Store of Value (SoV)
Some cryptocurrencies are used as a store of values (SoV), as well as for transaction purposes, for example, making payments. Using cryptocurrency – rather than fiat currency – as a store of value could offer various benefits. Users prevent third-parties from handling their money and avoid paying high cross-border transaction charges. By trading cryptocurrencies, users also ensure security over their digital assets and can avoid hyperinflation during an unstable economic period.
Protocols, Exchanges and Interoperability
Altcoins are projects that have been built for decentralized infrastructures. Essentially, these altcoins can be used to exchange cryptocurrencies. Their infrastructures also help to resolve the issues plaguing the progression of blockchain development, by enabling communication between different blockchains.
Computing, Data Management & Cloud Services
The cloud computing market is massive and many projects are underway to decentralise cloud computing. These cryptocurrency projects have been developed for the use cases of computing, data storage, data security, and cloud services which include file storage and cloud computing.
Many decentralised platforms have been built for applications that run on smart contracts. Smart contracts can, essentially, be used to cut out the middleman when buying and selling in real estate; analyse held information and process quick transactions in banking; filing and sorting healthcare data; track agricultural and logistics data, etc.
Gaming, Media & Social
Until now, the gaming, social and publishing industry have forced gamers, influencers and content writers to provide free services in exchange for a few ‘likes’, ‘followers’, ‘responses’ and sharing advertising revenues. The blockchain provides an opportunity to change this dynamic. Any content published on the below content accepting platforms will be rewarded in the relevant cryptocurrency. Respectively, this applies to social media content as well. In addition, gamers can receive incentives in the form of digital tokens.
With several cases of third-parties breaking the anonymity of Bitcoin (BTC) users, privacy coins have been developed to resolve the issue. Monero(XRP) is a good example.
Cryptocurrencies have been developed for banks, payment providers, digital asset exchanges and corporates. The underlying infrastructure of the altcoins connects these institutions to provide a seamless experience to users who want to send money globally. Using the cryptocurrency infrastructure, banks are able to process and track cross-border payments in real-time; payment providers are able to process faster payments; various corporates can connect with financial institutions for more reliable transactions, and exchanges are able to source liquidity for payments.
Some cryptocurrencies let you access particular services and enables finance and digital security, users can leverage the blockchain to secure cash loans. For example, SALT is a smart contract-lending platform which uses cryptocurrency-backed collateral.
Many cryptocurrencies can be used to help businesses improve their efficiency, transparency, and security.
Prediction markets, oracles, betting platforms and AI-related projects
Cryptocurrencies continue to disrupt industries by providing a solution to their limitations. These decentralised digital currencies have developed projects to improve energy and electrical distribution, dental healthcare transactions in cryptocurrency, integration into the vehicle industry for direct transactions into charging stations and many more.