Look at the biggest problems in crypto today,and find the next unicorn solutions:
PROBLEM: Systematic Risks
Crypto is still volatile. We need these auditors to verify the whole system (i.e. exchange platforms, transactions):
1. Proof-of-Reserves (PoR) Audit
POR makes sure a trading platform or crypto firm has 1:1 backing on its customer balances. It’s by law, exchange platforms aren’t allowed to deposit money in other companies. In other words, FTX won’t stand a chance with a PoR audit.
2. On-chain Monitoring Infrastructure
On-chain monitoring tools empower users to delve into the insights of a blockchain network. It illuminates investor behavior and network health in real-time.
3. Crypto’s GAAP Accounting
Currently, there are no U.S. GAAP accounting standards that specifically address the accounting for digital assets. Someone needs to fill the gap.
Cryptocurrency hackers stole $3.8 billion in 2022.To solve crypto‘s notorious problem: HACKING,we need better, faster, and more auto trackers.
4. AI Monitoring
AI is a missing piece in crypto security.AI’s strength lies in pattern recognition.It works perfectly for fraud detection, risk protection, and automation.
5. Algorithmic Circuit Breakers
It’s an emergency-use regulatory measure that temporarily halts trading on an exchange.It will be a good fix for rug pulls.
PROBLEM: Monopoly of User Data
How to be more independent from Amazon, Google, or Apple? Blockchain projects challenge Big Tech’s grip on user data. To shake the monopoly, blockchain applications need scaling up.
6. Jailbroken-Device App Stores
The third-party app stores let you side-load the apps without giving away your info. Blockchain-based app stores will protect your data better than Apple.
7. Decentralized Data Marketplaces
An efficient data market = users sell or purchase data and get fair compensation for their efforts. To build that in web3, managing system complexity is the key. With many possible moving parts, the decentralized marketplace system could be hard to scale.
This thread is inspired by @MessariCrypto’s 2023 report. Highly recommend a read!Crypto is still inevitable.Significant progress in bitcoin, stablecoin, distributed computing, and blockchain scalability can’t be uninvented. Don’t be discouraged.As I always say to the team…When you are not failing, you are not innovating.
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