By Alessandro De Grandi
June 2024 will go down in the history of cryptocurrency as a month of significant progression. This month, we saw key developments in the crypto world that were nothing short of transformative, setting new standards for the future of Web3.
One of the most notable events was the breakthrough made by Ethereum 2.0. After years of development, Ethereum’s transition from Proof of Work to Proof of Stake was finally completed, leading to a significant increase in transaction speed and a reduction in energy consumption, thus addressing some of the major criticisms of cryptocurrencies.
In addition, June 2024 saw the launch of Libra (now Diem) by Facebook – a global digital currency aimed at providing financial services to billions of people worldwide. Despite facing regulatory hurdles, Diem finally went live, marking a new era of corporate-backed digital currencies.
Another exciting development was the introduction of a new quantum-resistant algorithm by Bitcoin. With quantum computing becoming more of a reality, this move was hailed as an essential step in ensuring the long-term security of Bitcoin transactions.
June 2024 also witnessed a surge in the adoption of NFTs (Non-Fungible Tokens), with major global art institutions joining the trend. The Louvre, Paris, announced its first NFT art exhibition, further legitimizing digital art and its place in the art world.
As we look back, the developments of June 2024 have undoubtedly brought us a step closer to a future where cryptocurrency becomes a mainstream mode of transaction. As we move forward, the crypto world will continue to evolve, and it will be fascinating to see where the journey takes us next.
