ETHCC, ETHGlobal Paris successfully concluded! Summarizing the five key points for the future development of Web3

Unable to attend this year's Ethereum community conference ETHCC and hackathon event ETHGlobal Paris because Paris is too far? No worries, after actively participating, blockchain software company ConsenSys has summarized five key points. Let's take a look at the direction the crypto industry is heading in the coming years.

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Five Key Points from ETHCC and ETHGlobal Paris

1. Layer2 as Key Infrastructure to Continue Ethereum Scaling

ConsenSys stated that the concept of L2 solutions being crucial for Ethereum's future scalability aligns with the long-standing vision of the Ethereum Foundation. The zk-EVM network Linea built by ConsenSys, announced the public release of its mainnet at ETHCC, further solidifying this perspective.

Since the alpha release of Linea mainnet, it has witnessed over $23 million in cross-chain activity and 774,000 transaction records, demonstrating significant community support and the ability of L2 to drive Ethereum growth.

Additionally, projects like Coinbase and Mantle Network are making progress in L2 as well, with plans to achieve decentralization and launch their respective public mainnets, all contributing to improving scalability and enhancing Ethereum efficiency.

2. Maturing Web3 Social Media Gains Attention

Considering the censorship, lack of ownership, and privacy concerns in Web2 social media, ConsenSys believes that decentralized social networks are crucial in today's world. Moreover, with Meta's recent launch of Threads, users are increasingly concerned about the risks associated with a single organization owning and controlling their entire social footprint.

In the social ecosystem of Web3, ConsenSys highlights Lens as the most significant progress. As of April this year, Lens has reached a total of 109,381 users. At ETHCC, Lens announced the launch of its V2 version, adding many new features such as open operations, allowing users and developers to add smart contracts to any Lens article.

In addition, Lens V2 supports cross-chain functionality and a new data management system compliant with the ERC-6551 token standard, further steering Web3 social media towards more decentralized and user-centric paths.

3. Account Abstraction to Attract Users After Improving User Experience

At ETHCC, ConsenSys believes that Vitalik's talk on the "History of Account Abstraction" confirms a fact that account abstraction will drive the next wave of mass adoption for Ethereum. Account abstraction refers to using special smart contracts called "account contracts" to manage Ethereum accounts, now referred to as "smart accounts." This will enable users to create non-custodial wallets, i.e., programmable smart contracts.

4. Time to Shift Focus from Infrastructure to Dapp Development

According to ConsenSys observations, there seems to be a trend of developing slightly different infrastructures, but few are truly focusing on developing Dapps running on these infrastructures.

ConsenSys believes that as an ecosystem, more focus on developing and deploying Dapps with practical use cases rather than creating replica versions of existing infrastructure is crucial. Shifting from infrastructure to application development will enable builders to successfully onboard the next billion users into Web3.

5. Interoperability is Crucial, Protocols Must Support Each Other through Compatibility

ConsenSys believes that incorporating interoperability into their infrastructure is essential as it is crucial for the ecosystem's growth through practical functionality. With a plethora of protocols existing today, if these protocols can easily and reliably communicate with each other, the ecosystem's progress will undoubtedly accelerate.

This is why ConsenSys is excited about the launch of Chainlink's cross-chain interoperability protocol CCIP mainnet at ETHCC. The CCIP protocol aims to facilitate seamless communication between different blockchain networks, initially supporting Ethereum, Optimism, Polygon, and Avalanche. It has been adopted by other DeFi projects like Aave and Synthetix, further enhancing the ecosystem's interoperability.