The evolution of cryptos continues from a novelty to real world utility. investors are no longer satisfied by neem coins and other cryptocurrency projects that lack real world utility. Instead, they continue to push for utility which is often synonymous with use cases.
That’s what we’ll be looking at today, the use cases of unique cryptocurrencies. Whether you choose to invest in these cryptocurrencies or not it is at least worth noting that they are driving towards some real-world utility. It is not by chance that Ethereum (ETH-USD) is much, much more valuable than Dogecoin (DOGE-USD). Utility and use cases are the way forward in crypto.
Cryptos Creating Unique Use Cases Filecoin (FIL-USD)
Filecoin (FIL-USD) is designed to solve one of the major problems of the modern age: data storage. Each and every one of us creates scads of data that need to be stored somewhere and that is becoming increasingly expensive. That’s where Filecoin comes into the picture.Â
Developers using the Filecoin platform create file storage apps and services akin to Dropbox and similar cloud file storage services. Filecoin Is unique and is built on something called the Interplanetary File System (IPFS).Â
The project is clearly aiming to challenge traditional cloud storage providers with a decentralized alternative that is more secure and inexpensive. What’s particularly interesting about file coin in my opinion is that it allows Nodes with sufficiently large storage space to monetize that asset. Users who meet certain capacity parameters can rent out that storage space to users.
Filecoin’s value Has essentially plateaued in the neighborhood of $5 since late 2022. It’s clearly not the most exciting cryptocurrency from the perspective of rapid potential returns but in terms of unique use cases it continues to be worth mentioning.
Audius (AUDIO-USD)
Audius (AUDIO-USD) aims to decentralize one of the most centralized and opaque industries of all: the music industry.Â
The project focuses on eliminating intermediaries which is of course the general idea behind decentralization overall. Audius connects artists directly to users through its platform. The platform allows artists to upload their music and users to listen for free. One of the more interesting aspects of Audius in terms of monetization is the idea of staking.
In the future users may be able to stake AUDIO as a way of investing in artists in whom they believe. In short, Audius is one of many cryptocurrency projects that focuses on use cases seeking to break down opaque industries.
Whether the project succeeds in its lofty goals is to be seen. However, the possibility exists for greater control of artists over their content than previously. further, Audius could help to more directly connect artists to their fan bases.
Basic Attention Coin (BAT-USD)
Basic Attention Coin (BAT-USD) Is an interesting cryptocurrency for a select group of potential users. Specifically, I’m referring to users who have grown disillusioned with Google’s (NASDAQ:GOOG,GOOGL) dominance over digital advertising and search more generally.
Users who want to avoid Google’s browser often choose Brave instead. That’s where Basic Attention Coin comes into the picture. The project rewards users who view ads on the Brave browser with BAT tokens. It’s a novel concept and incentivization to attempt and switch users from the Google browser to Brave.
One of the biggest arguments or, I should say strongest arguments, in favor of Basic Attention Coin is that it incentivizes advertising on the Brave browser. The Brave browser is noted to preserve privacy of the viewer whereas Google clearly does not.
Brave claims to be three times as fast as Chrome and also includes ad blocking and tracking functionality. Thus, Basic Attention Coin makes a lot of sense for users who are looking to wean themselves off of Google.Â
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
