Recent speculative bubbles have centered on NFTs, the newest DeFi (decentralized finance) derivatives, meme currencies, and their associated risks.
The development and influence of digital assets are becoming increasingly inevitable as popular interest in them increases and the discussion about crypto’s ability to alter the future heats up.
Examples of the positive impact cryptocurrencies can have on people’s lives are sprouting up gradually in several areas.
The adoption of cryptocurrencies in developing nations can improve lives by expanding access to lifesaving medicines, agricultural markets, and more efficient transportation.
Additionally, in locations where traditional banking services are scarce, the potential of developing micro-economies based on the shared use of cryptocurrencies could help disadvantaged individuals take control of their financial future.
Let us take a look at some of these innovative cryptocurrencies:
The Clever Snake, Moshnake
The game Moshnake is a Play-to-Earn NFT game that uses a governance token (MSH), an in-game currency, and several interesting NFT goods to power the game. The most active participants will have the greatest capacity to hold both cash and NFTs.
The Moshnake Token (MSH) is a governance token used in the BEP-20 game that gives its holders access to the DAO’s voting and administration functions. As part of a rewards system, it is given free to gamers as a bonus.
If you want to buy some NFTs from the Moshnake Internal NFT Marketplace, you’ll need some Moshnake tokens. It’s also used to cover the transaction costs of buying NFTs via the NFT internal marketplace.
Play-to-Earn NFT game Moshnake is modeled after the immensely popular Snake game and operates on top of the BNB Smart Chain. Everyone has fond memories of playing this classic game on their Nokia cell phone. This app is the best-selling mobile game ever.
Chainlink the Hybrid Coin
The Chainlink oracle network facilitates communication between blockchains and non-blockchain sources of information. Using hybrid smart contracts, Chainlink bridges the gap between on-chain code and off-chain data infrastructure.
When a Chainlink network operator retrieves and prepares off-chain data or runs a computation, they are compensated with Chainlink tokens (LINK).
Chainlink’s blockchain can ensure the safety of data during computation and data transfers.
Hybrid smart contracts can now make use of decentralized data feeds, allowing for the secure collection and processing of data from a variety of sources to facilitate applications like games.
Chainlink smart contracts permit businesses to automate critical processes and event-driven activities. Chainlink facilitates cross-blockchain interoperability by establishing connections across blockchain networks to exchange data such as tokens, messages, and commands.
Avalanche The Most Valued DeFi Coin
The Avalanche Consensus Protocol is designed to be both scalable and fast in validating transactions. It can handle up to 4,500 TPS in data processing (transactions per second). For Ethereum, that translates to 14 TPS.
Avalanche’s growing DeFi ecosystem includes some of Ethereum’s protocols like the loan protocol Aave and the decentralized exchange technology SushiSwap.
However, Avalanche isn’t limited to the DeFi community. By providing funding for metaverse network investments, Ava Labs is spreading the idea that a high-speed, low-cost network can readily serve blockchain-based games and virtual worlds.
According to its proponents, the Avalanche Consensus Protocol brings together the best features of the Classical and Nakamoto consensus methods.
Fast, environmentally friendly, and low-maintenance, traditional protocols aren’t usually distributed or scalable. HotStuff is a well-known traditional protocol because it was used in the Diem stablecoin project by Meta Platforms (previously Facebook).
Protocols of Nakamoto: This protocol class was developed by Bitcoin’s fictitious founder Satoshi Nakamoto, and it enables distributed, secure, and scalable blockchains. However, running the network is costly, and transactions take a long time.