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Now that 2022 has come to a close, we would like to take a look at the milestones reached and the lessons we have learned at Binance and the broader cryptocurrency ecosystem.
Below, we tell you what goals we achieved in our sector in 2022, from essential scaling solutions to cryptocurrency adoption statistics.
Although it is true that in 2022 the outlook for the cryptocurrency ecosystem was often bleak, last year actually had more good things than people think.
"Many people are unable to see the ray of hope because they hope to see the sun." Maurice Seitter
2022 was a complicated year for cryptocurrencies and blockchain. The markets did not make things easy for digital asset investors and, to make matters worse, we suffered several breaches of trust that dealt a severe blow to the public's and regulators' perception of the industry. It is more than evident that recent events have undermined investor confidence and caused long-term repercussions that will take the sector a long time to resolve.
However, we are still far, very far, from the apocalypse of the sector. While it is true that the media echoed most of the sector's misfortunes in a relentless manner, we must not let negative opinions ruin the important progress we made in 2022, which was not insignificant.
With this article we want to go beyond market fluctuations and bankruptcies to analyze in depth the milestones that the cryptocurrency sector reached last year from the point of view of the development of products and services, the expansion of its accessibility, the application of new solutions to old problems and the fundamental lessons learned.
BUIDL: the prelude to mass adoption
Improved scalability
For years, the sector has tried to find solutions to address the problem of blockchain scalability, that is, the ability to grow while adapting to growing demand. In the so-called “blockchain trilemma,” scalability is one of the three most sought-after properties of a blockchain, along with security and decentralization. To obtain optimal performance levels without compromising these properties, developers have proposed scaling solutions with the aim of increasing transaction processing speed.
Why is scalability such a relevant Ecuador Mobile Number List problem for the sector? If a blockchain network is incapable of processing massive amounts of data, it will typically incur higher network fees and be inefficient, both of which will not exactly help users adopt it. To put it another way, scalability is one of the determining factors for the prosperity of a blockchain ecosystem.
As part of its preparations for mass adoption, Ethereum moved from a proof-of-work consensus algorithm to one that uses proof-of-stake. This scaling solution, known as “The Merge,” is likely the biggest scalability upgrade the industry has seen since Bitcoin Taproot . This transition, which took place on September 15, 2022, is a key milestone in Ethereum's scalability roadmap. Likewise, thanks to the merger, it is estimated that Ethereum's energy consumption was reduced by 99.95% .
In order to help users familiarize themselves with the main ideas and technical aspects of the merger, as it is a technologically complex solution, Binance launched a series of articles on the merger , a glossary of terms and even a roadmap of future scaling solutions proposed by Ethereum to keep the community up to date.
In addition, BNB Chain launched the zkBNB testnet with the aim of improving the scalability of this network while significantly reducing transaction costs, and introduced 20 new validators to the BNB Smart Chain to increase its level of decentralization.
More accessible cryptocurrency services and resources
Despite the market downturn, many blockchain projects continued to do their part in building the foundations of a cryptocurrency-powered future by expanding access to digital asset-related services and reducing the friction on them. The lack of access to cryptocurrencies is an obstacle to adoption that the sector has been trying to overcome for some time: there can be no adoption without the most widespread access possible.
Among the initiatives that Binance developed last year in order to increase accessibility are the expansion of the languages supported on Binance, which already amount to 40; the issuance of 1.7 million Binance cards in the EEA and Binance P2P support for over 100 fiat currencies. Currently, more than 600,000 users come to Binance NFT every week and we process an average of $2 billion in cryptocurrencies daily.
BNB Beacon Chain , an integral part of the BNB Chain, the decentralized and community-driven blockchain, also became open source to make it easier for developers to create and contribute to the development of the ecosystem.
Security and regulatory compliance
Last year, it became more than evident that to advance the industry, digital asset service providers needed to improve their regulatory compliance and security measures at scale to better protect users from cybercriminals in the cryptocurrency sector. The year was also marked by unprecedented levels of participation by regulators and legislators in the global digital asset ecosystem.
Before 2022 came to an end, Binance managed to increase the number of registrations, licenses and authorizations it has to 14, including large economic centers such as Dubai and France. You can see the full list here .
To strengthen our compliance efforts, we have also expanded our compliance team to more than 750 experts, an increase of more than 500% compared to 2021.
Additionally, we have worked tirelessly to refine our security and identity verification protocols. Currently, only users who have verified their identity through government-issued documents can transact digital assets on the Binance platform, a strict but necessary measure so that everyone who is part of our ecosystem is more protected.
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發表於 13:39:57