Cryptocurrency has travelled a long way since its launch in 2009 amid the global financial crisis. Beyond the peer to peer payment in digital money, crypto has moved too further with most genuine use cases. Presently, cryptos with real use cases are more than merely paying for goods and services. The crypto movement was started by Bitcoin for the purpose of storing value and payment and now in 2020 crypto space is flooded with thousands of cryptos each having a different purpose to serve like supercomputing, cloud storage, development of smart contracts and many more. In this article, let us understand the cryptos with real use cases.
Most Genuine Use Cases | Cryptos With Real Use Cases
Bitcoin (Payment and Storage)
The king of the crypto space with the highest market capitalization, successfully fixing the hassle of the real world since it took birth in 2009. It was supposed to be the alternative to fiat currency without an intermediary. Satoshi Nakamoto, pseudonymously the founder of Bitcoin thought that the inflation of fiat and the dependency on central financial institutions for the management of currency can be complemented with Blockchain-based Bitcoin. If we talk about the real case, Bitcoin started which was valued few cents is now worths thousands of dollars and used as the medium of exchange of various products, services, and most importantly the source of investment without any central entity on the transparent network of Blockchain secured by cryptographic techniques. Bitcoin is also a reliable stored value that can be preserved for the ages just like any other commodity. It is a decentralized powerhouse of the distributed ledger with validated and updated transactions.
Ethereum (Smart Contracts & DApps)
Vitalik Buterin slipped the Ethereum Blockchain in the crypto space in 2014 with the aim to overcome the challenges faced by the blockchain network of Bitcoin and also reinvent the experience of users. Smart contracts and decentralized apps are considered as two of the breakthroughs in the crypto industry which could be dedicated to Ethereum. Smart contracts are successfully handling the issues of real estate, the healthcare sector, supply chain stakeholders, the fashion industry, and many more. Ethereum provides the standards of ERC 20 to make it easy for developers to create their design apps for the customers of various sectors from insurance to gaming. Ethereum or the Ether coins can be considered as one of the cryptos with real use cases.
Dash (Digital Cash)
Dash experienced the rollercoaster journey while it was in the developing stage as it was first developed by Evan Duffield and originally released as Xcoin then changed to Darkcoin and finally rebranded as Dash in 2015. It was developed with the aim to be nameless for privacy-centric users while facing no problems in interacting with it due to its familiar user banking interface. Dash is like digital cash with realistic usages and gives the users the freedom to move your money as per your needs like you can grab a coffee, split a cheque, or pay the utility bill, it can be moved anywhere to anyone with nominal transaction fees and while maintaining complete privacy. Dash coin is gaining popularity in the real world due to the speed of transactions provided with it while solving the privacy issues.
Golem (Decentralized Supercomputers)
Golem is like the Airbnb of computers. The space of the open-source decentralized supercomputer is fueled by Golem cryptocurrency or GNT (Golem Network Tokens). The supercomputer of Golem receives power from small private laptops and huge record centers across the world. Being a user, you can use the Golem in real-world to run your website, for solving the energy-intensive scientific calculations, checking the long programming code, and many more operations. And if you belong to the crypto space, it might be interesting to know that you can utilize it for mining cryptocurrencies or aiding the mining pools in exchange for GNT tokens.
Siacoin (Decentralized Cloud Storage)
Siacoin is added in the list of cryptos with real use cases as it allows the users to rent out their unserved or empty hard disk space in exchange for money. It is like any other cloud space like Google Drive, Dropbox, Amazon cloud, etc but is based on a decentralized network of Blockchain and is open-sourced storage platform. Presently, when the client-server model of cloud storage is struggling with the issues of one point failure and leakage of the unencrypted information, Siacoin might stand out with a highly secure decentralized cloud serving on Blockchain.
IOTA (Internet Of Things)
IOTA Is another crypto which boasts to be the evolution in the crypto space while targeting one of the most popular technologies of the Internet of Things. It has been designed with the aim to bring the change in the process of repayments. Surprisingly, it is one of the unique cryptocurrencies which are based on Tangle technology rather than Blockchain, enabling the highly secured exchange of both value and data without any transaction fees. It aims to bring revolution in varied sectors like sustainable development with the help of IoT, usage-based insurance of cars, building resilient infrastructure for the sharing economy, and many more.
Civic (Universal Digital Identity)
Civic is one of the other cryptos with real use cases which is meant to create digital identity in a decentralized network while complaining of rules and regulations of the government around the world. Civic wishes to use Blockchain to share your data at once with governmental institutions which could be easily shared and verified by all the other departments of the country by using Civic tokens. Civic aims to make an effortless and frictionless sharing of data of the citizens while preventing identity theft as it is based on the Blockchain network.
As the crypto space continues to grow, many other cryptos with real use cases will be coming into the industry and serving the users with multiple facilities. The Crypto industry is still in a nascent stage and has started to get diversified in every corner of the world while reinventing the experience in every sector with minimal infrastructure and highly secured architecture of Blockchain. Security tokens, hybrid tokens, crypto commodities, stable tokens and many more are still trying to establish their positions and reinventing the experience of users.