Disclaimer: The Industry Talk section presents information from the players in the crypto industry and is not part of the editorial content of Cryptonews.com.
Although it is still far from being designated as a fully evolved technology, blockchain has quickly gained prominence to facilitate many novel use cases across multiple applications and industries.
Built on the foundations of cryptography, blockchain guarantees the immutability of data, thus solving the problems of data manipulation and fraud. Over the past decade, blockchain technology has made its way into various industries such as gaming, healthcare, e-commerce, and financial technology, among many others.
However, the recent meteoric growth of cryptocurrencies opened the floodgates of innovation. In recent years, hundreds of functional and innovative blockchain use cases have emerged, each unique in its own way and designed to bridge the gap between evolving technology and real-world applications. From DeFi to the metaverse, these promising next-generation blockchain projects play a crucial role in helping the general population understand the concept of digital currencies, contributing immensely to the widespread adoption of cryptocurrencies.
With that said, here are four of the most innovative blockchain use cases that will shape the next wave of decentralization.
Digital Escrow Services for Web 3.0
Trust between two parties plays a key role when it comes to financial transactions. In the traditional finance sector (TradFi), banks and other intermediary organizations maintain “trust” between the parties. However, in the case of decentralized finance (DeFi), there is no centralized authority to play this role.
Smartlink addresses this challenge by offering comprehensive “trust-as-a-service” solutions designed for Web 3.0. Powered by the Tezos blockchain, Smartlink offers a variety of escrow smart contracts that make it easy to buy and sell goods and services without any centralized authority. Through its autonomous escrow smart contract modules, Smartlink addresses the risks of losing money to online scams and fraud.
To ensure that each escrow smart contract module supports real-world use cases, Smartlink has partnered with the CEA Research Center. Together, the two teams are creating frameworks for physical and digital products. To date, Smartlink has implemented the Smartlink Escrow V 1 – Digital Products for Digital Products smart contract module, which allows users to deposit XTZ tokens, NFTs and synthetic assets, and conduct OTC transactions using individual transactions. Additional features for digital products and escrow modules for physical products are scheduled to be implemented in the future.
Smartlink’s diverse range of non-custodial escrow services will help buyers and sellers avoid unnecessary fees, as all escrow smart contracts are designed to self-execute and release funds as soon as all terms are met. predefined.
An innovative approach to public fundraising
Fundraising is an essential component of almost all business models, be it from private investors, public markets, or financial institutions. However, raising funds without relying on venture capital firms or angel investors is not an easy task to accomplish.
Solv protocol aims to simplify this process through its financial NFTs and IVO (Initial coupon offer) model. By design, Solv is a decentralized marketplace that allows users to create, exchange, and manage financial NFTs. The platform recently launched the Initial Voucher Offering model to take the idea of public fundraising to a new level.
The platform’s ERC-3525 tokens include the descriptive attributes of ERC-721 tokens with the liquidity characteristic of ERC-20 tokens, allowing them to be used as “vouchers” for other digital assets. Simply put, users can generate ERC-3525 tokens to implement traditional financial systems like time deposits, consolidation, convertible bonds, and various other similar options. Additionally, users can split these “vouchers” to meet specific needs.
The Solv Protocol now facilitates the division and merger of financial NFTs, which was previously impossible, opening the door to a wide range of new use cases for their “vouchers” while disrupting traditional crowdfunding models.
Connecting Real World Assets with DeFi
Although the DeFi ecosystem has multiplied in recent years, a serious lack of liquidity can emerge in the DeFi ecosystem during periods of congestion. At this point, DeFi is gradually becoming the playground for the wealthy. However, Centrifuge aims to make a real-world impact with its DeFi services.
Founded in 2017, Centrifugal is a protocol that allows users to tokenize their real-world assets in a DeFi format before posting them as collateral for financing through its attached asset-backed loan dApp, Tinlake. At the same time, it allows DeFi investors a stable source of income that is unrelated to the volatility of the crypto market.
Centrifuge eliminates banks and other intermediaries to unlock economic opportunity for everyone. Automated smart contracts manage all secured assets and chain loans on the platform. By using NFT as a digital representation of real-world assets such as invoices, real estate, and royalties, Centrifuge brings real-world monetary value, adding more liquidity to the DeFi ecosystem.
Until now, the multi-billion dollar real-world asset market has stayed out of the reach of decentralization. But with Centrifuge closing the gap, both lenders and borrowers will benefit enormously, ushering in a new era in which everyone has equal access to financial opportunity.
Lowering barriers to entry with the Learn2Earn model
The metaverse is one of the most popular topics on the internet these days. From Mark Zuckerberg to the proponents of Web3, everyone wants a piece of the metaverse. To that extent, a promising new project, Bit Country, aims to be the platform that allows users to create their own metaverses and games while providing various income opportunities.
The Bit.Country team has also developed Metaverse.Network, a metaverse version of Ethereum, but with lower gas fees using Substrate developed in the Polkadot ecosystem. The platform is building the foundation for metaverse owners to grow exponentially while allowing their members to own and earn through a variety of opportunities while directly contributing to the advancement of individual metaverses.
When it comes to innovation, the Bit.Country team believes that educating the general population is the only way to help them achieve success. The founders of Bit.Country are already known for launching several Learn2Earn-themed courses to help everyone benefit from the Web3 movement, including initiatives like the Substrate Runtime Developer Academy and the world’s first Metaverse Career Academy.
The Bit.Country team plans to implement all Thunder.University protocols on Metaverse.Network, thereby incorporating their proven Learn2Earn model, which enables participants to quickly learn new technologies and monetize their skills as quickly as possible.