There are so many ways that crypto users are benefiting in 2023. Understanding the latest and greatest features and where you can find them can be the first step to getting in on all the action. The crypto market is a dynamic industry with new advancements occurring weekly. Here is a helpful guide on crypto features and services that work in 2023.
Privacy Protocols
Privacy concerns have been at the forefront of crypto adoption since its first days. People wrongfully assumed that Bitcoin was anonymous. This belief turned out to be incorrect as all Bitcoin transactions leave a lot of data on the blockchain. Despite the Bitcoin data trail, developers have continued to create unique ways to make crypto transactions more private.
Mixers are a popular way to anonymize your crypto transactions. These protocols will take our coins and mix them with other users’ transactions and wallets. The goal is to make it much more expensive to trace the origin of the funds and their destination. Crypto mixing protocols have evolved and today there are even wallets that have these options integrated.
Interestingly, crypto mixing programs and forensic firms continue to battle it out. For example, forensic firms began looking for the fees that mixing protocols charge to determine if they were used on an account. In response, the mixing firms started charging varying fees to make it even more difficult to determine their presence.
Another privacy-related technology that is prevalent in the market today is zero knowledge systems. These protocols enable users to transact without ever revealing their full wallet address. This approach is often described as one person having a treasure map and the other with a key. The two agree to work together but never fully reveal their data to the other. In this way, more security is obtained.
Cloud Computing
Blockchain cloud computing systems are more popular than ever. These protocols are helping to fight the massive amount of centralization in the sector. Networks like AWS and Google Cloud dominate the sector. They use their positioning to set high rates and control functionality.
The introduction of decentralized cloud computing systems has revolutionized the industry. These projects enable users to share hard drive space and even leverage computing power to accomplish advanced tasks. A perfect example of this technology in use is the network Storj.
Storj users can secure returns for renting out their unused hard drive space. The system encrypts the data so the person hosting the data can’t access it without authorization. The system stores the data in redundancy which also improves the system response and security. In this way, blockchain technology is leveling the cloud computing playing field in 2023.
Blockchain Streaming Services
Streaming is on the rise with reports showing that there are now more people than ever streaming video and games online. The COVID-19 pandemic put streaming into the limelight as people around the world were quarantined as a preventive measure. This sudden influx in demand for streaming services helped to inspire blockchain streaming protocols.
Blockchain streaming protocol work just like a centralized network but the data is held and broadcast by network nodes rather than a centralized server. This approach brings with it some major advantages. For one, the decentralized nature of blockchain networks means that the system doesn’t suffer from last-mile issues.
These issues occur when you venture farther from a centralized broadcast point. Additionally, they get worse as the signal has to get split up further when more new users are streaming. Decentralized networks have the opposite reaction. The more people who use a decentralized network and the more the data can stream.
The decentralized nature of the network means that each user has the potential to be a broadcast point for the network. Since this approach reduces lag and travel time, it makes decentralizing streaming services the obvious choice for tomorrow’s high data rate networks.
Art
The art world has embraced blockage technology recently. The use of NFTs (non-fungible tokens) in the art world has expanded. These tokens are ideal for the task of digital art due to their verifiability and immutability. Blockchain assets can be verified in seconds and their use can be monitored in real-time.
This structure has led to a flood of artists joining the NFT art revolution. There are now NFT marketplaces that conduct millions in trades daily. These protocols enable you to easily convert nearly any asset into an NFT token. This process is called tokenization and the best networks make the process as simple as uploading the art and paying a small fee.
NFT art has some extra benefits as well. For example, the artist can track the ownership of their works. They can also receive a commission on the sale of their artwork on secondary markets. NFTs also make it easy to launch projects in series or collections which can add to their overall value over time.
Gaming
NFTs have made a major difference in the gaming market as well. Today, gamers are seeing real-world profits thanks to the use of NFT in games. These tokens originated as simple collectibles in games such as crypto kitties. However, they have since grown to encompass nearly endless uses in the digital world.
There are now high-level play-to-earn games that leverage NFT tech. These titles enable anyone to start securing returns for their time and efforts. The first AAA games are hitting the market with NFT integrations. AAA games are the top tier of gaming platforms. These games enable players to unlock their efforts and even see their tokens across multiple digital environments.
NFT gaming will continue to see more adoption as these digital worlds expand. The metaverse which is a digital 3d world that enables others to build within it is already embracing these tokens in a major way. NFTs play a vital role in these networks as real estate, avatars, clothing, and much more.
Stable Protocols
Stablecoins are one of the most popular types of cryptocurrency in use today. These assets entered the market a long time ago but have continued to evolve. The first stablecoins used other cryptocurrencies as reserves.
This approach enabled all aspects of the project to remain on the blockchain and be fully transparent. However, the use of other cryptocurrencies meant that these tokens were not as stable as hoped. The main issues occurred when the reserve asset would lose value quickly.
It wasn’t long before developers wanted to try this concept using commodities and fiat currencies. There has always been a desire to unite gold’s stability with blockchain asset convenience. In 2017, USDT became the first stablecoin integrated into an exchange. Here it became a vital tool for traders to escape short-term volatility.
Safehaven tokens
Today’s stablecoins are light years ahead of their predecessors. These tokens are now called safehaven assets due to their unique combination of protection. The META 1 Coin is the first safehaven token to gain popularity in the market. This digital asset leverages a basket of gold-related assets to fight volatility. Additionally, it integrates some unique protections that make it a unique option that all savers should consider.
Asset Protections
One of the biggest reasons why a stablecoin would fail in the past is the ability to retain asset value. The asset value of a stablecoin is what it’s worth via its reserves. There are a lot of tales where a coin would suddenly trade for less than its actual value. When this occurs, it’s usually the end of the project.
META 1 Coin introduces a new type of asset protection system. This system monitors the network trades to ensure that they meet the asset value. Trades that are below asset value get rejected which ensures there are no sudden dumps that hurt the value of the token.
Protect Decentralization
META 1 Coin is a community-led project that also emphasizes remaining decentralized. The network’s developers accomplish this task by simply banning the most common types of whales in the market, trading firms and corperations. The decision to remove these layers from the game makes sense as they are known for their predatory trading tactics.
All users must prove they are real humans and not acting on behalf of corporations or government agencies to participate in the META 1 Coin’s DeFi features and services. This protection is complemented by a $5M token limit that ensures no single trader or group can manipulate the value of the coin.
It’s All About DeFi
No respectable crypto user could discuss the next-gen features without venturing into the DeFi sector. DeFi is centered on eliminating the bank from the financial equation. This fast-growing blockchain sector is one of the most innovative in operation today. There is a massive selection of DeFi features changing the game. Here are the most interesting to date.
Decentralized Exchanges
DEXs are considered by many as the natural evolution of crypto trading. These networks operate similarly to large CEXs like Coinbase and Binance but with some key differences. For one, they are structured to operate as pure code and therefore are decentralized.
The current state of CEXs is that they operate as a choke point in the market. DEXs provide a decentralized alternative that is safer and often more cost-effective. DEXs provide more privacy to users because they don’t require you to register or share personal information. This requirement by CEXs can leave you open to data theft at a later date as hackers have been targeting crypto users’ data via these platforms.
DEXs are a non-custodial which is another major plus. This structure means that you don’t have to upload your crypto to the network to begin trading. Users can trade from the comfort of their wallets. This structure prevents losses due to network hacks, scams, and even unnecessary delays.
DeFi Banking
DeFi banking protocols make beating inflation easer than ever. The current rate for a fiat savings account is only 0.03% which isn’t enough to keep up with inflation. Crypto banks provide high yields since they don’t have all the overhead of traditional banks. These firms can pay out much better and provide more transparency.
For example, the META VAULT is an easy-to-use option. This high-yield account is open to the general public. You simply upload your META 1 Coins and you start securing returns. The process is easy and the rewards are paid out in META 1 Coins which means you enjoy compounding returns over time.
Staking
Staking protocols are the most popular DeFi feature in the market. These systems pay you rewards for agreeing to lock up your token in a smart contract for a predetermined time. There are staking protocols used to secure networks and others to create liquidity. The main thing to understand is that you will lose your rewards if you try to access your crypto before the staking period ends.
Staking is ideal for new traders because its low risk. Your staked asset is safe from losses and the entire process is predictive. You know what your rewards will be based on the amount you staked. Also, the staking calculator makes the process simple and eliminates any surprises at the end.
Crypto Debit Cards
The introduction of crypto debit cards is one of the biggest advancements made since the launch of blockchain assets 14 years ago. These systems connect directly to your crypto bank account like the META VAULT and they enable you to send crypto just like fat. The system works by converting crypto into fiat the moment you swipe your card.
It’s 2023 – Features are what Make a Network Count
This year is all about making crypto use easy and affordable. There are a lot of cool opportunities in the market and finding the best ones is the surefire way to improve your returns. Stick to reputable networks and features and there is less chance of taking unnecessary losses. Most importantly, only use networks that have their features that are already operational and a growing user base.