7 Most Innovative Cryptocurrency Projects
There’s no doubt that cryptocurrencies are innovative and that they are shaping the future of the internet. Currently, we have over 10,000 cryptocurrencies and the Crypto market seems to be reaching a saturation point. Also, we have a different product where we can easily pay with crypto.
It seems as though every other cryptocurrency project is pretty much the same, as they serve pretty much the same purpose. The crypto market has also been flooded with memeCoins, fan tokens, and shitcoins which serve no actual purpose.
But before the Crypto bubble bursts for you, we have some good news. Amongst all these Cryptocurrencies, there are some projects which are genuinely innovative and bring in radical changes. This article is about the 7 most innovative Cryptocurrency projects.
Most Innovative Crypto Projects
FileCoin is a third-generation Cryptocurrency that aims to change the way we use cloud storage. It aims to remove the role of cloud storage providers like Google and Microsoft and replace them with an open-source decentralized network.
FileCoin works in an interesting way in that it rewards its miners with FileCoin. The miners lend their storage resources, and each time the miners prove file storage on their system. They are rewarded with Filecoin.
It’s safe to say that Metaverse has finally taken off. Mana is the native Cryptocurrency for the Decentraland project. Decentraland is a metaverse project where users can socialize and purchase assets with real-life value.
Mana is the currency used by the entire ecosystem. Also, in that ecosystem, game transactions are made in Mana, which is then translated to real money.
Algorand is both a blockchain and a Cryptocurrency. And it can process thousands of transactions quickly. It provides instant confirmation for transactions and possesses the lowest block times.
It aims to replace the use of Mastercard and Visa as payment services. Therefore it pitches forward with the idea that Cryptocurrencies should be used for making day-to-day payments.
Brave Token (BAT)
When it comes to innovation, we can’t leave Brave behind. Brave is a third-generation browser that supports web3 by default. Brave has come up with an interesting way to reward its users based on the number of ads they consume.
Basic Attention Token or BAT is Brave’s way of working. We all know the brave browser blocks ads by default. However, Brave implements ads in an entirely different manner. Brave users can enable ads on their browser which will then preview ads that are a part of the Brave network. 70% of the revenue generated from these ads is passed onto the users, which Brave encourages to be passed on to the creators.
Mina Protocol – Blockchains throughout the world face problems of network congestion and traffic. Moreover, as the number of transactions increases over time the size of a blockchain increases exponentially.
Mina is a blockchain that measures a mere 22kbs in size which is about the size of a line of text. This is managed through clever protocols and data compression techniques. This means we don’t need expensive hardware or have to wait for days for the blockchain to become in sync.
Mobi is short for Mobile Open Blockchain Initiative. The MOBI project has several big names associated with it which include BMW, Honda, Toyota, and even Ford.
The Mobi project is an initiative by these companies which aims to use blockchain technology for identifying people, vehicles, businesses, and vehicle ownerships.
Cardano is a third-generation blockchain that aims to remove the problems that first and second-generation blockchains suffer from. The Cardano blockchain aims to use a better proof-of-stake consensus mechanism for its block verification which consumes much less energy than any other blockchain.
Additionally, Cardano also supports smart contracts which are more advanced than the Ethereum blockchain while keeping all of this affordable.
After reading this blog, you might be wondering, what exactly is the future of cryptocurrency? Cryptocurrency is all the rage right now thanks to endorsements from billionaire entrepreneurs and investors like Mark Cuban and Elon Musk.
So it’s not only all about the 10x or 1000x profit in cryptocurrency. There are many good crypto payment gateways present that are working to make accessible crypto payments. As a result, crypto-based organizations are building different products with the help of blockchain. Hence, we can directly see an increase in yearly increase in volume over the last several years.
Consolidating the whole points: One piece of advice we want to deliver to everyone who is reading this blog is that before making any kind of investment in cryptocurrency, especially in new projects, try to do your own research. While you’re investing in the early stages, such as different ICOs (Initial Coin Offerings), You must take care of the risk factor also. While searching for the next big crypto project, you may miss the major basics, and that will cost you the loss of all your hard-earned money.