BTC $8449.71 5.16%
ETH $259.82 3.50%
XRP $0.395352 2.59%
show
show
Witnessing the digital breakthrough

Six Promising Blockchain Projects and the Ideas Behind Them

23 April 2019 17:08, UTC
Six Promising Blockchain Projects and the Ideas Behind Them
By Julia Beyers

Analyzing the rapid growth of the crypto market, one may wonder what is in store for cryptocurrency and blockchain in the coming years. According to the research, 90% of small crypto projects are doomed to failure from the very start. Many medium and even large scale blockchain companies have also failed to achieve their goals. As a result, they were forced to refocus and cut down their personnel due to lack of money.

However, it’s not all doom and gloom; there are also market leaders. Innovative ideas that underlie the following projects can radically change a number of industries — from crypto trading to online gaming.

Decentraland

This project is a unique combination of virtual reality and blockchain technology. This is a digital world that allows users to buy a resource (namely, land) with a native cryptocurrency (MANA) and start investing in its development, while interacting with other users.

Developers predict that soon this world will consist not only of users who come for entertainment purposes. Soon, this reality will be filled with various companies that will see the potential of Decentraland as an advertising platform for their business. It can be used as a resource where the companies can create a virtual copy of their stores and so on. Moreover, we could probably see the analog of a real casino in this virtual world or a bank branch inside the digital space.

Thus, this project changes not only the blockchain sphere. It is changing the entire global economy through a new approach to doing business and interacting with users in a virtual world.

Enjin

Enjin is one of the leading blockhain projects in the gaming industry, which allows developers to efficiently deploy blockchain-based games. In other words, it is like a content management system (CMS) for the gaming community. Some of the popular games that are supported by the Enjin platform are Minecraft, World of Warcraft, Guild Wars, Rust, etc.

The goal of the Enjin Platform is to create a single, standardized network where developers can use their own assets in the gaming industry and thus tokenize it. This service can boost the activity of in-game communities and integrate various projects into one vast platform. Enjin Coin has significant potential for game development. The main advantages include the extensive user base and positive reputation of the platform.

Funfair

FunFair is a decentralized Ethereum-based casino platform. The developers paid attention to the main problems of a modern online casino - lack of transparency and the risks of fraud. This project allows for solving these issues. It has the following advantages:

  • decentralized environment;
  • high transaction speed;
  • low level of commissions;
  • ease of use;
  • native cryptocurrency;
  • licensing.

09.04.2019  |   in Guest posts
Despite the oversaturation of the online casino market and the difficulty of gaining popularity in this sector, the FunFair project has great prospects. Casinos will appreciate low maintenance costs due to the lack of hosting expenses. The management process is incredibly simple, and the team provides technical support. The casino owners also get a secure system due to its decentralized nature. This makes the platform competitive in the market that is expected to reach $94.4 billion by 2024. Players get fair games and transparent deals via blockchain.

Wagerr

This project is similar to the previous one, but it is released to make bets on sports more transparent. When Wagerr came into existence, it was the first decentralized bookmaker based on blockchain. The advantages of the system are reliability when getting winnings, non-interference of third parties and the possibility to make money when predicting the game results.

15.03.2019  |   in Cryptocurrencies analysis
In a number of states, gambling activity associated with sports betting is prohibited by law. In this case, players turn to shadow bookmakers and take risks. However, Wagerr is a decentralized betting network that is controlled by its users, but not governments. The described platform supports almost all popular sports championships and can be accessed by bettors from all over the world.

Bakkt

Bakkt is a global ecosystem for cryptocurrency futures trading, which is being developed by the largest financial corporation — Intercontinental Exchange (ICE). Many experts believe that the launch of Bakkt is one of the most important events in the cryptocurrency sphere, which can significantly increase the rate of Bitcoin and will contribute to the massive adoption of crypto. According to the CEO of ICE, the official release of the platform will take place at the end of 2019.

However, this project also raises reasonable concerns. First of all, to make the futures market work, most Bitcoins should be put into financial system, which is something that goes against the concept of crypto. In addition, the emission of Bitcoin is limited, and this project could potentially create more rights to the cryptocurrency than it is physically possible.

Skycoin

The goal of this project is to change the Internet itself and make it fast, secure and not controlled by any company or state. For this, an absolutely new consensus algorithm was created. It is different from those used by most blockchains and solves their fundamental issues. These are speed, scalability, and safety.

This project promises to make the use of web accessible and ubiquitous. It has already been claimed that this project has protection against 51% attack, and the transactions made within it, occur faster than within other networks.

Summary

In the near future, blockchain is expected to become the underlying technology of dozens of promising projects that can change the industries and the overall economy. There are also projects among them that impose serious concerns. Still, most blockchain initiatives are increasingly following the path of security, privacy, and accessibility, so there is a chance that this trend will persist.

Image courtesy of: Lianapress


About the author:

Acquiring a wealth of experience in writing articles on trends and prospects for the development of the game industry in the world, Julia Beyers found herself as a Freelance Journalist. She is writing about blockchain and cryptocurrencies trends, sometimes covering importance of bitcoin for various other industries.



Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies
Found a mistake? Select the text and press CTRL+ENTER
Leave a comment
Leave a comment
Report a mistake