How crypto and blockchain projects are driving forward a new era of tech
|How crypto and blockchain projects are driving forward a new era of tech
Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) got more than their fair share of media coverage in 2021 and, in turn, attracted millions of new crypto investors and led to interest in the cryptosphere reaching fever pitch.
However, while meme tokens – which have no utility or very limited real-world use cases – are good at drumming up crypto hype and have even made a lucky few early-stage investors millions of dollars, tokens backed by serious projects which have sound roadmaps will almost certainly outperform these jovial coins in the long run.
It’s also important to stress that investing in meme coins is very much like buying a lottery ticket, as it’s practically impossible to predict which of these tokens’ price will go up and which will plummet and never recover.
Even utility tokens are highly volatile, and there’s no way to accurately predict how the price of any given crypto asset will change – especially in the short term – but investing in projects with strong use cases and a doxed, experienced team is unquestionably the smart approach to take when investing in cryptocurrencies.
So, without further ado, here are three pioneering cryptocurrency projects that are helping usher in a new era of technology and whose tokens are likely to perform well in the long run.
GMT token (GMT)
GMT Token is revolutionising bitcoin mining by tearing down most of the barriers that stand in the way of an individual mining BTC by themselves. Instead of having to worry about purchasing mining equipment, setting up a mining rig, finding suitable storage, and paying high electricity fees, GMT allows anyone and everyone to immediately start mining bitcoin by simply purchasing their token.
Each token is backed by computing power which is deployed to mine bitcoin, as GMT owns and operates a network of mining centres. After just 24 hours of purchasing GMT, holders start to receive bitcoin rewards in their personal wallet and are free to hold the BTC, sell it for fiat, or sell it to reinvest in more GMT.
Furthermore, GMT frequently burns newly issued tokens, and the released power is immediately distributed among all tokens in circulation, thereby increasing the supply capacity and mining power of every token that’s already held by investors.
As FXStreet reported last month, it is rumoured that sometime this year GMT will start allowing miners to place their mining equipment in GMT data centres. And, in exchange, miners will receive GMT tokens depending on how much mining power their equipment provides.
GMT plans to eventually account for 20 percent of all bitcoin mining activity in the world, making them one of the most important players in the crypto space.
IoTeX (IOTX)
Next up, we have IoTeX – a Silicon Valley Internet of Things (IoT) blockchain project that was founded by Dr Raullen Chai, who previously worked at Uber and Google.
Specifically, IoTeX is a scalable, open-source blockchain that is disrupting the IoT space and looks set to play a key role in the development of the machine economy.
The project was founded in 2017, and it helps individuals and businesses own and control their devices, and easily integrate them into the developing machine economy.
Additionally, IoTeX has unveiled a number of blockchain-based projects, such as the Ucam – the world’s first-ever blockchain camera – and Pebble, which captures data such as location and motion, climate and motion, and processes it over the IoTeX network in real-time.
The IoTeX blockchain is already being piloted and used for countless other real-world applications, including a $1.5mn pilot project between the US Navy and Consensus Networks that will result in the development of a blockchain-enabled logistics system, called HealthNet.
Loopring (LRC)
Another hugely promising blockchain project is Loopring.
It is a layer-2 scaling solution for the Ethereum network, allowing for trading and payments to be performed on the Loopring network at a fraction of the cost of ETH gas prices.
This project was mentioned by Ethereum founder Vitalik Buterin in a blog post in November 2021 and he admitted that Loopring could help Ethereum scale by solving some of the issues it currently faces.
LRC is the protocol token for the Loopring network. Its price surged in October last year, going from around $0.50 to over $3 in a matter of days.
It has since declined, along with the broader crypto market, with it currently trading around the $0.69 mark, but many investors remain bullish on LRC.
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