Industry Experts Share Blockchain, Crypto Expectations for 2022
Some industry experts have been sharing their thoughts on what 2022 will hold for blockchain and crypto regarding industry trends, regulation, market movements and the metaverse.
Li Jun, founder of Ontology, says they expect the growth trajectory the blockchain industry has experienced in 2021 to continue and to ultimately weave use cases further into the fabric of peoples’ everyday lives.
“As adoption increases, understanding and willingness to embrace new technologies also rises, paving the way for invaluable technologies like decentralized identity (DID) solutions to make inroads,” he said. “In 2022, Web 3 must transition to a system of DID and data management so that people can take back control of their data and be confident that it is secure from the breaches and hacks that have defined the current era of the web.”
DID is a key component of Web 3. Jun, whose Ontology seeks to bring trust, privacy, and security to Web 3 through DID and data solutions, also notes that conversations about scalability and interoperability will continue in 2022 as crypto adoption continues to accelerate.
“Traditional public chains are still the core bearers of the Web 3 digital economy but changes are needed to help them carry this load,” he said. “Block size limitations, slow speeds, network bandwidth, and interoperability are all issues. To meet the demands of Web 3 and the metaverse, blockchain developers will need to look to combat these issues in the year ahead.”
For Witek Radomski, the co-founder and CTO of Enjin, all eyes will be on the developing regulatory landscape during 2022. He said movements by China and the US Securities Exchange Commission will be a major talking point even as smaller countries like The Netherlands talk about banning Bitcoin.
“During 2022, we can expect NFTs to continue on an upward trajectory, given sufficient regulatory breathing room. Compliance and education are key. The regulation doesn’t represent an existential risk to crypto or NFTs, but adoption will be much slower if they take a more hostile stance,” he said, adding, “The real roadblock is how much governments believe crypto to be a threat to their monopoly on currency. Shortsighted regulators and overbearing legislation stifles growth.”
Sebastian Markoswsky of Coinsource Bitcoin ATM provider believes regulation of crypto will continue into 2022 too and should be reasonably and fairly applied.
“The industry is on a good path to increase the standards by which it measures compliance but there needs to be a dialogue between experts on both sides of the regulatory debate,” he said. “Nefarious activity within the crypto space has been on a steep decline for several years now. Alignment on regulation – such as that in the EU with MiCa – will create a level playing field that will allow for continued growth in the long-term. We hope the U.S. will soon follow in providing regulatory clarity and guidelines that will keep them on foot as a key hub for global crypto innovation.”
In terms of further regulation of the sector, Agoric CEO, Dean Tribble, expects “to see some DeFi-specific regulatory action next year. The big question is whether it adds useful clarity to help innovators get to market safely and quickly while protecting the public, or whether it is greedy or poorly structured such that it just drives innovation offshore (e.g., in the US and elsewhere).”