In 2009, anonymous programmer Satoshi Nakamoto introduced the open-source Bitcoin blockchain protocol to the public. The code was used to send and receive money anonymously on a public ledger without the need of a financial institution.
That drew the interest of many developers because they knew they could create other applications on top of this incredible technology that Satoshi introduced.
After Bitcoin came the Ethereum token, the brainchild of Vitaly Dmitriyevich “Vitalik” Buterin, a Canadian Russian writer and programmer who had humble beginnings in cryptocurrency.
From writing articles on Bitcoin to creating Ethereum (the second-largest cryptocurrency by market cap), he made his own blockchain version. Many other cryptocurrency projects have followed in his footsteps, and some have even piggybacked the Ethereum network.
Today’s article will discuss some of the projects involved in cryptocurrencies, NFT’s, and blockchain gaming.
What Are NFTs?
NFT (Non-Fungible Token) is a relatively new trend that involves cryptocurrencies and gaming simultaneously. Most NFTs are sold on the Ethereum blockchain and are used in games developed on the network.
These games use a proof of stake mechanism to allow users to transact by selling in-game items. There are marketplaces plus tokens built around specific games, and they have been thriving lately.
With the rise in popularity of NFTs, it will be interesting to see where cryptocurrency goes in the future.
Bitcoin and Alternative Coins
Bitcoin is the overall leader in market cap and the adoption curve of using the token. Currently, Bitcoin is sitting at a five-month low, but there are still many upgrades to its blockchain.
Overall, Bitcoin is still one of the best-performing assets in human history and has a value comparable to gold. People interested in investing in these digital assets should use https://yuan-pay-group.net/ to understand the markets better.
Other alternative coins that have risen to popularity over the last five years are Cardano (ADA), Polygon (MATIC), and Solana (SOL).
Cardano uses the Ouroboros consensus mechanism to perform transactions quickly and safely over its blockchain. Polygon is forked off the Ethereum network and uses proof of stake to keep its users secure when sending or receiving assets.
In order to reduce latency, the Solana network has opted to use tower consensus to confirm and verify transactions.
These technologies are changing the way people save and spend their money, and with the emergence of new protocols, the future is looking bright for cryptocurrency.
Blockchain Gaming
Besides allowing users to remain anonymous, the blockchain also allows developers to build games on top of it. These blockchain games are typically based on proof of stake and have attracted 100s of 1000s of players worldwide due to the play-to-earn model.
Players can win or create NFTs in-game that can be sold on the marketplace for cryptocurrency and converted to real cash. Does this sound like the movie “Ready Player One” or what?
It’s crazy how fast the blockchain gaming scene is progressing with games like Axie Infinity, which is taking the top spot regarding the hourly rate you can earn while you play.
These blockchain games are relatively meager, but the future is shining with polished titles that can take on higher-end games.
Blockchain games also delve into the metaverse by developers creating digital worlds where players can meet up and explore the area together. One of these worlds is Decentraland, and the MANA token supports it.
With all the hype surrounding blockchain gaming, when will you get involved and see what all the hype is about?
Conclusion
Cryptocurrency is not only the future of finance but is going to be the future of the internet as we know it. Through anonymity and secure blockchain technology, we can create a world for the people.
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