Cryptocurrency prices have fallen in the past year, with many investors losing significant proportions of their portfolios. Because these prices are predicted to stay this low for a while, some investors see this as a time to invest. If you are considering doing this, you should do enough research to ensure you invest in tokens and coins that are likely to perform well in the long term. These are typically projects which have some utility. Here are five with real-world utility that are already in use.
Video streaming has taken off, with many marketers now using video in their digital marketing strategies. Video content has to be processed so it can be made available to different devices at the desired bandwidths. This process is known as transcoding, and it requires lots of computer resources.
Livepeer is a project that brings together computer and processing resources from different computers in their network. These computers are provided by individuals and their processing power is used to transcode videos. Content producers and creators get affordable, scalable transcoding services and Livepeer does not have to invest in expensive infrastructure. Everyone in the network (the network participants) gets paid in LPT tokens which have utility in the real world.
Cardano has not had the best relationship with blockchain enthusiasts, with some even questioning its real-world utility. It is best compared to Ethereum because it too is an ecosystem that hosts other crypto projects and assets on its blockchain. Its main criticisms are that it took too long to launch the smart contract functionality Ethereum has had for a while and that it has fewer apps compared to similar projects.
However, it remains a great example of crypto projects with real-world utility. For example, it is being used by the Ethiopian Ministry of Education to store the academic credentials of millions of students on its blockchains. This utility makes it harder for students to cheat while helping students access opportunities like international jobs and university education.
The good news is that you can buy Cardano at various exchanges. Before you do so though, do check how it is trading against other cryptos as well as its value against fiat currency using a crypto to fiat converter. You can then trade it for other digital assets.
VeChain is a supply chain management tool that has a lot of utility. For example, knockoff designer products are a serious problem for brands all over the world and VeChain seeks to change this. It can be used to record each stage of a product’s design, production, and sales on the blockchain. Having this data can help assure buyers that they are getting an authentic product.
Different retail chains have also used it to track different products like vegetables and meat from the farm to the store. Having such control and insight into a supply chain ensures any potential problems can be handled swiftly and easily.
Wireless connectivity is becoming critical in an increasingly connected world. Helium was launched to solve this problem. It is a decentralized wireless network that is powered by long-range hotspots. Initially, this project was meant to provide connectivity for things like smart dog collars, fitness devices and self-driving cars. In addition to helping with all these, the project is expanding into providing Wi-Fi and 5G connectivity.
Participants in the network can run a Helium hotspot and earn rewards for doing so. If you are thinking of investing in this project, you should know that it is about to have even more utility as it moves to the Solana (SOL) network. This will improve its architecture by simplifying it, allowing it to become more scalable which means its utility is just about to increase.
Binance coin was developed by the Binance exchange, the biggest cryptocurrency exchange in the world right now, to facilitate trades on its platform. It is a payment method for trading fees, with those who use it receiving a 25% discount if they use it to trade on the exchange. The Binance Coin blockchain is the platform on which the Binance decentralized exchange runs and operates.
The utility of Binance coin is further extended by the fact that the platform is great for discovering underutilized tokens and coins. This means investors can get in early on new assets while saving money in transaction fees.
If you do not want to use Binance coin for transactions, you can also hold it as an investment. Its value has been increasing steadily since 2021 and continues to do so.
Different crypto projects have different utility and those with such utility are the best to invest in. These projects make money which attracts users and are useful in lots of scenarios. These projects are also less likely to disappear like others have in the past.