While 2022 was a cloudy year for cryptocurrencies, there have been multiple positive notable developments in practical use cases of crypto and blockchain technology. Cryptocurrency exchanges and trading platforms have also introduced new updates to make crypto more user-friendly and increase the profitability of traders, like secured P2P platforms, point spread crypto, and reduced server lag durations.
BCHUSD Green as other Cryptocurrencies Posted Gains
Most coins had a green day in the early hours of Tuesday. BCHUSD posted a 1.33% gain to $107.40 in the early hours of Tuesday. This positivity extended to the likes of DOGEUSD which posted a 2.12% to $0.08; ETHUSD, with 1.68% to the vicinity of $1,331; XRPUSD rose 1.56% to $0.35; BTCUSD continued a bullish move to $17,269; and DOTUSD climbed 1.14% to $4.90.
Social Utility Tokens for Content Creators
Anybody can create a social utility token. They are like every other cryptocurrency; however, their values are pegged to the reputation of their creator and from the engagement of the social utility token holders.
Fans of artists can fund their projects by buying these tokens and receive benefits such as early access to their music. The better the reputation of the artists, the higher the value of these tokens.
Holders of social tokens are investing in the stock of their favorite artists and gaining profits and exclusive benefits in return.
Mainstream Adoption of Digital Currencies
One of the most exciting news in the crypto space is the increasing mainstream adoption of digital currencies. Major companies such as Tesla, MicroStrategy, and Square have invested billions of dollars in Bitcoin, and more and more merchants are starting to accept digital currencies as payment. This adoption shows a growing trust in the technology and its potential to become a widely-used currency.
Integration of Blockchain Technology into Industrial Sectors
Another positive development is the integration of blockchain technology into various industrial sectors. From supply chain management to gaming, many companies are exploring blockchain to improve transparency, security, and efficiency.
For example, Microsoft Azure uses blockchain technology to improve dispute resolutions between customers and the company. Another example is Banca Intesa Sanpaolo which uses blockchain to validate trading data using the OpenTimestamps protocol powered by Bitcoin.
Environmental Friendly Cryptocurrencies
Another positive trend in the crypto space is the rising interest in environmentally-friendly cryptocurrencies. Cryptocurrency mining, which is the process of creating new coins, is a resource-intensive process that requires a lot of energy. This energy use has led to concerns about the environmental impact of crypto mining.
To address the issue, companies are developing energy-efficient projects to be that use renewable energy sources. For example, Chia Network uses a Proof-of-Space-and-Time consensus mechanism that is less energy-intensive than the Proof-of-Work mechanism used by Bitcoin. Other projects, such as SolarCoin, use blockchain to track solar energy production and allow to trade it as cryptocurrency.
Crypto Space Educational Awareness
The growing number of educational and awareness campaigns for the crypto space is also a positive development. A better-educated population will be better equipped to make informed decisions about investing in digital currencies, and this will ultimately help to promote the widespread adoption of crypto. Additionally, awareness campaigns can help to reduce the risk of fraud, which is a significant issue in the crypto space.
In conclusion, while there are certainly challenges and risks associated with the crypto space, there are also many positive developments worth noting. The increasing mainstream adoption of digital currencies, the growth of decentralized finance, the increased adoption of blockchain technology in various industries, the interest in environmentally-friendly cryptocurrencies, and the growing number of educational and awareness campaigns are all signs of a maturing and promising industry. Of course, as always with investments, it is important to do your research, but overall there is a lot to be optimistic about in the crypto world.