The cryptocurrency world has exploded over the past few years, spurred on by the massive growth of Bitcoin. However, the functionality of crypto has moved past simple peer-to-peer money transfers and is now able to offer numerous compelling use cases – which have the potential to shake up entire industries in the years ahead.
With that in mind, let’s take a look at some of the best cryptocurrencies with real use cases available in the market right now:
LuckyBlock
One of the most exciting projects set to launch in 2022 is LuckyBlock. LuckyBlock is a lottery-based platform hosted on the Binance Smart Chain, leveraging blockchain technology to improve on ‘offline’ lotteries. Due to LuckyBlock being entirely decentralised, there is greater transparency in who receives prizes and how much was received. Furthermore, as costs are much lower with this structure, prizes for entrants are higher – with each person having a greater chance of hitting the jackpot.
As each lottery game will be hosted on the blockchain, a theoretical ‘world lottery’ could be achieved, where users across the world could enter safely and get an opportunity to win a prize. Although LuckyBlock hasn’t launched yet, there are several tokens available through the platform’s pre-sale – allowing investors the chance to invest in LuckyBlock at an attractive price point.
Bitcoin (BTC)
No list of cryptocurrencies would be complete without mentioning Bitcoin. As the cryptocurrency that started everything, Bitcoin still has the highest market cap of any coin and shows no sign of relinquishing this title anytime soon. As most people know, Bitcoin is a digital currency that allows people to send and receive BTC in an affordable and decentralised manner.
One of the most compelling use cases for Bitcoin is in developing countries, where large amounts of people do not have access to a bank account. By using BTC to pay for goods and services, people in these countries do not necessarily need a bank account – as they can simply download a crypto wallet to their phone. This will allow a large demographic to sustain themselves and have a better way of life.
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Ethereum (ETH)
If you’re familiar with the crypto market, you’ll undoubtedly have heard of Ethereum. Ethereum is an open-source blockchain platform designed by Vitalik Buterin that offers a way for developers to build decentralised applications (dApps). These dApps remove the need for a middleman in specific scenarios – thereby offering scope to decentralise various industries.
Furthermore, Ethereum offers support for smart contracts, which can automate services safely and transparently. Hundreds (if not thousands) of projects have been built on the Ethereum platform, in the realms of DeFi and NFTs. As Ethereum will be upgrading to Ethereum 2.0 in 2022, this platform will grow more prominent and offer more use cases.
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Solana (SOL)
Finally, Solana is also an open-source blockchain platform (like Ethereum) that utilises a Proof-of-Stake (PoS) algorithm to achieve consensus. This algorithm is faster and more energy-efficient than the Proof-of-Work (PoW) system used by Ethereum – meaning Solana can reportedly handle up to 50,000 transactions per second.
Solana also has smart contract functionality, paving the way for developers to use the platform as an alternative to Ethereum. Finally, Solana also has much lower transaction fees than Ethereum, which has been a pain point for developers using the latter platform. Overall, these factors make Solana an exciting alternative and one that could grow exponentially in 2022.
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