Revolution is coming. There is no denying the fact that the global crypto ecosystem has continued to evolve and expand at a historical rate over the last few years. The amount of capital entering this yet nascent sector has risen by more than ten times over the last 24 months alone, rising from a respectable $196 billion to over $2.1 trillion.
In the past, many projects had been able to accrue/generate a tremendous amount of monetary value by virtue of them simply possessing a solid idea or a proposed working model/whitepaper. The result was the formation of a massive ICO bubble witnessed back in 2017. The crypto market is now full of revolutionary platforms that have allowed users to counter many real-world problems in relation to diverse domains spanning digital finance, healthcare, artificial intelligence, Web3, amongst many others.
In fact, a growing amount of data seems to allude to the fact that the ongoing rise of crypto-enabled tech has not been due to the advent of digital currencies alone. Instead, it is because a growing number of people are realizing the true economic and social potential of decentralized platforms. For example, the fast-evolving DeFi realm has continued to enamor investors across the globe. The ecosystem has helped weed out the need for any middlemen or other centralized intermediaries (such as banks, money lenders, CeFi institutions, etc) from everyday transactions – ranging from daily remittances, to cross-border payments and everything else in between.
Revolution: Real-world centric crypto projects are changing the game
The last few months have seen a growing list of crypto-enabled platforms continue to accrue more and more mainstream traction. This is primarily because they have been able to resolve a range of real-life issues affecting people across the globe. As a small example, in the past, there was no tangible way for users to monetize their data without some transactory middleman taking a major share of the pie (think Fiverr, Upwork, Freelancer, 99designs, Outsourcely, etc).
Now there exists a number of blockchain-centric digital creator economies like the Ocean Protocol and Internet Computer Protocol (ICP). These afford users a completely decentralized avenue through which they can share their knowledge, personal data in lieu of monetary remuneration in a completely seamless, peer-to-peer fashion.
Similarly, there are also projects like Fetch.ai that aim to bring together the burgeoning Digital Twin ecosystem using advanced blockchain-based algorithms and other futuristic technologies including machine learning and artificial intelligence. Even though previously such platforms were only conceivable on paper, Fetch.ai currently has a fully working product that has been offering users with smart contract capabilities for decentralized problem-solving thus enabling decentralization and removal of aggregators.
In fact, FET can be used to pay for network transaction fees, deploy digital twins (also known as Autonomous Economic Agents), and using them to pay for services. Digital Twins can evolve as they interact with each other and intelligently de-complexify any industry vertical where applied. This eventually results in the formation of a unique decentralized ecosystem that can be scaled in relation to a wide range of markets.
Revolution and Web3
Lastly, there are also projects like Ankr that are designed to help provide people with access to the Web3 world as well as the cross-chain DeFi staking universe by making use of a shared resources framework that is completely unique and independent in its functionality.
Decentralized platforms are redefining the investment realm
Most new crypto projects not only offer a range of real-world operations, they also come replete with their very own, fully-functional crypto tokens. As a result, users can seamlessly accrue monetary value (as the value of an asset rises) as well as participate in the platform’s future development via things such as governance, protocol upgrades, etc – all without having to go via any traditional finance route.
Thus, as we head into a future that is rooted in the principles of transparency and decentralization, it stands to reason that an increasing number of people will continue to move towards projects that offer them a level of operational efficiency and freedom not seen previously within the realm of conventional tech which has largely been confined to the ethos of centralization.
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The information provided in independent research represents the author’s view and does not constitute investment, trading, or financial advice. BeInCrypto doesn’t recommend buying, selling, trading, holding, or investing in any cryptocurrencies