June 19, 2024

The use of cryptocurrency and blockchain in real life

The use of cryptocurrency and blockchain in real life

When thinking about use cases for cryptocurrencies, the first thing that comes to mind for most people isspeculation on their price, since cryptocurrencies are not yet very widespread in retail stores. However, there are already dozens of cases of using cryptocurrencies.

Although currencies like Bitcoin andDash, to some extent, was able to penetrate online trading (BTC is adopted by such large companies as Microsoft, Dash is very popular in South America), it is still difficult for us to use cryptocurrencies for domestic needs.

Looking at the largest by marketaltcoin ethereum capitalization, you can find other use cases. NFT tokens were originally used for trading, but are now used as collectibles, which are in high demand today. Some charities have begun issuing ERC-721 tokens to those who donate their funds, allowing them to become philanthropists.

Moreover, there is an example of use, for the first timeused in the Ethereum community, which has become so popular that it has spread to centralized cryptocurrency exchanges. It's about lending.

Some of the popular decentralizedDeFi applications allowed users to lend their crypto assets to others, and even Maker recently offered its users a new tool for earning with Dai stablecoin.

Since the Ethereum network presents variousstablecoins — Dai, USDC and USDT, users can earn interest on their assets through various platforms, while diversifying their portfolio and preventing losses in the event of a potential failure on one of the platforms.

Other cryptocurrencies like TRON (TRX) are growingdue to blockchain games and gaming platforms, since the semi-anonymity implemented on the blockchain allows you to play gambling without worrying about tracking personal data.

It is noteworthy that other cryptocurrencies,outside the Top 10 by market capitalization also have real-life applications. Cryptocurrency exchanges launched their own tokens and provided them with as many use cases as possible. For example, discounts on trading commissions, access to decentralized exchanges, etc.

For example, the recently popular exchangecryptocurrency OKEx has released a monthly report on the ecosystem of its cryptocurrency OKB. It describes a variety of both internal and external use cases, meaning OKB is used both within the OKEx ecosystem and beyond.

Among the internal use cases —purchasing tokens on the OKEx Jumpstart platform, discounts on trading fees, listing benefits, management and other bonuses. External use cases are based on interaction with a network of 25 OKEx partners.

These include firms operating in the field ofnetwork security, financial services and lifestyle business. According to OKEx, OKB owners can not only receive trading discounts, but also purchase cybersecurity solutions at Slowmist and Certik, as well as access to cryptocurrency deposits, mortgages, credit management and other financial services provided by at least 14 exchange partners .

Finally, OKEx partners who accept OKB, Tripio and Cryptomall allow token holders to book rooms in hundreds of thousands of hotels and make purchases on the Internet.

Over time, more and more platforms offer newoptions for using cryptocurrencies. Startups Purse.io and Lolli allow users to receive either a discount or a cashback for paying in cryptocurrency on such large e-commerce platforms as Amazon. Thus, they attract new users to the crypto community who remained on the sidelines, not wanting to play on the prices of crypto assets.

Despite the massive adoption of cryptocurrencies,allowing people to live by the principle of "own a bank", while it remains a dream for most enthusiasts, methods of using cryptocurrencies appear right before our eyes. Now it is definitely time to notice them.