For an enormous number of people, blockchain is associated with pure speculation. Everyone still needs to remember the applicability of Bitcoin and the smart contracts paved by Ethereum, which could have changed the technological future. Now, most users and investors are interested only in financial gain. Is this a bad omen? More likely yes than no.
The availability of the opportunity to acquire and create tokens also takes us back to the past. People interested in past financial operations can easily remember the so-called Dot-com bubble. Today’s situation with the growth of cryptocurrency capitalization generally resembles this a bit. This article would like to examine this awkward moment that haunts potential investors and those who want to get rich quickly.
The Current State of Blockchain Tokens
Today’s financial state of blockchain projects is worth examination by modern researchers. We can already see writing a statistics chapter of a dissertation on this matter in some works.
Highly volatile tokens have always been a target for people who want to make money quickly. Most tokens are stored in certain blockchains and decentralized spaces, so users don’t need to register anywhere.
The huge boom of Bitcoin earlier became an object of envy for most other people who could not make money from it. Tokens became an attractive object to earn for the majority. The problem is that anyone can create a token in a few minutes. The overall capitalization of a token can also be easily removed by its creator, which led to a whole wave of scam tokens that boomed in 2021.
Nowadays, few people invest their money in outright fraudulent projects. However, the creators of such tokens want to continue what they started and continue to make money from naive investors. Therefore, they began creating an endless number of the so-called meme coins. This time, they are all protected from fraud by third-party companies that block liquidity and do not allow cashing out funds in the short term. Still, their applicability is deplorable. Their profit is also minimal, but entire communities gather, happy to be among like-minded, proactive people driven only by an idea. These communities very rarely, but still write interesting stories that frame their common idea. Some must be more active to do this and order the work on a website. In any case, such projects have almost no future due to the lack of applicability and even the impossibility of implementing applicability because, in people’s minds, it will forever remain a meme coin.
Unveiling Practical Blockchain Tokens
In any case, though in the shadows, tokens and entire blockchain projects that are genuinely useful exist today. This article will examine only three, which emerged relatively recently but have good applicability and a chance for future expansion.
CloreAI
This project is one of the few that combined blockchain and artificial intelligence, renting computational power from users and investors. With this project’s tokens, you can rent computing power from other users. There is also a mining system based on the KaWPOW algorithm. Additionally, if you are a major investor and want a discount on renting graphics processing power, a Proof-of-Holding system provides this service. The project is relatively new, first introduced in late 2022, and its popularity grows monthly.
Evernode
Practically everyone knows about Ripple. It’s a blockchain that aims to enable fast and cheap transactions. Some banks have even implemented this technology to replace the outdated SWIFT system. However, this blockchain has one major drawback—the absence of smart contracts. Without smart contracts, the average investor cannot take advantage of modern innovations. So, what problems does Evernode solve?
- It acts as a Layer-2 solution, providing immense opportunities for creating cutting-edge smart contracts within the XRPL system and allowing the creation of one’s dApps, which was previously unimaginable.
- They also enable renting computational power (which will act as servers for dApps) and function as completely independent nodes.
This is an excellent solution for such a popular and fast yet very limited blockchain. Launched in mid-2023, it is only now starting to gain traction, having recently put the project’s technical component into operation.
QANplatform
QANplatform is a very interesting and complex project that solves a problem of the future. Officially, this project is a quantum-resistant Layer 1 hybrid blockchain platform. Its main characteristics can be described in this list:
- Quantum computers, which are about to emerge in our modern world, pose an enormous threat to cryptocurrency assets worldwide. Theoretically, a quantum computer could hack any wallet in seconds, whereas today’s computers, even the most powerful ones, would take thousands of years to do the same.
- This project uses a hybrid blockchain, combining private and public records. It can also be launched fully compliant with the Ethereum Virtual Machine requirements.
- This project can use many programming languages for smart contracts beyond the standard Solidity.
The project’s representatives have collaborated with major companies like Alpine Esports and Renault Group. The methodology for solving this problem is interesting, as it could provide substantial benefits in a few years.
The Broader Impact and Future of Practical Tokens
There are quite a few useful blockchain projects today. Unfortunately, they all fade into the background compared to community projects or meme coins, which provide no benefit to investors beyond the elusive desire to make money. Look deeper, and you will be able to find even more interesting variations of modern projects that governments have even approved of different civilized countries.
For example, you definitely should have learned that the British government approved Weaver Labs to create a blockchain project for the country’s telecommunications companies, which will help reduce the costs of creating and maintaining networks.
Seek out only good projects that will help the future develop more interestingly and rapidly. Also, do not listen to those who say that blockchain projects on the network are meaningless or bad. There are quite a few good ones, but you have to look for them.