Cryptocurrencies have flourished across the year 2021 and the market capitalisation of crypto assets have increased by hike of $3 trillion in November. India has reached 15 million in number of crypto investors, where 14% of Americans only own crypto assets. This difference makes India, world’s second highest crypto adopter, according to market research firm Chain analysis.
To this, Indian crypto industry is of the thinking that a regulatory framework would create a sustainable ecosystem and encourage a huge lot of Indians to initiate investments in a secure and safe environment. There are around five game changing crypto projects which one should acknowledge for the upcoming year, before trading with them further:
Table of Contents
Ethereum (ETH)
As this crypto is popular as the world’s second largest cryptocurrency, Ethereum network forms the backbone of mostly each initial coin offerings or ICOs, decentralised apps (dApps), (decentralised finance) DeFi protocols and majorly the NFTs. The famous tokens which are so built on the Ethereum network are Tether (USDT), Chainlink (LINK), Binance Coin (BNB) and the (USDC) Coin. The so thought of upgrade in network is Ethereum 2.0, which is famous for removing the drawbacks and scalability issues so involved in bringing Proof Of Stake (POS) mechanism to blockchain. This would aid in replacing the, high on energy consuming Proof-of-work (POW) mechanism. This change would put a positive effect by lowering the gas fees, rapid transaction rate and huge increase in efficiency of network.
Polygon (MATIC)
Polygon MATIC is being recognised as glue in a world of above 6000 cryptocurrencies, which is capable of holding everything together. The network is efficient in giving inter chain scalability which aids different blockchain interface to be with one another. With the building of side chain which aids in executing and cooperating amongst users. MATIC is helpful in making the transactions thousands time faster than top coins as Bitcoin or Ether. This is cheap and cost efficient than the other traditional choices. By 20th November Polygon had mentioned about its shift to Polygon PoS on Uniswap (Biggest Decentralised Exchange). For avoiding Ethereum fees, major protocols as Aave and Sushiswap have been migrated to Polygon. Such remarkable developments tend to make MATIC a promising crypto project in 2022.
Solana (SOL)
The speedy crypto networks involve Solana which aids in implementation and development of latest technologies as dApps and smart contracts. This one such type of cryptocurrency which works on both proof-of-stake and on proof-of-history consensus model. Above 50,000 transactions per second are processed by the SOL network, which is the most effective and speedy uptill now. For the implementation of smart contracts, Solana wasn’t the first one for implementing the same, but currently it is running above 350 different projects on its network. It further had given back a value more than 17000% in last 12 months, also been in the top 10 coins by the market cap, being valued at $53 billion approx.
Decentraland (MANA)
A virtual world where users tend to create avatars for having interaction with other users. Such avatars are eligible for purchasing LAND and other resources by way of Decentraland token (MANA) and perform trading with the same. Although it is a game but Decentraland joins NFTs, cryptocurrencies, and free market economy for creating a virtual world which would be reachable to everyone, even if they are far or near anywhere. Decentraland is self governing network which is supported by community members and vast MANA stakeholders. In case people are having issues related to governing then significant holding in MANA could give its users the voting rights. In addition to this, small holdings could be sufficient for buying and selling of LAND, transferring value P2P or for capital gains holding.
Polkadot (DOT)
Popularly known as Blockchain of Blockchains, is Polkadot, whose basic purpose is of building development of new networks easy for developers. With this users could easily make new blockchains which work in accordance with the present ones, without only keeping base with complex bridging protocols. Therefore, this network focuses on these chains to be totally custom made, alongwith having proper security and safety with them. Even in 2022 this token would be of help with its power of revolutionarizing the Web 3.0.
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