In 2008, when Satoshi Nakamoto introduced Bitcoin as a method of direct payment without intermediaries, perhaps few people imagined that cryptocurrencies would one day have many uses. Currently, blockchain technology has been able to succeed in many industries and shape their future in a different way. But among these industries, some are more compatible with blockchain technology and are expected to have a good future.
For this reason, we conducted an interview with Mr. Alireza Mehrabi to find out his opinion about 7 industries with a bright future.
- DeFi
Decentralized financial systems are undoubtedly the most important usage of blockchain. Eliminating financial institutions and their power in transactions can be very important for ordinary people. Because it makes free trade possible with the whole world.
One of the advantages of DeFi compared to the traditional model is the high speed of transactions and its low fee. Therefore, it can be concluded that if decentralized financial systems can replace traditional models, we can expect a large growth of DeFi cryptocurrencies.
Decentralized financial systems are not just about payment, they include lending systems, big business, and all blockchain finance.
- Metaverse
Imagine you can attend a concert at your place of residence, get to work, and have a meeting with your co-workers. Then play a little while you are not physically out of the house. Welcome to Metaverse.
Metaverse is the world you have at home. In this virtual world, many tasks are done simply. In Metaverse, you can be anywhere in 3D. Isn’t this wonderful?
Currently, the most used metaverse is the game industry. For example, MANA and Sandbox are among the cryptocurrencies that Virtual Land offers to users. In these lands, you can create your own building, sell your products or go to an NFT gallery. There are also several games in the game clubs that you can play for fun.
- Smart Contract
The third special usage of blockchain is smart contracts. To sign a contract in the traditional way, we still need intermediaries to legally execute the contract between the parties. As a result, the traditional contracting process is time-consuming and costly, while many contracts are not enforceable under a traditional contract. For this reason, the need for a smart contract was felt
Smart contracts eliminate interfaces and allow direct contracts. The implementation of the provisions of the contract is the responsibility of the parties to the contract and if it is not performed, the contract will be canceled.
Smart contracts are essential for decentralized applications as well as decentralized financial systems. In a decentralized world, there is often a need for a contract to be signed between traders, which is possible with the help of smart contracts. Among the cryptocurrencies that enable smart contracts are Cardano and Ethereum.
- Dapp
Some blockchain platforms allow the development of decentralized applications. Decentralized applications are called Dapp for short. In a decentralized world, Dapps are widely used. For example, decentralized exchanges are Dapps. UniSwap Exchange is an example of a decentralized application with a high daily user.
With the growing popularity of cryptocurrencies and blockchain technology, the need for decentralized applications is expected to increase. Therefore, cryptocurrencies that allow the development of such applications will be of noteworthy in the future.
- NFT
NFTs have become very popular today. They are seen in games, in fan tokens, and in all parts of the cryptocurrency. Let’s take a look at the games first. Axie Infinity game is a fascinating game where users can develop their favorite heroes. Then they can sell these heroes in the marketplace in NFT format. Now imagine the NFTs in Metaverse, it can be very practical.
The CHZ cryptocurrency also makes it possible to sell pro NFTs in the field of sports, especially football.
- Web 3
The third generation of the Internet, known as Web 3, is one of the most important changes that blockchain has made to the Internet. Web 3 is so important that Mark Zuckerberg talked about it. Web 3 is the decentralized Internet, and on this Internet, blockchain is in control of your search.
There are many cryptocurrencies in this field. Polkadot and Helium are two cryptocurrencies that work specifically on the Web 3.
- Storage
Storage has always been a problem for users. Information security, along with their high space, are the reasons why some cryptocurrencies operate in this money-making industry. Blockchain allows information security to be maximized and on the other hand users can store a lot of information at a very low cost. Filecoin and Storj are two cryptocurrencies in the storage industry.
Conclusion
Cryptocurrencies have revolutionized many industries. But analysis shows that people are more optimistic about some of them. For this reason, Mr. Mehrabi introduced 7 of them for long-term investment.