Research Summary
The report encapsulates the IOSG 10th Old Friends Reunion event in Istanbul, focusing on the blockchain industry’s advancements in areas like Autonomous World, RaaS, Web3 Social, and Layer 2 applications. It highlights the contributions of various industry experts, the challenges faced in blockchain scalability and user experience, and the potential of technologies like Zero-Knowledge Proofs and on-chain gaming. The report also underscores the importance of community-driven development and infrastructure investment for the growth of Web3 technologies.
Key Takeaways
Advancements in Blockchain Gaming
- Blockchain’s Role in Gaming: The report discusses how blockchain technology is being used to create transparent and legitimate gaming experiences, with an emphasis on permissionless composability and incentivized modding.
- On-Chain Game Development: It addresses the complexities of developing on-chain games, including challenges with NPC roles, character movement verification, and gas fees, while also noting the improvements in the development experience.
- Unique Gaming Experiences: Experts advocate for leveraging blockchain to build gaming experiences that cannot be replicated by traditional methods, with a focus on the use of zk technology for constructing autonomous worlds.
Infrastructure and Investment Focus
- Building a Strong Foundation: IOSG Ventures’ investment strategy is highlighted, focusing on infrastructure to support the blockchain industry and leveraging the relationship between infrastructure and Dapps to capture Alpha.
- Community-Driven Development: The significance of community involvement in Web3 development is emphasized, with ChainSafe’s contributions to open-source protocols and tools being a prime example.
- Rollups as a Service (RaaS): The report delves into the role of RaaS providers in offering critical infrastructure for scalability and customization in blockchain applications, and the need for a balanced approach to node-level customization.
Web3 User Experience and Interoperability
- Improving User Experience: The challenges of user experience in blockchain are acknowledged, with solutions like ENS simplifying transactions and Safe focusing on account abstraction for flexibility and control over digital assets.
- Wallet Evolution: The evolution of wallets is discussed, with MetaMask Snaps allowing for personalized experiences and Safe advancing smart accounts with modular functionalities.
- Interoperability in SocialFi: The report touches on the evolution of social tokens and the importance of interoperability and composability for a unified SocialFi experience.
Zero-Knowledge Proofs and Privacy
- ZKPs in Gaming: The transformative potential of Zero-Knowledge Proofs for on-chain gaming is explored, with the ability to create secretive gameplay experiences while preserving privacy.
- ZK Coprocessors: The report discusses the role of ZK coprocessors in enhancing blockchain applications, enabling trustless computation and access to historical data.
Layer 2 Solutions and Scalability
- L2 Application Success: The success of L2 applications is tied to market fit and innovative use cases, with the report highlighting the trade-offs in response to Ethereum’s scalability limitations.
- Customizability and Security in L2: The importance of customizability and security in L2 development is mentioned, with a focus on enabling developers to run their own app chains while maintaining security through zk proofs.
Actionable Insights
- Explore Blockchain Gaming: Consider the potential of blockchain technology in creating unique gaming experiences and the benefits of permissionless composability.
- Invest in Infrastructure: Recognize the importance of investing in foundational blockchain infrastructure to support the growth of Dapps and the broader industry.
- Enhance User Experience: Investigate the potential of tools like ENS and wallet innovations to simplify user interactions and improve the overall Web3 experience.
- Leverage ZKPs: Assess the transformative impact of Zero-Knowledge Proofs in gaming and other applications for enhanced privacy and gameplay experiences.
- Focus on L2 Customization: Acknowledge the need for Layer 2 solutions that are customizable and secure, and consider the implications of Ethereum’s scalability challenges on L2 success.
