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Highlights
- The move to Ethereum 2.0 will reduce transaction speeds and costs and will bring in the proof-of-stake protocol for mining, which is vastly more environmentally friendly than its current proof-of-work mode
- The metaverse looks to be one of the biggest moving spaces next year and OVR is making big headway in that space
- Corite aims to democratise the music industry by utilising a crowdfunding model to achieve a more even distribution of shares for musicians
This year has seen the crypto space move deeper into the mainstream as more and more people invest in various digital assets across the market.
As crypto has emerged so too has blockchain technology, which lays the foundation for cryptocurrency.
With problems on the blockchain constantly being solved by new blockchains, the next year looks to be presenting some promising new projects that could change the face of the industry entirely.
Ethereum
Let’s start with one of the big players in the DeFi space. Ethereum’s network has been hampered this year by an increasing number of users making transactions on a blockchain whose technology sorely needs an upgrade.
The upgrade in question – Ethereum 2.0 – has been delayed several times already but looks to be slated for completion next year.
Ethereum’s network is enormous and encompasses almost all initial coin offerings or ICOs, decentralized apps (dApps), (decentralized finance) DeFi protocols as well as the vast majority of non-fungible tokens (NFTs).
The move to Ethereum 2.0 will reduce transaction speeds and costs and will bring in the proof-of-stake protocol for mining, which is vastly more environmentally friendly than its current proof-of-work model.
OVR
The metaverse looks to be one of the biggest moving spaces next year and OVR is making big headway in that space.
OVR is a decentralised metaverse platform, which uses augmented reality to merge physical and virtual worlds.
This project provides the all-important geolocation, which will be essential for allowing users to find their way throughout the metaverse.
Map2Earn – the programme the company released recently – allows users to participate in a global treasure hunt and rewards users with the platform’s native OVR token.
Corite
Moving into the music space, decentralised music platform Corite CO is an NFT platform which was founded by former Universal Music Group’s execs Mattias Tengblad and Emil Angervall.
This project aims to democratise the music industry by utilising a crowdfunding model to achieve a more even distribution of revenue for musicians.
The company also pushes their performer’s music onto all digital services, like Spotify iTunes and YouTube.
The project’s blockchain looks to get funding directly from the artist’s audiences who then get a share of the revenue in return.
World Mobile
World Mobile Group (WMG) has the lofty ambition of combining renewable energy with blockchain technology to connect those in the unconnected corners of the globe.
In particular, the company hopes to change the paradigm of connectivity in Africa.
2022 will see the launch of its blockchain academy as well as the development of a joint program for students. Furthermore, the blockchain will allow for the company to host conferences to attract experts from around the world and bring back talent to the region.
This is potentially a game changer for various regions of Africa, which are ravaged by war and extreme poverty.
Decentraland
Decentraland is a virtual world where users can interact with other users using avatars.
Users can buy the platform’s native token - MANA, to purchase virtual land and other resources.
Decentraland’s virtual world allows users to engage in a free market economy to create and trade NFTs wherever they are in the world.
The blockchain technology means the network is self-governed by members of the platform and stakers of MANA.
The metaverse looks to be a integral part of the internet heading into the next decade and Decentraland is in a prime position to be a leader in that space.
The Verdict
It’s hard to know exactly where the crypto space will be this time next year. Such is the dizzying speed in which this space moves, crypto will likely look entirely different twelve months from now with new players and updated technology sure to push the space to new heights.
