ”） To confirm almost immediately L2 Chain to Ethereum L1 The state of

The blockchain ecosystem is still isolated , They are like isolated countries , Limited transportation system or international trade throughput . today , There is still no extensible 、 decentralized 、 Widely integrated protocols move value and data between blockchains , Without relying on trusted third parties .

Users mainly rely on centralized intermediaries such as exchanges and custodians to transfer value between blockchains , This exposes users to hosting risks and seizures / Under review risk .

Most technologies tend to make marginalized workers automatically do boring tasks , The blockchain is automatically decentralized . Not only does this not make taxi drivers unemployed , Instead, let the centralized Uber lose its job , At the same time, let taxi drivers cooperate directly with customers . — — Vitalik Buterin

DAO Is one of the most important structures in cryptocurrency , It will change the economy 、 All aspects of politics , It may even change your life in the next few years . if 2020 The year is about DeFi A year of ,2021 The year is about NFT, that 2022 The year will be DAO In the year .

DAO It's a mobile online community , Its assets are managed by community contributors .

Get into Rabbithole： Learning and making money

Through the form of game , Help different decentralized networks attract the right users , With tokens and other additional prizes , Incentive users can be proved on the chain transactions .

For individual users , Mainly through RabbitHole Benefit from doing two things ：

One side , Inherit Drip Existing framework , When the user finishes the task, he can get XP. However , The existing XP It's just the form of platform integral , Not yet officially tokenized ,

On the other hand , The user can go through BrightID verification BrightID course ）, Connect RabbitHole Account confirmation , Get the reward provided by the partner for completing the task

web3 The craziness of ecosystems is their global accessibility . You don't need to be born in a specific city or be eligible for top computer science courses . Bottom up model and DAO The choice to join membership subverts the talent model . You can join... With one click Discord The server . You can get a reward and show your proof of work , With decentralized human resources through the community 、 Community credentials earn reputation points . You can go directly to DAO Members apply for grants or submit proposals for full-time work .

“ The Internet established Wikipedia without any economic incentives . Don't underestimate Internet construction DAO The ability of .”

If you are lucky enough to get married , Give birth to a child , Move to the suburbs , One day when you are a five-year-old child laughing and saying his fart , When a three-year-old tells you a story in three minutes , And a half naked one-year-old was killed by you for the last time of the day Zoom Pick up from your knees on the conference call and end , You don't care about the market 5% The fluctuation of .