Cryptocurrencies and Blockchain projects are continuing to gain popularity around the world, and with daily innovations in the space it can be hard to keep up with the latest advancements.
While last year there was a lot of progression in the digital asset sector and with cryptocurrency, it’s no different in 2022. The following five new exciting blockchain projects are some to watch out for and be aware of going forward.
What is Blockchain Technology?
Blockchain technology is powerful and there are many emerging and exciting projects coming along in this space to prove it. In the simplest of terms, it’s a decentralized, distributed ledger that records the provenance of a digital asset. For example, you may have heard about and know what bitcoin is and what it’s used for. In this particular case, blockchain is utilized in a decentralized way whereas no single person or group has control, instead, all of the users collectively retain control within the technology.
It’s all about transparency and being able to clearly track bitcoin wherever it goes. Most recently, there has been a push to have more financial services create trust in Blockchain. However, this is a process and will take time before these walls can be broken down and the two can coexist.
1. Espresso
One new exciting blockchain project is Espresso, which is a privacy-focused Blockchain being tackled by Stanford cryptography researchers. By leveraging zero-knowledge proofs, the project aims to optimize for both privacy and scalability. It’s a cryptographic tool that allows a party to prove a statement is true without revealing the evidence behind that statement, CEO Ben Fisch told TechCrunch in an interview. The core of the project and purpose is a focus on privacy and decentralization.
2. Gator Gang NFT
Another blockchain project to know about and that’s shaking up the space is Gator Gang NFT. There are many blockchain philanthropy enthusiasts who are very much looking forward to all this project has in store. It’s all about making sure ethics and philanthropy are front and center. The concept behind the EG Token (providing incentives to earn) and Spark (a new approach to social media) is to earn and give.
3. PhotoChromic
Moving into the era of Metaverse, having an online identity becomes even more important. Blockchain is playing a significant role in this transition from offline to online. PhotoChromic gives control and ownership of user identity back to the individual. The aim is to make identity programmable, digitally secured, verifiable, as well as universally addressable. It gives control back to the user or individual. It integrates NFTs with user identity to formulate a biomimetically managed model of Self-Sovereign Identity all done on the Blockchain.
4. Flare Finance
You must also be on the lookout for more coming from what Flare Finance has to offer as it relates to the next and most exciting Blockchain projects. The purpose is to bring communities together and to put the power of finance back in the people’s hands. Offering a total of seven different products, the new developments will enable numerous assets to become part of the ecosystem. This project is sure to get recognized and make additional headlines going forward.
5. Subspace
Founded in 2018, Subspace Labs just announced it has raised $32.9 million to further develop an entirely new Blockchain that aims to balance scalability, security, and sustainability, its co-founder and CEO Jeremiah Wagstaff told TechCrunch. By incentivizing users to run archival nodes, (which store historical data relating to a particular blockchain), it allows for data to be stored far more cheaply than on other blockchains. The more storage you have on the network, the cheaper it gets.
Conclusion
Major developments are happening in the crypto and Blockchain world as it relates to DeFi and NFTs. Bitcoin isn’t the only thing to be aware of, there a lot of different players in the game and projects that are worth learning more about. Blockchain advancements continue to occur and unfold all the time and these are just some examples of how experts are making progress in the sector and space.
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