As I reflect on this past year, I've learned that facing adversity is a natural part of life. As a freshman in high school, my football team went 0-9, which was a humbling experience, to say the least. Our team had all the talent in the world, but we couldn't get a single win for whatever reason. My teammates and I took it upon ourselves to put in the work, from the 100-yard sprints on a hot summer day to working out till our muscles ache in the winter. I reflect on that time in life and am thankful for having been through that adversity to achieve an end goal as simple as winning a game. Fast forward a bit later to be in college, where I was part of a team that won a conference championship and made it to the national title, where right on brand with my hero arch, we lost. This taught me that, even when things don't go as planned, it's essential to keep going, try your best, find resilience, and control the "controllable."

This past year has had its ups and downs, with many challenges and uncertainties. A lot of people have lost a lot. If you can remain diligent and build around people who motivate you, you can persevere to that eventual win. It may take longer than we all expect.

My belief in the potential of web3 and crypto has only grown stronger. I've seen the innovative developers and applications that inspire me to continue pursuing the rabbit hole.

So, rather than dwelling on the past, I want to focus on the present and future. There are plenty of sources that can give a retrospective look at the past year, but in this post, I want to highlight the things we need to double down on and what we can expect in the coming year as we work towards the development of web3.

Use Cases Focused on our Daily Life

There is a significant difference in the understanding and use of crypto between developed and underdeveloped countries. While in developed countries, such as the US, crypto may be seen as a speculative investment or a luxury good, in developing countries, it can serve as a crucial tool for financial inclusion. These underdeveloped countries' populations still have large concentrations of unbanked people yet have access to the internet via mobile devices. We finally have a technology that can be used to solve this real-world dilemma.

For example, in countries like Argentina, where the value of the local currency fluctuates dramatically, people have turned to use crypto-backed debit and credit cards to participate in basic financial activities such as saving, investing, and settlement. In contrast, in developed countries, crypto may be used more for trivial purposes, such as buying an ape PFP NFT so that they can get into an exclusive members-only event in Miami for Art Basel.

This disparity highlights the importance of understanding the needs and realities of people in different parts of the world when it comes to crypto. It's important to remember that crypto has the potential to significantly improve the lives of people in underdeveloped countries, not just those in developed countries.

The Hacks, Make it End

Unfortunately, hacks will continue to happen in the web3 space. This past year saw several high-profile incidents, including the Nomad hack in August, which resulted in a free-for-all theft of over $200 million worth of cryptocurrency, and the Ronin hack in March, which over $600 million worth of USDC was stolen due to poor private key management.

These incidents underscore the need for robust security measures in web3. As we move forward, we must prioritize correcting the foundational layers of web3 to ensure the safety and security of these networks and decentralized applications. Web3 security experts are working on new technologies and protocols, such as zero-knowledge proofs and trusted execution environments, to enhance the security of blockchain networks and decentralized applications. In addition, we need to spotlight best practices and actively share this knowledge within the ecosystem, as hundreds of experts are focusing on solutions.

This is the part of the post where I plug Spearbit and our community of security researchers from all across the globe. Feel free to reach out if you are interested in finding out more about us. In the meantime, for a more comprehensive overview of hacks that occurred in 2022 and their impacts, you can refer to this excellent recap by Spearbit Security Researcher Patrick D.

Mergers and Acquisitions

If you know me, I love a good analogy and taking historical events of the past and relating them to where we are today. In the world of spreadsheet software, there were once many different programs vying for market shares, such as VisiCalc, Lotus 1-2-3, and SuperCalc. These programs were designed to meet the needs of business users who needed a way to perform calculations, create financial models, and organize data. Eventually, one program emerged as the dominant player through consolidation and innovation: Microsoft Excel.

We are now seeing a similar process play out in the world of web3. Blockchain technology has already demonstrated its potential as a multi-layered, programmable infrastructure superior to spreadsheets in revenue and user adoption. In 2023, we can expect to see more merger and acquisition activity in the web3 space as companies like Facebook (rebranded as Meta), Polygon (collaborating with Starbucks and acquiring Hermez), and Visa (utilizing automatic payments using Ethereum) make strategic investments in the foundational layers of web3. We may also see more big tech and institutional banks entering the market, which could lead to further disruption and unexpected consequences. It's worth noting that regulatory restrictions have been prolonged over the past year, and this is likely to be a talking point in the 2024 elections.

The Freshest and Best Talent

As the web3 industry continues to grow and attract more attention, it is increasingly vital that we have fresh, empathetic, and holistic leaders in their approach. These are individuals who are focused on achieving big goals and building sustainable growth rather than seeking quick wins or trying to attract millions of users overnight. In the current market, the chances of experiencing a "moonshot" moment in crypto are becoming slimmer and slimmer, and it's more important than ever to have leaders who are prepared to weather challenges and work towards solving problems rather than ignoring them.

A concern is that the leaders of the "winners" within the web3 space don't resemble the society it represents. There needs to be a continued emphasis on diversity; we need more women and more people of color. These folks need to be speaking at conferences, at the helm of building fantastic protocols and welcomed. The last thing I want to be a part of is an ecosystem that is just copy-paste of the current hierarchical system we are trying to evolve.

Follow Through with Missions

In 2023, I look forward to releasing more music and continuing to expand on the creative arm of my web3 adventure. I've been working behind the scenes to gather the right tools, infrastructure, and collaborators to bring this project to life. I aim to create a fully immersive experience connecting the physical and digital realms.

Another mission of mine that I have slowly been taking steps in getting off the ground is creating deeper connections with the motherland. I look forward to building with family and new friends in places like Kigali and Lagos. It is only right that I strive to give back and build up a land so fertile and rich with creativity, resources, and energy. It’s all about planting seeds for a brighter tomorrow.

I invite anyone reading this to follow through with any uncompleted missions you had this past year. Our time is finite, and it isn't easy to accomplish every goal you set forth but keep track of these milestones. Let's hold each other accountable.

Empathy

In this connected, remote world, it's more important than ever to practice empathy and consider other people's perspectives. The ability to put ourselves in other people's shoes and understand their circumstances is invaluable, primarily as we rely more on screen-based communication. Being considerate of others' abilities, viewpoints, and events has helped us push forward countless times, and we must continue to carry this trait with us. We are all going through a lot, and it's important to remember that we will never reach a point where we can entirely give ourselves to one scenario. Empathy is a crucial skill that can help us navigate these challenges and support one another.