Hello everyone,
I hope you all are having a great day, welcome to CryptoGod-1's blog on all things Crypto. In this post I will be writing about coin(s) I think will be trendy for the year 2022. This is a topic I chose to write about due to the competition being hosted here on Publish0x. It is my first time entering one of these writing contests but I am quite excited at the opportunity to take part.
Trendy Coin(s) of 2022 - Harmony (ONE)
When looking ahead to the year 2022, there is one coin that stands out for me. Admittedly I am not an expert on every coin in existence, I honestly don't think anybody could claim to be. However, I have put my time into researching many coins and tokens, for my own investments, and to broaden my knowledge on the crypto space in general. The stand out coin for me has to be Harmony / One. Below I will outline exactly why I believe there is a good year ahead for this Blockchain and Coin.
What is Harmony?
So what is this blockchain? Harmony defines itself as a fast blockchain containing Ethereum based applications which have a two second transaction time, and fees which are one thousand times lower. They are an open platform which allow for assets, collectibles, identity, and governance. Harmony also has secure bridges which offer cross-chain asset transfers with Ethereum, Binance and 3 other chains. Their biggest appeal is to bridge that gap seen in so many other blockchains, such as Ethereum, between scalability and decentralization.
Their biggest benefits towards the crypto community are:
- The sheer scale of their transaction timeframe. The fact they can get a throughput greater than other rival cryptos has seen Harmony named as the latest and possibly one of the most likely "Eth Killer's."
- Its scalability. Simply put the pure level of scalability which Harmony offers makes it one of the Blockchains with the most potential.
- The sharding system. Harmony uses a system known as distributed randomness generation (DRG) which ensures a non biased and verifiable solution.
- Efficiency. Through the use of "Proof of stake" technology, Harmony ensures to be a leader in energy efficiency and dependability.
- Harmony allows for cross-chain contracts, meaning users can create and make use of contracts which are supported across multiple Blockchains and can communicate with each other seamlessly.
- Scalable payment processes for corporations such as VISA.
- Interactive games on its blockchain.
- Specialized systems which were not apparent on previous Blockchains, such as high-volume decentralized exchanges.
The main token of the Harmony ecosystem is known as ONE. This token has a total supply of 13.2 Billion, with 11.6 Billion currently in circulating supply. With a current market cap of in and around €2.7 Billion or $3.1 Billion, to reach the current market cap of Bitcoin would see ONE rise by around 250x.
Why The Signs are Positive
The year 2021 saw Harmony launching on its mainnet and go on to achieving 2-second finality. The year was one of growth for their ecosystem, which included many successful metrics such as:
- 227 apps with 553,511 wallets
- $7.71m payout for 108 Gitcoin bounties as part of their hackathons and grants scheme
- 400m+ assets locked across cross chain bridges
- 7,483 artists with $1.07m NFT sales
They are focused on adoption, interoperability and decentralization, with SushiSwap, Curve Finanace, and Chainlink launched on Harmony. An NFT Bridge allows for users to transfer their NFTs to a low-fee blockchain such as Harmony. While there will be most likely an initial high gas fee on Ethereum, user will benefit from the lower transaction cost and transfer fees on Harmony for any future transfer of their NFTs. It will also be beneficial to any artists minting their work on the Harmony Blockchain, as they will have the possibility of transferring their work to other Blockchains. Finally, they also launched the Harmony Blockchain Explorer, making the tracking and searching of all transactions much easier.
What's been Happening of Late at Harmony
They started the year 2022 fairly strong so far, with Harmony (ONE) advancing their Web 3.0 ecosystem. A Web 3.0 cloud computing platform known as 4everland announced a partnership with Harmony on the 4th of January 2022, meaning the front-end developers will be able to deploy on IFPS via 4everland hosting services. They also had an excellent start to the year in blockchain gaming, with DappRadar recording the decentralized app DefiKingdoms, which is part of the Harmony ecosystem, as the leading game.
The all time high(ATH) saw a price of €0.33 or $0.38. This was recorded on the 26th of October 2021. Seeing as the price hit a new ATH towards the end of last year, its not surprising to see it at lower levels currently like all the market. The coin has been showing a similar start in 2022 as most others, with its price slipping from the €0.30 or $0.34 mark on the 17th of January 2022 down to the €0.17 or $0.19 currently at the time of writing. The general consensus is that with the market so similar to the prices as last July, this could be an excellent time to invest on the cheaper side. Harmony is established and growing constantly which means it will not be disappearing off the markets anytime soon.
Harmony is also very developer focused, with the organizations stating they love developers. Grants are an effective method of getting new developers on board and there is huge potential for Harmony to explode with Dapps over the coming months. More developers will see the low cost of transactions on Harmony coupled with the bridges and sharding potential as the sign of a go to network.
Honourable Mentions
Two other Blockchains and Cryptos worth keeping an eye on are Atom and Solana. Both of these coins saw massive growth over 2021 and should expect to continue in that trend for 2022.
ATOM, also known as Cosmos, is self described as "the internet of blockchains", and functions as a cryptocurrency that powers an ecosystem of blockchains designed to scale and interoperate with each other in a decentralized way."
Solana is described as a blockchain platform designed to host decentralized, scalable applications. Through the use of Proof-of-Stake mechanisms, Solana is able to process transactions per second at a lower transaction fees and higher rate than rival blockchains such as Ethereum.
Predictions for 2022
So far it has certainly been a case of the January Blues for the crypto market at large.
So who do I see as the winners and losers in the year ahead? While its impossible to be certain, and I would never encourage anybody to take my thoughts as financial advice, below I have done a summary of what I think might happen over the coming months in the crypto space, and which things I see dominating the market this year.
NFTs
The world of Non-Fungible Tokens saw enormous growth over 2021, and should continue in that trend throughout 2022. With VISA, McDonalds, numerous celebrities, and even exchanges such as Binance jumping on the NFT bandwagon, it is becoming the new hobby for earning passive income for any and all, not just artists.
The gaming industry is booming and GameFi is perfectly set to boom with NFT's in 2022. Play to earn games are becoming hugely popular, and markets such as music, ticketing, entertainment are all expecting to experience disruption or integration into the NFT space. The functionality of NFT has barely been explored in the mainstream as of yet, while a lot of people consider NFT's as just JPEGs, their long term use could see a breakout in 2022. Dynamic NFTs will being taking off, especially in things like gaming. When you have an NFT which can change depending on how a player does in a game, or evolve it stats, etc, the value could increase and see NFT markets growing in multiple ways.
DeFi
The so-called “DeFi summer” took off in 2020 and continued to skyrocket during 2021. DeFi allows users to perform a wide range of financial transactions without the need for intermediaries. This is achieved through working with one another directly by using smart contracts. Still very much a new technology for most, DeFi allows for users to benefit from asset management, yield farming, borrowing and lending, decentralized exchanges, derivatives, and a host of other benefits.
The year ahead could see more organizations not only entering into the DeFi space, but also trying to apply regulations on it. Regulators are not often welcomed in the crypto space, especially within decentralized areas, but could help establish a positive force in the DeFi marketplaces in creating hubs for secure DeFi activity. Too often rug pulls and criminal activity happen within the DeFi space and while I dont advocate for regulations, something need to happen to improve that space.
With institutions and governments becoming more adoptive towards crypto, it could also see more of the traditional financial institutions offering services and protocols similar to DeFi.
DAO's
Decentralized autonomous organizations are an organizational structure used to manage tokenized assets, fundraise, and also apply a structure with a transparent governance. Many DeFi applications, such as Uniswap, Aave and MakerDAO, make use of governance via DAOs, which provide a new modern and alternative structure compared to a traditional board. DAO's will grow in numbers and popularity, becoming identities of their own and valuing the interests of their communities. Things like DAO's collaborating with each other, known as DAO to DAO (D2D), will become more mainstream in 2022 as DAO's figure out things like scalability and become a driving force of Web 3.0.
Winners of 2022
As mentioned above, any Blockchain which is allowing for NFTs, DeFi, DAO's, along with cheap transactions and scalability, should thrive. That's the consensus of what the public wants; a functional and decentralized ecosystem which is affordable for everyone. While my main bets are ONE, ATOM, and SOL, all Blockchain's have the potential to expand and grow in 2022.
Losers of 2022
Personally, I don't think the hype around Meme tokens will last into 2022. A lot of new people joined the crypto world in 2021, and many learnt valuable lessons in why Meme token or "shitcoins" are not great options for investing. Of course some made fortunes from them, but many lost their investments. There will always be the diehard fans of Doge and Shib, but overall with the outstanding developments of Blockchain technology and crypto in general, 2022 could be the year when the functional coins and tokens are the ones to survive and thrive.
BitYard
A trading platform for investors, BitYard is seen as a journey to your destination, described as "Growing your Future in the Yard." Trading since 2019, BitYard offers its users a user-friendly interface for spot trading on over 80 different crypto pairs. Trading in over 150 different countries and regulated by the American Money Services Businesses, Singaporean accounting and Corporate Regulatory Authority(ACRA), and the MTR of Estonia for the European Union, BitYard is one of the leading cryptocurrency exchanges. Available on both Mobile Apps and PC, BitYard offers a platform that is easy to use and to navigate for even the most novice traders.
The Giving Block
I was only introduced to The Giving Block foundation after learning about it through this competition. While I have heard about organisations like this in the past, this was the first time I decided to really look into one and see what it actually does.
Founded in 2018, The Giving Block works as a solution for non profit organizations looking to receive donations in cryptocurrencies instead of the traditional FIAT currencies. They focus on helping mission driven groups, whether they are a traditional charity, a university, or a religious based group, The Giving Block will provide a platform to accept cryptocurrencies and raise awareness of the non-profits cause. This not only helps to garner the donations for the groups, but also helps to link the non-profits with new donors and a wider community who will appreciate the groups ideals. They have more than 1000+ charitable organisations which can be donated to, and partnerships with top crypto industries such as CoinGecko and Cointelegraph, this organization is certainly ingrained in the eco system of cryptocurrencies and blockchain at large.
That's my predictions and outlook for the year ahead. In what has been a somewhat sluggish start to the calendar year for the majority of Cryptocurrencies, lets hope for an exciting and profitable year ahead for all. As this post is part of the MyCryptoOutlook contest, BitYard will donate 50,000 SHIB through The Giving Block.
Thanks very much for reading and I hope you enjoyed the article.
Have a great day.
Peace. CryptoGod-1.
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