Many people think of cryptocurrencies as more of a speculative financial instrument. Digital currencies in the strict sense of the word such as Bitcoin are just one of the many uses behind the revolutionary blockchain technology.
Alternative uses of cryptocurrencies
The enormous growth of the financial market, whose capitalization has now exceeded $2 billion in value, certainly makes them an alternative trading tool.
But there are already some promising applications in use in various sectors. Sectors ranging from insurance, healthcare, sustainability and cybersecurity.
Let’s see which are the most interesting and with the greatest growth prospects for the future
Algorand is a blockchain developed by an Italian professor at MIT in Boston, Silvio Micali. Its main goal is to make the crypto and blockchain ecosystem decentralized, secure and scalable and therefore sustainable.
It is based on a consensus system called Pure Proof of Stake. Each user has the same probability as the others to be chosen to solve a blockchain. This clearly speeds up the time required for each transaction.
The choice of validator is purely random and released to an algorithm. Algorand thus promises to be globally scalable, with the possibility of a response time of 2.5 seconds.
Theta is a blockchain platform for streaming and sharing videos. Its goal is to enable high-quality video streaming at low costs. Theta network has two native cryptocurrencies Theta and Tfuel to carry out transactions.
Theta has created a micropayment system for video streaming that allows users and content creators to send and receive THETA via the official wallet app.
Very similar to Theta but related to music audio is the Audius project. The platform is run by an open source community of artists, developers and fans. It has over 5.3 million users and is powered by the native cryptocurrency AUDIO. The platform also has a special reward mechanism for artists and users based not only on ratings but also on social engagement.
Zelwin is a blockchain-based online trading platform. The system features cashback in ZLW tokens for purchases and these tokens can be exchanged for cryptocurrencies, fiat currency or transferred to credit cards.
Brave is the first blockchain browser that uses its own native cryptocurrency, BAT, to reward its users based on the searches and interactions they make while using the browser. A rewards programme is also planned should a user decide to accept advertisements. It was created in 2015 by the co-founder and former CEO of Mozilla.
Mobi is a non-profit association created by major automotive brands along with startups, governments, non-governmental organizations, transit agencies, insurers, to create standard blockchain-based protocols to identify vehicles, people, businesses and Trusted Trip. The company’s goal is to make transportation more efficient, convenient, and above all, greener.
dClimate collects and standardizes climate data, creating a decentralized platform built on Ethereum for businesses and organizations of various kinds that need accurate weather forecasts and information.
The company’s goal is to bring all climate data together and try to make it standardized and easily accessible. Dclimate creates a sort of open market to make climate data more accessible and reliable by directly connecting data publishers with service users, eliminating as much as possible inconsistencies, inefficiencies and distortions in the reading and dissemination of data.