Cryptocurrency is becoming more popular throughout the world. cryptocurrency is making a big change by solving real-world problems. Cryptocurrency is a form of currency that exists digitally or virtually. It does not have a central regulating authority, instead using a decentralized system to record transactions. It uses encryption to verify transactions. Encryption aims to provide security and safety. Transaction in Crypto proceeds over the blockchain, which is a decentralized form of transaction. Blockchain in the financial world provides digital continuity. Blockchain plays an important role in solving real-world problems.
Top 7 Cryptocurrency Projects Solving Real-World Problems
VeChain is a smart contract platform that focuses on supply chain management. It is a multipurpose blockchain for improving business operations and product tracking. VeChain provides information about storage, transportation and supply from manufacture to delivery. The platform uses two tokens VET and VTHO to manage and create value based on its VeChainTHOR public blockchain. VET generates VTHO and acts as the store of value and value transfer medium.
Filecoin is a decentralized storage network that serves as an incentivization layer on top of the interplanetary file system. The Filecoin blockchain has a built-in self-healing process where faulty storage nodes are detected and their stored files are redistributed to reliable nodes. It utilizes idle hard drive space and bandwidth to provide data storage and retrieval services in an open market allowing anyone to monetize their space hardware. FIL is the blockchain’s native currency used as collateral for miners to participate in the Filecoin ecosystem. Filecoin uses proof-of-replication and proof-of-spacetime.
The emergence of Bitcoin provided a ray of light to the decentralized digital currency. Bitcoin was the first cryptocurrency to be created and is currently the most valuable. Bitcoin transactions are cost-effective and speedy you can make transfers anytime and anywhere. Transactions do not contain personal information so the transactions are more private. Bitcoin allows users to securely transfer money without the need for a financial institution. It eliminates fraud and double spending that can occur with online payments. Bitcoin is the best way to make transitions for those who want to make transactions without using their bank account. Bitcoin is based on cryptographic technology and offers a powerful tool to fight against corruption. Its transactions are impossible to hide all the transactions are traceable. It can be used to detect money laundering and fraud.
Monero is a privacy-focused coin where every user is anonymous by default. The sender, receiver and the amount of every single transaction are hidden. Monero uses Stealth Addresses, Ring Signatures and RingCT technologies to make the transactions confidential and untraceable. Its main goal is to provide privacy and security to users. Businesses can use Monero to make purchases from suppliers without exposing sensitive information, consumers can use Monero to avoid price discrimination when buying goods online by hiding their financial information.
Zcash is a decentralized cryptocurrency focused on privacy and anonymity. Zcash is built to empower economic freedom. It is similar to Bitcoin in its design and it was created from the original Bitcoin code base, but it uses a privacy technology that encrypts transaction information and allows users to shield their assets.
Helium is a long-range network designed to provide wireless coverage for IoT devices. Also known as “the People’s Network”, Helium consists of multiple hubs with the information provided by miners called wireless hotspots. By implementing the uniquely designed proof-of-coverage consensus algorithm, Helium is able to use radio frequency waves in order to produce proof. Helium aim to improve the communication capabilities of wireless Internet of Things (IoT) devices.
- Theta Network
Theta Network is a decentralized video streaming platform, launched by Theta Labs. Theta encourages fair representation of content creators’ impact on the current popularity of streaming services by enabling P2P video streaming with rewards for creating and promoting your content to other users. Theta’s appeal is threefold Viewers get rewarded with better-quality streaming service, content creators improve their earnings and middlemen save money on building infrastructure and increasing advertising and subscription revenues.
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The emergence of cryptocurrency is part of a broader wave of technology that facilitates peer-to-peer transactions. Cryptocurrencies are the first and most developed application of blockchain technology that is solving real-world problems. It has a huge potential to drive major changes across the globe. It allows consumers access to a global payment system – anywhere, anytime in which participation is restricted only by access to technology rather than having any bank account or credit history.