3 Trends for the Cryptocurrency Market in 2023
Nov 30, 2022•2 min read
1. Layer 0
A Layer 0 protocol is the first layer among all blockchain protocols, connecting seamlessly with all other protocols to build interconnected value chains, offering a more robust and evolved alternative to smart contracts.
It supports several consensus algorithms and P2P systems, such as proof-of-work, proof-of-stake, proof-of-activity, proof-of-reputable observations, directed acyclic graphs (DAG) and more to optimize network topology.
Benefits: Reduces costs; Eliminates intermediation; Increases security; Complement Layer 1 and Layer 2. Two notable examples of Layer 0 are Polkadot (DOT) and Cosmos (ATOM).
More information here what is blockchain
DeFi which stands for "decentralized finance," is an acronym for public blockchain-based peer-to-peer financial services.
DeFi enables any two parties to securely and directly transact without involving an intermediary or central authority. The result is that many more people can access financial services at lower costs or receive better interest rates than those offered by traditional financial institutions.
Benefits: open, pseudonymous, flexible, fast and transparent.
More information here What is DeFi
Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions. It is rewarded to blockchain miners for the work done to verify transactions and can be purchased on several exchanges.
Bitcoin was the only cryptocurrency to be championed 100% by blockchain investors after the FTX collapse, and it further strengthened the sentiment of maximalism around it.
Since BTC has true decentralization, it is still a fantastic reaction to all of the crashes that happened in 2022. It is still a great alternative for projects with a lot of centralization. FTT and Terra Classic (LUNC) are two examples of how money can be created arbitrarily and with no intrinsic value. Bitcoin, on the other hand, demonstrates the worth of money that comes from proof of work and financial empowerment.
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