Crypto and blockchain influencers are a dime a dozen. You can see them everywhere – YouTube, Instagram, Facebook, and Tiktok. But Guy from Coin Bureau seems to be a cut from the rest. His witty comments and well-researched video have enticed over 2 Million subscribers at the time of writing. He was recently interviewed by the Altcoin Daily channel and he gave some interesting predictions for 2023
Let us tackle why he thought these altcoins are worth looking at. We’ll check what each project does. and if they have any usage or benefit to users.
Layer Zero – Internet of Blockchains
There are many crypto projects, each of which promises to solve a specific issue. There are thousands of them trying to do their own thing. Each project usually has nothing to do with the other.
But what if one crypto project wants to interact with another one? This is exactly why the Cosmos (ATOM) network was created. It is designed to be a network of independent, parallel, and customized blockchains that are connected through a central hub called the Cosmos Hub. In essence, the project is creating a “cosmos” of blockchains.
Cosmos has a Software Development Kit (SDK), which is a tool for building decentralized applications. It allows the creation of customized blockchains that can be connected to the Cosmos Hub.
Some Projects on Cosmos are:
- IrisNet is designed to offer a feature-rich and permissioned version of the Cosmos Hub that is tailored to the specific needs of companies and institutions. The permissioned model, wherein participants need to be vetted, to participate, increases the security and stability of the network. It also allows for compliance with various regulations, which is important for enterprise-grade applications. It is like a clone of Cosmos that is made for bigger companies.
- Akash is a decentralized cloud computing platform that was created using Cosmos SDK. Computer owners, called providers, can rent out their computer resources and in return receive Akash (AKT) tokens. It is similar to iCloud or Google Drive, but the computer resources are not owned and controlled by a lone entity.
The Green Blockchain
According to its website, Algorand (ALGO) is the most powerful and sustainable blockchain. It claims that its infrastructure is the first and only institutional-grade blockchain to achieve decentralization, scalability, and security while achieving environmental sustainability.
Aside from boasting 6000 transactions per second (TPS), Algorand achieves security by what is called Pure Proof-of-Stake (PPoS) mechanism. In PPoS, validators are chosen randomly, though the chance of being chosen is still proportional to the size of the candidate’s stake. In PPoS, even if malicious actors own 51% of the tokens, they still only have a 51% chance of being chosen as the next block producer.
Some Projects on ALGO:
- Algofi is a decentralized exchange (DEX) and lending platform built on the Algorand blockchain. It allows users to lend various ALGO-based assets and earn interest on them.
- Limewire is one of the latest projects on the Algorand chain. The name was known for being a free peer-to-peer file-sharing client. It has now been relaunched as an open music and entertainment NFT marketplace. The platform will enable music fans to buy and trade limited edition albums, pre-release tracks, unreleased demos, artwork, live versions, digital merchandise, and backstage content
- Algorand has also been selected to power Italy’s Digital Sureties, a platform that uses blockchain to issue insurance guarantees. This is a first in the European Union.
- Algorand blockchain technology has been selected to be part of Y9 Bank’s ecosystem to bring financial and digital inclusion across Africa.
The Blockchain for Decentralized Data Storage
Arweave (AR) is a decentralized, permanent data storage platform that uses a unique consensus mechanism called Proof of Access (PoA). It allows users to store and access data on the platform and pay for storage and retrieval using AR, its native token. It is decentralized since no single person or entity hosts the data storage. Those who let the protocol use their excess storage are compensated with AR tokens.
Some Projects using Arweave.
- Since November 2022, Meta has been using Arweave to store their creator’s digital collectibles on Instagram
- Solana (SOL) and Arweave have teamed up to offer a decentralized, long-term storage solution for Solana’s ledger data, ensuring that the information remains accessible indefinitely.
Decentralized Lending and Borrowing
AAVE is a non-custodial, decentralized lending and borrowing platform which was originally built on top of the Ethereum blockchain. It allows user to lend and borrow in a trustless manner by using smart contracts.
This is Guy’s choice, because he believes that DEFI is going to be big in the next bull market. He might be on to something since a lot of blockchain users will be savvier and would prefer to transact in decentralized platforms instead of a centralized one.
Will these Blockchain Projects do a 100x?
Nobody can predict the future and nobody can say for certain that a specific crypto or blockchain project will be the next big thing. We can only look at each project and research if they are doing anything innovative. We can also check if the project has a good community behind it.
Guy did give us some interesting projects with good communities and solutions to real-world needs. Cosmo is making it possible for unique blockchain projects to interact with each other, thus making the whole ecosystem more robust. Algorand on the other hand is said to have solved the blockchain trilemma – while being carbon negative. Arweave and AAVE take decentralization to a whole new level by offering decentralized data storage for the former and decentralized financial products for the latter.
The crypto space is hoping that 2023 will be a better year for everybody. We cannot be certain that this hope will turn into reality, but we do know that projects who kept on building while the market is still in the red will have a higher chance of succeeding in the upcoming bull market.
Video of the interview below:
Feature image: Pixabay