Exciting Developments in Blockchain Technology That You Should Be Aware Of

Blockchain technology has evolved significantly, from a digital currency used for payments to digital assets and blockchain games. Let's look at some exciting developments in the blockchain industry this year.

Central Banks Digital Currencies (CBDCs) Gain More Traction

Cryptocurrencies can potentially revolutionize how businesses pay their workers, which is already accepted as payment for various products and services worldwide. However, the rising costs of sending money internationally and general inflation are likely to be the primary impetuses behind accepting cryptocurrencies as legitimate forms of payment in the future. Therefore, another potentially fruitful area for the development of blockchain technology would be the introduction of the idea of national cryptocurrencies.

These government-controlled digital tokens are known as Central Bank Digital Currencies (CBDCs). The concept of CBDCs revolves around central banks producing their digital coins rather than opting for decentralized currencies to use as a medium of exchange. This trend seems to be gathering steam too. 

In June 2022, Taiwan announced plans to create its own CBDC, joining a long list of countries creating their digital currencies. The Bank of Thailand is also planning to test its retail CBDC by the end of this year. As a result, users may soon be able to carry out financial transactions using government-regulated digital currencies, which could, in theory, replace cash as legal tender in the future. 

XDC.Dev Aims to Host One Million Blockchain Developers to Code on Hybrid Applications

Blockchain technology daily welcomes thousands of newbie developers around the globe. Blockchain is penetrating almost every industry and creating a revolution; this led to an increase in developers from various fields shifting towards blockchain and Dapp development. 

Developers forum is the first step for experienced developers to be an icon for the newbies by sharing their knowledge. For the newbie, forums are the best education center to learn with hands-on experience and expert guidance. 

Community-based Forums are a great place to learn, share, and troubleshoot. XDC.Dev is one of the largest online communities of software and blockchain developers. XDC.Dev is an open-source platform where blockchain developers write articles, participate in discussions, build their professional profiles and bring millions of developers together. 

Developers rely on networked learning and collaboration, and this platform is precisely the solution. It aims to get at least one million developers together to code hybrid applications and help the new developers join the space.  

This developer's forum does not spam the readers with any Ads, which gives the community a good experience of learning without any intervention. The signup process is straightforward, with minimum details required to register with XDC.Dev. 

People can follow each other and get notified when they post a new article, and people can change their theme to make themself different from other users; also, it is newbie-friendly. In addition, the contents posted on the forum are indexed in google and linked with Google News, giving you more exposure to your content. 

Developers Community can use XDC.Dev in Multiple Ways. 

• Communities can share the developer's Guide and instructions to gain exposure among developers and improve with their suggestions in the forum.
• Product owners can share Technical Tutorials on a product or Dapp in detail.
• Content authors can publish blogs under an organization and group posts into a series.
• Technical YouTubers can share their video with content with the developers' community. 
• Different Communities can share technical events such as hackathons and bounties with the developers.

XDC.dev forums welcome experienced and newbie developers to share their knowledge and build a strong blockchain developers community. Forums play a vital role in knowledge sharing and implanting innovations in the space.

Non-Fungible Tokens (NFTs) are Still Hot

One of the most significant innovations to the blockchain ecosystem in 2017 was non-fungible tokens or NFTs. Since gaining popularity in 2021, NFTs have been a recurring topic of discussion in the mainstream world. NFTs have sold millions in auctions, and the technology is still hot in 2022. 

Non-fungible tokens are unique blockchain tokens that aren't interchangeable with each other due to their uniqueness. This led developers to link these tokens to unique art pieces like Bored Apes and real-world assets.

NFTs, like blockchain technology, have much more significant potential than the initial use cases that have drawn attention to them. For example, ticketing platforms are exploring using NFTs to create digital tickets to combat fraud and ticket scalping. Crypto gaming is another popular avenue for NFT technology. Play-to-Earn games like Axie Infinity have helped to bring NFT gaming into the limelight. 

P2E games work by users earning tokens for completing missions or battling other players, with Axie Infinity, for example, rewarding its players with Smooth Love Potion (SLP) for taking part in battles. Battles are fought using NFT creatures known as Axies, and the P2E initially gained popularity in countries like the Philippines. However, there is now a negative sentiment due to poor experiences by players. Despite this, experts still believe that P2E gaming has a lot of room for growth. In fact, the NFT market is predicted to reach a value of $231 billion by 2030.

Conclusion

The blockchain industry continues to grow, and new innovations and developments come with this growth. I can't wait to see how new developments are brought into space over the next few years.