The year 2023 has been a rollercoaster ride for the cryptocurrency market. Bitcoin, the pioneer cryptocurrency, has experienced significant price fluctuations, while other cryptos have also seen their share of volatility.
However, despite market uncertainty, there are still several cryptos that have demonstrated strong fundamentals, with trading and investment potential for short and long-term future benefits.
While Blockchain as a technology not only solves or redefines the finance sector alone but also the Health, Education, Real Estate, Supply Chains, and other sectors, let’s explore the top crypto projects shaping the future of Blockchain Technology.
Factors Determining Great Crypto Projects
The success of a cryptocurrency project hinges on several crucial factors:
Technology: The underlying technology of a cryptocurrency, including its blockchain infrastructure and consensus mechanism, plays a pivotal role in its security, scalability, and efficiency.
Use Cases: A clear and compelling use case for a cryptocurrency is essential for its adoption and growth. Whether it facilitates cross-border payments, powers decentralized applications, or serves as a store of value, a well-defined use case attracts users and investors.
Community Support: A strong and engaged community is vital for the growth and development of a cryptocurrency project. Active community members, project influencers, and the project team all contribute to network growth and the overall success of any crypto project.
Partnerships: Strategic partnerships with established players in the industry can provide a cryptocurrency project with valuable resources, expertise, and market access.
Market Adoption: Widespread adoption by merchants, consumers, and institutions is crucial for the long-term success of a cryptocurrency project. Also important is the integrity of the project’s team, branding, and the marketing strategies implemented.
Top 8 Crypto Projects Shaping The Future:
- Bitcoin (BTC)
Bitcoin (BTC) is the first and most well-known cryptocurrency, created in 2009 by Satoshi Nakamoto, and it has since become the de facto standard for digital currency.
Bitcoin, unlike fiat currency(Cash or paper money), operates through a decentralized ledger system called blockchain, handling its creation, distribution, trading, and storage. It’s not controlled by any government.
This makes it a popular choice for investors who are looking for an alternative to traditional currencies. From approximately $500 in May 2016 to around $37,110 by November 20, 2023, marking a growth of 7,153%. The market capitalization of $708 billion and the mass adoption rate make it the top pick on the list.
Bitcoin’s dominance and mass adoption rate would cement the potential of Blockchain in the near future, as Blockchain won’t be about finance alone, but would integrate into the Health, Advertisement, and Supply Chain, Bitcoin will be a future currency in the Blockchain Industry.
Research Firm, Gartner forecasts that the business value contributed by blockchain technology is projected to rise to over $360 billion by 2026 and surpass $3.1 trillion by 2030. Bitcoin will arguably be the major currency in this technology.
- Ethereum (ETH)
Ethereum (ETH) is the second-largest cryptocurrency by market capitalization. It is a decentralized platform that allows developers to create smart contracts. Smart contracts are self-executing contracts that can be used to automate a wide variety of tasks, such as financial transactions and supply chain management.
Ethereum was about $11 in April 2016 and has increased 18,511% until this moment. Currently valued at $2,000. It has a robust Blockchain network, where NFTs and dApps are built on its network; it has an ever-productive chain of networks. Like BTC, Ethereum is also going bullish.
Ethereum has a distinct programming language that runs its Blockchain(Solidity), which enables the building and deploying of smart contracts and decentralized applications(dApps), without downtime, fraud, or interference from a third party.
Ethereum solves the problem of financial scams, illegal mining, theft, and intrusive acts in the Blockchain industry, its system is so solid and robust that it hosts many DeFi, GameFi, NFTs, and several Blockchain projects.
- Solana (SOL)
Solana (SOL) is a high-performance blockchain that was created in 2017. It is a fast, scalable, and secure solution that is designed for decentralized applications. SOL is the native currency of the Solana blockchain. Starting at $0.77 in 2020 to around $56.40 by November 20, 2023, showing a gain of 7,224%.
Solana contains various options for investing and is also a dependable asset to add to one’s portfolio. SOL is an investor’s delight as the bumming bullish era approaches.
Solana’s blockchain architecture is designed to facilitate the creation of smart contracts and dApps. It supports a wide range of decentralized finance platforms and non-fungible token(NFTs) marketplaces, making it a versatile solution for various use cases.
- Ripple (XRP):
Created by Ripple Labs in 2020 to modernize payments worldwide and make it faster too. It is a fast, low-cost, and scalable solution that is being used by several major financial institutions.
Ripple Network has a focus on transforming the Payment Settlement, Asset Exchange, and remittance system in the Blockchain Ecosystem, it operates as a distributed network, with multiple servers and nodes to verify real-time transactions.
Ripple also expands its impact by employing a consensus mechanism that reduces carbon footprint (unlike proof of work) and this is as a result of environmental consideration. Ripple’s XRP low transaction cost and speed have made it an acceptable coin by the industry as a collateral asset and payment system.
- Cosmos (ATOM):
Cosmos is a brainchild of the Interchain Foundation, it was created to revolutionize decentralized technology with its Cosmos SDK framework. This open-source platform empowers developers to craft secure blockchains within the “Internet of Blockchains.” Its modular design allows tailored blockchains for various needs, from financial systems to decentralized social networks.
The Cosmos Hub acts as the central point for interconnected blockchains, enabling seamless asset transfer and promoting interoperability. The Application Blockchain Interface (ABCI) fosters code reusability and diverse applications within Cosmos. ATOM is valued at $8.47 with a market cap of $3.1 Billion.
Further addressing Blockchain industry challenges, the Cosmos SDK’s Inter-Blockchain Communication (IBC) protocol bridges chains, facilitating cross-chain applications. Scalability is enhanced as developers optimize algorithms for high throughput and low latency.
With extensive documentation and a vibrant community, Cosmos SDK simplifies blockchain development, allowing a focus on innovation. Its robust governance mechanism ensures network adaptability and empowers token holders in decision-making.
- Cardano (ADA)
Cardano (ADA) is a third-generation cryptocurrency that was created in 2015. It is a more scalable and energy-efficient alternative to Bitcoin and Ethereum. Cardano is also a platform for developing decentralized applications.
Now valued at $0.383 at the moment with a market cap of $49.3 Billion, investors are going bullish on this coin and you can also invest your way through! Cardano is set to trade at $1.991 by 2024 which will amass a 429% increase.
Cardano supports Smart Contracts that enable complex programmable functionality for NFTs. Smart contracts automate various aspects of NFT transactions, like ownership, royalties, and authenticity verification.
Cardano aims to achieve the sustainability and scalability needed for real-world applications.
- Polygon (MATIC)
Polygon (MATIC) is a layer 2 scaling solution for Ethereum. It is a sidechain that allows developers to create and deploy Ethereum-based applications without having to worry about congestion and high fees. After it was rebranded as Polygon from its former Matic Network, with a market cap of $7.8 Billion and a value of $0.8465. Smart investors will go bullish on this coin as it’s predicted to be $3.31 in 2024.
Polygon’s unparalleled throughput of up to 7,000 TPS enables a revolution in transaction processing speed and empowers developers to create seamless and efficient dApps.
Polygon uses the proof-of-stake(PoS) consensus system which boosts confidence in the network’s security, while users and operators act as stakers to align their interests with the platform’s long-term stability.
- Polkadot (DOT)
Polkadot (DOT) is a blockchain protocol that allows different blockchains to connect and communicate with each other. This makes it possible to create a more interoperable and decentralized crypto ecosystem.
Polkadot resolves the isolated blockchain issue by offering a secure, interoperable platform for independent blockchains to smoothly exchange any data. This addresses the limitation of current blockchain versions, which operate solely within their native network design.
Polkadot solves a different problem in the Blockchain Industry by linking various types of blockchains known as parachains and parathreads, which are secured by the Polkadot Relay Chain. These chains can interact with external networks through bridges.
As these digital assets continue to grow, their roles extend beyond mere investments. They power DeFi, enable smart contracts, and NFTs, and even revolutionize how we transact globally. But the journey isn’t without hurdles – volatility, regulations, and tax complexities challenge their widespread adoption.
Blockchain Technology has come to revolutionize our world, to make it easier, faster, and smarter by easily utilizing its potential in our daily living, as we create a single but multi-connected universe, ruled by none but used by all – a decentralized system.