In the past decade, the cryptocurrency ecosystem has experienced both a surge in the emergence of new cryptocurrency projects and the annihilation of some overtime. The longevity of new projects in the space is determined by different factors, the absence of which may stir a speed retrace in adoption.
Some activities in the cryptocurrency industry today are modeled like a Ponzi scheme in which many people focus on the monetary benefits of tapping into a project than the intrinsic value such projects have to offer. Since cryptocurrency and digital tokens are valued in terms of their associated prices, organized social media pages, groups, and communities are particularly saddled with pushing token prices up in a value-inflating manner that overshadows the underlying challenge or solution such projects seek to overhaul.
Human behavior, especially in a world where economies are crumbling, is hard to decipher, but the disposition to crypto today, though justifiable, can have an opposite influence on the future we all seek.
Blockchain technology is a utility-based technology that provides creative and innovative minds an opportunity to explore the numerous use cases it could be used for. Through blockchain technology, the world is not only seeing an evolution to the world of digital payments, we are also witnessing an overhaul of democratic systems through the provisions of blockchain secured voting or ballot systems.
Every crypto project expects to have a problem it is targeting to solve. Impressive ingenuity can position a particular crypto project to be usable in different use cases, in which case, they will naturally have a deeper influence. For example, the Ethereum Network is a blockchain and a crypto project that primarily addresses the laxity in existing digital payment options.
Ethereum launched as an open-source platform allowing even more developers to build other unique cryptographic solutions using its technology. Today, we have seen the evolution of Non-Fungible Tokens, and other decentralized finance applications being built on the Ethereum network. Ethereum’s application for different programmable solutions gives it a unique utility that makes it the second most valuable project in today’s crypto space.
With over 8,400 cryptocurrency projects, according to CoinMarketCap, sieving through them all for their underlying value offerings may seem an arduous task, but time will tell which of the lot has the utility that will be in demand in the coming years.
Innovation in key fields that helps humans develop will always be vital to our survival, and beyond the fact that many people look to the monetary aspect of crypto, we would all fall back to value eventually.
A Twitter user @KimDotcom agrees with this positioning, noting that;
While @KimDotcom’s focus is on the intra-network efficiency of the crypto project themselves, the same applies to the value they offer the world as a whole.