A Look Into The Fascinating World of Real Life Crypto Products
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
As the crypto space hurtles closer to a state of mass adoption, propelled by financial institutions, and venture capital funds, we explore the reasons that the technology behind cryptocurrencies, namely the blockchain, holds so many fascinating and highly beneficial use cases.
For the uninitiated, crypto starts and ends with digital currencies like Bitcoin and Ethereum. But the blockchain represents a whole universe of functionality, where anything of value can be tokenized to fulfill the core principles of cross border transfer at speed and low fees, where financial inclusion is a given, and where decentralization, which removes the middle man from all transactions, makes all activities tamper-proof.
Smart contracts, which are deployed and then copied to every node (computer) in a huge global network, mean agreements can be codified and remain trustless, by enabling automated transactions that validate directly inside the blockchain, removing the need for supervision of a central authority. So for example, in order to take out a mortgage or loan, you will never have to sit opposite a broker again, pay a broker’s commission, or indeed ever sign a piece of paper.
But the use cases go so much deeper than financial contracts and activity, with data management, charities, food delivery companies, and even vineyards taking their businesses onto the blockchain. The fact is that the use cases of the blockchain are as broad as the human mind can conceive. Let’s take a look at some of the most intriguing crypto use cases available now.
Since Covid food delivery companies have thrived in a new age of contactless delivery consumerism. However, some might argue that the big brands have become greedy, commanding extortionate fees from the restaurants that list on their apps, and high delivery fees for the consumer. Bistroo has taken the concept of food delivery onto the blockchain with their product that allows restaurants to quickly onboard to their system, list items, and menus at their desired price, and make have full control over menu changes when needed Bistroo commands highly competitive fees from restaurateurs, in an industry which already sees razor-thin margins, with the promise to keep fees low forever.
Bistroo, like most blockchain platforms, rewards users for engagement with its own digital token, which keeps the restaurants busy and keeps the users engaged, in a win-win scenario. The native BIST token facilitates payment, gains liquidity, and is even used to create loan structures for businesses.
Chingari is a TikTok rival from India that successfully secured $19 million from leading crypto firms like Republic Crypto, Galaxy Digital, and Kraken Ventures, which even has the potential to dethrone TikTok, certainly in India. Chingari, unlike TikTok, rewards users for their engagement and brings creators and users together in a symbiotic monetization relationship. And the platform is launching a social token called $GARI, on Solana, a well-known blockchain, which will power the system. Chingari is huge in India with over 78 million downloads and over 30 million monthly active users.
Chingari is really enabling content creators and even Bollywood stars in India to create content and share it directly and freely with their own audiences, where audiences are rewarded for their engagement, a very exciting blockchain proposition.
Request Labs, which has built its own blockchain protocol, is now furnishing it with a series of usable and functional apps. Today we are looking at the Request Invoicing app, a sleek and user-friendly tool that makes it easy for companies or freelancers to issue and pay invoices using cryptocurrencies. The tool, which is totally decentralized for the safety of its users, allows people to send invoices in their local currencies and then get paid in digital currencies, effectively bridging the worlds of TradFi and DeFi.
Arguably, its prime benefit is that it gives the user ownership over his own financial data, rather than holding it on servers as is the case with most financial off-chain platforms. The request has a lot in its pipeline, promising a full ecosystem of financial tools that can help crypto companies function at every level.
Gluwa is a borderless financial platform promoting financial inclusion and breaking down the barriers that prevent the unbanked and underbanked from being properly served. Gluwa’s vision is uplifting, “ We have a dream that we can help build a global-scale free market, one that enables each and every person in the world to thrive together. We strive to become a leading global financial services platform that enables anyone around the world access to quality currency minus the requisite border restrictions, one that provides a virtuous cycle of mutual benefits for all customers involved.”
The blockchain platform promotes banking with no borders, giving users access to banking and saving opportunities that put banks to shame. Users have the ability to save, invest in bonds, and earn up to 12% APY while earning interest from investing in emerging markets. Gluwa also offers a wallet for the stablecoin standard which extends the ERC-20. It can support ETHless transfer and non-custodial exchange, which gives users full control over their holdings, not the bank! Finally, Gluwa gives users the chance to make and receive crypto payments over their mobile phones.
The future of the blockchain
Whether you understand how it works or not does not matter, because the blockchain is the future of everything. It can track, trade, verify and automate literally anything of value virtually. It does this in a way that removes the necessity of trust, removes the human intervention from the equation, makes hacking of personal data nigh-on impossible and gives businesses of all kinds the ability to function more smoothly and in a smarter fashion.