There are several thousand projects on the cryptocurrency market. Many of them duplicate and offer the same solutions. When choosing my favorite projects, I was guided by several, in my opinion, key aspects that each project should meet:
First of all I think that the most important thing is the team behind the project. Basically all coins that are legitimate will have a spot on their website that gives information about its team members. If any project hides their team members, chances are it isn’t a good coin. Remember, project is the team standing behind!
The second thing is what problem the project solves. The real life problem that definitely requires a solution and will find crowds of interested people. The goal should also be something that could actually be achievable, nothing that promises anything that couldn’t happen.
The uniqueness of the design is another thing. A different, better and only solution on the market leaves the competition far behind. This is a difficult to recognize because it may require an in-depth technical analysis.
Without good partnerships and marketing, even the best project will not be successful. The project must be used by customers, and the information must reach new potential customers through various communication channels. Adoption is key.
In my opinion, the projects below meet the above points — Strong team, solving real life problem, are unique in their solutions and they have many partnerships and very good marketing, which has a positive effect on their adoption.
I. Interoperability will be key to the global adoption of blockchain and cryptocurrencies.
The main goal of Polkadot is to act as a sort of decentralized center for all types of blockchains. The blockchains should be able to communicate among one another (Inter-blockchain communication/IBC). The focus is to develop the necessary technology that makes it easy to intertwine older Distributed Ledger Technologies (DLTs), current DLTs, and also future DLTs. This architecture should make scaling possible.
This is made possible through so called “parachains”, which can both be added or removed. Parachains can be public blockchains, private blockchains, or other sources of data. The data in the parachain is accessed via specialized nodes, so called collators, and sent to Polkadot. This is similar to how decentralized oracles work. Parachains are activated by staking DOT tokens, and removed from Polkadot by unstaking these same tokens.
The Polkadot ecosystem is developing very quickly. Once completed and interoperable with other chains, it could become one of the core platforms alongside Ethereum.
II. Our data is the world’s most valuable asset, and the privacy soon will be one of the greatest luxury.
“Society is becoming increasingly reliant on data, especially with the advent of AI. However, a small handful of organizations with both massive data assets and AI capabilities attained worrying levels of control which is a danger to a free and open society.”
Their aim is to unlock data, for more equitable outcomes for users of data, using a thoughtful application of both technology and governance. The team and community is committed to kick-starting a New Data Economy that reaches every single person, company and device, giving power back to data owners and enabling people to capture value from data to better our world.
III. I think everyone knows the last cryptocurrency. It is about the cryptocurrency that started it all.
Bitcoin is a special cryptocurrency. One of the points I wrote in the first place was the team behind the project. In the case of Bitcoin, we are not sure who invented it. The official creator is Satoshi Nakomoto, but there’s no certainty and probably never will be. However, the remaining aspects Bitcoin fills in 10/10. It is the First cryptocurrency which makes its the most unique. Bitcoin adoption has gone so far that it doesn’t need marketing to gain further partnerships. Bitcoin did what famous Nobel Prize winner Milton Freidman in 1999 said:
I think that the Internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A. The way I can take a $20 bill hand it over to you and then there’s no record of where it came from. You may get that without knowing who I am…
Bitcoin has opened the gates to a new reality. He showed the direction that we should follow with our finances, privacy and independence. The technology that has evolved along with its creation allows us to reevaluate the current system in which we live. We have the opportunity to put everyone on an equal footing, on the same principles and rights!
If you are looking for more interesting information about cryptocurrency projects and blockchain technology. Visit my decentralized website: strefa.crypto