The 5 Promising Blockchain Projects Leading The Way Forward For Decentralized Technology In 2022
January 17 2022 - 12:52PM
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Cryptocurrencies had a dream run in 2021. From being treated as a
fringe topic to becoming a potential disruptor of the traditional
financial ecosystem, 2021 stood witness to the meteoric growth in
the value of cryptocurrencies, as well as a significant change of
momentum in terms of mainstream adoption and technological
adoption. Between NFTs, metaverse, multichain projects, layer-2
scaling solutions, blockchain 3.0, web 3.0, play-to-earn games –
there’s a lot that has happened in 2021. Even though it is too
early to predict how the cryptoverse will evolve in 2022, several
projects have already raised the bar by introducing solutions that
harness the potential of the underlying blockchain technology to
meet a diverse range of real-world use cases. Here are five
intriguing projects across the DeFi, trading, NFT, DAO, and
security sectors poised to play key roles in the crypto ecosystem’s
accelerating maturation. Bridging Real-World Assets With DeFi By
design, TradFi (traditional finance) and DeFi (decentralized
finance) are two different worlds. There isn’t much overlap between
ecosystems, except the respective challenges each faces. For
instance, the DeFi market is highly fragmented, leading to
liquidity problems. On the other hand, the centralized nature of
TradFi makes it extremely complicated for small and medium
businesses to access funding opportunities as and when needed. As
the next logical step in the evolution of blockchain technology,
Centrifuge has developed the first-ever decentralized lending
protocol that connects real-world assets (RWA) to the on-chain
ecosystem. Centrifuge is designed to connect borrowers and
investors in a decentralized manner. The platform makes it
extremely easy for borrowers to access financing by using their
real-world assets as collateral. Concurrently, investors can
diversify their exposure by investing in RWA-backed collateralized
loans that have a low correlation with the crypto market. Using
Centrifuge, borrowers can tokenize real-world assets for use as
loan collateral from its lending dApp Tinlake. There are no
intermediaries in the process, and the platform is open to all
investors and borrowers. In terms of interoperability, Centrifuge
is built on Polkadot and its dApp Tinlake is bridged with Ethereum,
helping users leverage the DeFi liquidity of Ethereum alongside the
speed and low cost of Polkadot. With DeFi 2.0 just around the
corner, Centrifuge has connected two separate ecosystems and
unlocked the trillion-dollar real-world asset market to drive more
liquidity into the DeFi ecosystem. Disentangling The Complex Crypto
Trading Onramp Even though cryptocurrencies have garnered
mainstream recognition, only a handful of the global population
uses them. Between the still foreign concept of digital currencies
added to the many confusing CEX and DEX options, the entry barrier
rises even higher. Atani, an all-in-one crypto trading platform,
aims to change this in 2022. The Atani team believes that the key
drivers of crypto adoption are an accessible user experience and
affordability. Accordingly, the platform has developed an
end-to-end solution that makes crypto trading, investing, and
portfolio management easy, straightforward, and cost-effective for
a broader global population. The Atani platform offers users free
access to multiple exchanges, tax reporting, charting, notification
management, and other valuable features. The team behind Atani has
introduced a dedicated exchange aggregator that allows users to
trade seamlessly across more than 20 leading exchanges like Kraken,
Binance, Coinbase Pro, Huobi, and KuCoin from a single dashboard.
Furthermore, the platform doesn’t add any fees on top of the
transparent costs incurred from each exchange, making it a
worthwhile destination for both beginners and professional traders
alike. Adding More Security To The Blockchain Ecosystem In 2021,
37% of the crypto scams were using rug pulls compared to 2020, when
it only accounted for 1%, highlighting that the blockchain
ecosystem is in dire need of advanced security solutions.
Conditions are poised to change drastically in 2022 with Avarta’s
state-of-the-art on-chain identity verification and authentication
service. The most distinctive feature of Avarta is its unique
approach to existing security flaws in blockchain authentication.
Currently, identity authentication options are either pseudonymous
solutions or centralized customer identification programs,
eschewing the principle of decentralization. Avarta has introduced
a 4-in-1 solution for the blockchain ecosystem, including a
biometrically-secure multichain wallet, an anti-bot mechanism for
DEX listings, a multi-signature wallet, and a multichain and
decentralized identity management with risk-based scoring. With
Avarta’s military-grade security-enabled identity wallet, users
exert complete control over their private keys. Plus, the
platform’s cross-chain support enables users to consolidate all of
their keys into a single wallet, removing the need to store
multiple keys, passwords, and seed phrases. Additionally, Avarta
issues an Avarta Trust Score based on each user’s on-chain
transaction history. This score works just like a credit score in
TradFi, but it grants users full control over how the information
is disclosed to service providers. Since the entire DeFi ecosystem
relies on “trust,” the Avarta Trust Score will play a key role in
lowering the rate of scams and rug pulls while helping DeFi expand
its dominance. Unlocking A World Of Innovative Funding
Opportunities Via NFTs When the term NFT is mentioned, most people
think about overly-priced digital collectibles. But there’s so much
potential in NFTs that’s yet to be unlocked. 2021 saw the meteoric
growth of NFTs as trade volumes shattered all previous records. And
in 2022, Solv Protocol, an open and transparent allocation trading
marketplace on-chain, aims to unlock a diverse range of financial
use cases with NFTs. By merging NFTs with DeFi, Solv Protocol is
disrupting traditional crowdfunding models. The platform recently
introduced its ERC-3525 token standard, which combines the
liquidity feature of the ERC-20 tokens and the descriptive
attributes of the ERC-721 tokens to enable users to create
complicated financial contracts easily. Dubbed Financial NFTs, this
new class of NFTs leverages the newly created ERC-3525 token
standard to express the multi-dimensional attributes of assets in
the form of splittable NFTs. Since each Financial NFT, also called
“vouchers,” combine distinct features of the ERC-20 and ERC-721
token standards, they can be split into smaller parts, helping
users flexibly trade, split, merge-lock, or use them in any other
manner they prefer. As a result, users can implement TradFi models
on-chain using ERC-3525 tokens like vesting, convertible bonds,
fixed-term deposits, and other similar options. The platform has
also launched the first-ever Initial Voucher Offering (IVO)
fundraising model, allowing projects to raise funds by issuing
their own ERC-3525 tokens. The IVO offers more flexibility
considering each “voucher” can be split into smaller parts while
maintaining similar release parameters depending on the project’s
tokenomics and long-term goals. Spearheading The Efforts To Build A
DAO For NFT Creators The unprecedented demand and growth of NFTs in
2021 has left investors worldwide spellbound. With more and more
influencers, celebrities, and renowned personalities joining the
NFT bandwagon, the sales of NFTs shot through the roof. However,
despite the monetary value of NFTs, the burgeoning segment is
primarily driven by a few key marketplaces. These marketplaces
offer creators the option to accrue royalties as part of all
subsequent sales of their original work. However, these
marketplaces only offer royalties to creators if sales occur on the
same platform where the NFT was originally minted, limiting the
earning potential of creators. To address the problem of unfair
royalty distribution, CXIP, a minting-as-a-service (MaaS) platform,
offers personalized smart contracts for content creators to
highlight their contribution to each NFT produced through on-chain
provenance. CXIP ensures that creators receive their fair share of
royalties through these measures, irrespective of the platform
where the NFT was sold. To improve the value proposition even
further, CXIP is also airdropping NFTs to every creator who has
ever minted NFTs on Ethereum. Each user can claim $CXIP Tokens and
join the CXIP DAO, the largest DAO (decentralized autonomous
organization) of creators globally. The CXIP DAO consists of
leading artists and brand advocates like Pharell Williams, Chad
Knight, Jen Stark, Daniel Arsham, Justin Aversano, and the
co-founder of CXIP Jeff Gluck. Looking Ahead Towards A Bigger,
Bolder, and Brighter Future For Blockchain As blockchain technology
continues to mature, the projects mentioned above will play key
roles in bringing new features to their respective segments,
helping attract more widespread attention in 2022. That said, bear
in mind that these are just a few initiatives from the long list of
promising projects destined to forge the foundation of Web 3.0 and
DeFi 2.0.
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