The WAX blockchain, purpose-built for NFTs and video games, provided an update on its progress. Originally launched in 2017, Wax shifted from an Ethereum layer-2 solution to its own delegated proof-of-stake blockchain due to Ethereum's high fees. Recently, WAX updated its tokenomics to include small per transaction fees rather than requiring users to stake tokens to transact. They found people prefer paying fees, as it funds blockchain development. WAX also plans to launch EVM compatibility for easy bridging to Ethereum.
Major Markets Ripe for Blockchain Disruption
Several major markets are seeing blockchain disruption, like media and fake news detection. Solutions from RFOX and Polygon allow news articles to be verified for authenticity via blockchain. This could help with increasing election misinformation. While blockchains are inefficient databases, they excel at proving authenticity, perfect for combating fakes. Other markets like tokenized assets, sports betting, ride sharing, ticketing, and immersive computing also stand to benefit from blockchain technology. Brands like Nike have already experimented with combining physical and digital goods. Established players in these industries may eventually adopt blockchain tech after seeing demonstrated user demand.
Microsoft Well-Positioned as an Early Blockchain Adopter
Microsoft made an early blockchain move by partnering with a small gaming studio called Palworld whose game recently went viral. Microsoft is providing the studio with dedicated servers and engineering help to handle the game's surging popularity. This shows Microsoft's willingness to leverage blockchain technology for gaming, since Palworld uses NFTs and decentralized infrastructure. While established gaming companies have been historically slow to adopt new innovations like blockchain, indie developers are leading the way. Over time, legacy gaming brands tend to jump on board once new technologies demonstrate traction. Microsoft is making a smart early bet.
Crypto Markets Show Signs of Recovery
After crypto markets fell dramatically in 2023 alongside the NFT market, they now show nascent signs of recovery. The recent technology improvements across blockchain platforms also indicate there is still much room for growth. An increase in high-quality projects is another healthy signal. Cross-chain interoperability solutions now allow assets to move smoothly between blockchains, a significant advancement. While the current state of blockchain feels early akin to the early internet days, future exponential growth depends on hardware and infrastructure advances predicted to occur over the next decade.
Tether Co-Founder Draws on Extensive Industry Experience
As co-founder of both leading stablecoin Tether and pioneering NFT blockchain WAX, William Quigley has extensive blockchain industry experience. This gives him unique insight on the key drivers and barriers for mainstream blockchain adoption. For example, he explains how blockchain excels at supply chain tracking but falls short for generalized database applications. He also discusses hardware limitations holding back immersive augmented and virtual reality computing, forecasting at least 15 more years until the tech and infrastructure catch up to enable mass adoption. William argues that decentralized networks ultimately still rely on things like electricity grids, telecom networks, and hardware innovation. His guidance provides blockchain developers and investors an important real-world grounding.
Guest: William Quigley, co-founder of WAX and co-founder of Tether
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