2021 May Be The Year of Large Data Tokens

data-tokens

In recent years, investors have had to get used to the cyclical nature of the crypto markets. The last of these cycles, decentralized finance, is still developing. DeFi tokens have achieved unprecedented valuations in record time only to quickly empty, erasing tens or even hundreds of millions of dollars in market value.

The main reason why encryption and especially altcoins are so volatile is the lack of new money in the markets. Bitcoin and Ethereum may attract institutional investors, but altcoin traders still usually play a game of musical chairs. The rise of DeFi, for example, correlates with the brightness less performance of the pre-2017 alts - it's the same money chasing the next big bomb. Of course, we need new entries, but from where?

"Adoption" is the obvious answer, but it's worth clarifying what it means - real-world companies paying real money for blockchain projects that redistribute part of it to token holders through creative tokenomics.

The perfect use case for a huge market

One of several sectors where blockchain technology can make a real difference is big data. It is a huge market that is worth $138.9 billion by 2020 and will nearly double to $229.4 billion by 2025, according to market and market statistics.

While blockchain is generally a weak candidate for replacing centralized databases, it is fantastic to ensure the provenance and authenticity of the data. Even governments, usually slow in the adoption of new technologies, have begun to implement pilot projects. The Singapore Public Service is seeking to adopt blockchain to verify supplier history in GeBiz, thereby tracking the career movements of public officials and supporting or even replacing audit processes.

Estonia is already using technology to store public records. The UK Land Registry has partnered with the Methods project to develop a platform that stores land registration information and streamlines the process of buying or selling properties.

In the private sector, manufacturers are investing increasing amounts in research and development of integrated big data solutions. Suppliers are working to reduce equipment costs to gain a competitive advantage, optimize sales cycles, simplify customer service, and better understand customer needs.

GoldsteinResearch says key industry participants such as IBM, HP, Google, SAP, Cloudera and Oracle are progressively investing in R&D to develop unified big data solutions to provide enhanced analytics and integrated data management.

Companies are focusing on mergers and acquisitions to diversify their product portfolio with big data and mainframe technologies. For example, in 2015, Microsoft acquired Revolution Analytics to expand its business to cloud-based platforms. Similarly, IBM acquired Cloudant and Cleversafe to strengthen its cloud platform business.

In short, corporate big data is a huge market and blockchain technology can realistically capture a significant part of it. Projects in developing these blockchain big data solutions will achieve "true adoption" in the sense that they can attract new money to the crypto ecosystem.

Moreover, big data does not only concern the corporate market. The DeFi cycle may be deflating now, but the idea of decentralized finance is compelling and here to stay - and big data is right at the heart of it.

From understanding behaviour, patterns to KYC/AML compliance and reliable pricing feeds, big data is everywhere in DeFi. Oracles are an especially important use case with projects like Chainlink, Band Protocol, Tellor and Kylin Network – all of which have been on the market for a while and are growing.

A quantifiable investment

The size of the addressable market for big data blockchain projects is attractive, but what is even more attractive is that they can evolve into quantifiable businesses.

It is difficult or even impossible to apply traditional financial metrics to most altcoins, as there is no revenue. The price reflects hope, not fundamentals. Projects with real economic activity, on the other hand, can be analyzed - you can calculate profit per token or price per token in the same way you would for publicly listed stocks.

This makes big data blockchain projects a more conservative and reliable investment than tokens in the hype cycle. Some think this is a disadvantage, but they are perfect for building a diverse portfolio of lunar shots and reliable winners. Industry resources such as CoinGecko have already realized this trend and are monitoring big data projects as a niche that can become the "next big thing" that will overshadow even DeFi.

Blockchain data projects to watch

The three fastest development big data blockchain projects are Ocean Protocol, Quadrant, and Streamr. All three have real-world apps and real use cases.

Ocean Protocol

Ocean Protocol helps developers create markets and other applications to publish, exchange, and consume data privately and securely. It also provides access control, data science, and other products that developers can use in their applications.

The Ocean Protocol got off to a troubled start with a controversial IEO and community shenanigans. However, the errors were rectified by the fact that the project rose to the top 100 in CoinMarketCap. The project currently has a market capitalization of more than $130 million.

The project roadmap points to the development of a community market in 2020, extensive improvements in the core of ocean protocol, new applications and improved infrastructure, and incentive to provide data.

Quadrant Protocol

Quadrant Protocol is the blockchain arm of Quadrant Global, a big data enterprise location company that has been around since 2014. After conducting an ICO in October 2018, the Quadrant Protocol was flying under the radar with little communication. Unfortunately, this is clearly reflected in the token price, as the project has a relatively low market value and trading volumes.

On the other hand, the company mentioned during its last AMA that the platform is already profitable. If they can find a better tokenomics model, the project may attract more interest from investors.

Recently, quadrant protocol began to communicate more. Your updated project roadmap includes four new initiatives with real-world applications. The first to be released is Cape Canaveral, a consent management platform that introduces transparency into data supply chains by registering user consent in the chain.

The Baikonur Project also looks interesting because it directly involves the community - they can collect and validate location data using a mobile app and be rewarded in the project's native token.

Streamr

Streamr is an open-source software project distributed with contributors worldwide. It is positioning itself as the missing link in creating a real-time data protocol for the decentralized web. Streamr is listed on Binance with a market capitalization of just over $30 million.

The project roadmap is ambitious and includes the refinement of its internal economy and scalability research, which proves that the network has low and predictable latency. Another milestone for them is the creation of data unions for redistribution of data ownership.

Conclusion

In light of the growing importance of big data in all sectors, blockchain projects targeted at this field may be among the best performing. They have the opportunity to capture shares of a multibillion-dollar market and attract new money to crypto.

Projects such as Ocean and Streamr, both listed in Binance and with solid performance, can attract existing traders in the hope of making a profit from fluctuations. At the same time, the quadrant protocol seems to be undervalued without listings on major exchanges.

As blockchain continues to mature, we expect market cycles to become a little less volatile. There's always a "shiny new object" like ICOs or vegetable chips, but at the end of the day, adoption and money talk.

source: dailyhodl.com

Is a Digital Currency in Euro a Realistic Goal?

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Key points

  • Facebook's plan to launch its own digital currency "Libra" has also increased the stakes for global central banks
  • The ECB said this new form of currency will allow fast, easy and secure payments
  • Sweden's Riksbank, the National Bank of Switzerland and the People's Bank of China have seriously considered the formation of their own digital currencies
  • The European Central Bank (ECB) said this year that it can seek to develop a "digital euro" currency and make it accessible to all citizens and businesses, creating many benefits and risks.

The possible emergence of a "virtual euro" comes at a time when the COVID-19 pandemic has pushed many consumers away from handling paper money, while private cryptocurrencies such as Bitcoin have become more prominent. In addition, Facebook's (FB) plans to launch its own digital currency "Libra" has also increased the stakes for global central banks.

The ECB said this new form of currency would allow quick, easy and secure payments, but it would only complement the use of money, not replace it.

The issuance and transfer of digital euros would probably be done using the technology known as a blockchain, which supports Bitcoin.

Other central banks, including Sweden's Riksbank, the National Bank of Switzerland and the People's Bank of China, seriously considered the formation of their own digital currencies and moved on with these projects.

"Europeans are increasingly turning to digital in the ways they spend, save and invest," said ECB President Christine Lagarde. "Our role is to ensure confidence in money. This means ensuring that the euro is suitable for the digital age. We must be prepared to issue a digital euro if necessary"

Fabio Panetta, a member of the ECB's executive board, said a digital euro would "strengthen the international role of the euro."

Panetta told the Financial Times: "We have observed a decline in demand for money as a means of payment … It would not be wise not to be ready to do as much as possible to provide as soon as possible a [digital] means of payment by the central bank in case people request these services. "

The central bank continues to study the feasibility and effectiveness of a digital euro and seek public comment. The process can take more than a year and a half.

Martin Sandbu, the FT's European economics commentator, wrote that a digital euro will surely arrive, perhaps by the end of 2025.

"There is an [competitive] advantage for countries that are the pioneers of official electronic money, first because it contributes to an environment in which local companies can invent related financial technology that is based on a digital payment system and, second, because users tend to take more convenient payment solutions as soon as they are available - for international payments in particular", wrote Sandbu. "No central bank would like to be seen as an obstacle to the competitiveness of fintech or witness its constituents opting for alternative currencies in bulk"

Euractiv.com also pointed out that a digital euro would allow the public to "have deposits directly at the ECB" for the first time, a safer alternative for commercial banks (which may collapse) or to withhold money (which can be lost or stolen)

But a digital euro can create other problems. For example, as the FT noted, lack of privacy - consumer spending patterns would likely be monitored by the central bank. In another worst-case scenario, a financial crisis could force customers to suddenly move huge money from commercial banks to a digital currency backed by the ECB.

In addition, a digital euro may be vulnerable to cyber-attacks.

Lukas Wiesflecker, DataDrivenInvestor.com, explained how a digital euro would work.

"The ECB provides every citizen with an account where the digital euro is stored. In other words, a kind of wallet," he wrote. Payment could then be made entirely just by smartphones"

But Wiesflecker pointed out some inherent risks.

"Because institutions have little experience with digital currencies, the impact of a virtual primary bank currency on financial stability is uncertain," he warned. "In addition, there is, of course, data protection and IT security. A digital euro can only... operate on the basis of a secure technical infrastructure. Otherwise, there would be a high risk of theft and digital fraud"

source: ibtimes.com

The Bahamas Launches its Digital Currency at The Central Bank

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Project Sand is a digital simulacrum of the Bahamas Dollar.

In short,

  • Project Sand, the digital currency of the Central Bank of the Bahamas, was launched today.
  • It is used for domestic transactions.
  • It uses distributed ledger technology but is not similar to Bitcoin.
  • The Central Bank of the Bahamas today launched its own blockchain-based central bank (CBDC) digital currency, making it one of the first countries in the world to do so.

Called "Sand Dollars", tokens are cryptographic representations of the Bahamian dollar, coined and regulated by the country's central bank, which are integrated into the Caribbean island's payment networks.

Today marks the "gradual release" of the sand dollar, although a representative of the country's central bank told Decrypt that its 385,000 citizens can open Project Sand accounts today and process transactions.

"They can sign up today. And once they have the Sand Dollar wallet in hand, they can start trading - both for the general public and for traders," they said. Prior to today's release, there was a small-scale test that began in December 2019.

The central bank has authorized six financial institutions for the Sand Project: Omni Financial, Kanoo, SunCash, Cash N Go, Mobile Assist and Money Maxx. All but one aired today, the rep said. He added that the central bank will continue to integrate and authorize financial institutions, but that "the [institutions] are really leading this from now on."

The Central Bank of the Bahamas designed the CBDC to supplement cash and improve the country's existing payment system. In a FAQ page for the project, Project Sand states that the country's payment systems would charge users insignificant transaction fees and that the network is protected by high-level encryption protocols and "enhanced KYC/AML standards."

Unlike Bitcoin, Sand Dollar is controlled and coined by the central bank and can only be used for domestic payments. Still, according to the project's white paper, Sand Dollar is based on distributed ledger technology - in this case, a blockchain.

The Bahamas is one of the first countries to introduce a government-backed digital currency. Venezuela has Petro - encryption supposedly backed by barrels of oil; China's digital yuan is currently being tested in Shenzhen; Cambodia's blockchain-CBDC is in testing, but it is delayed, and the Government of the Marshall Islands is considering implementing a cryptocurrency called SOV.

According to a January report by the Bank for International Settlements, more than 80% of the world's central banks are researching CBDCs.

source: decrypt.co

Digital Ruble: Russia Unveils Plans to Test Central Bank’s Digital Currency

btc-russia

While China is actively testing its digital yuan, Russia plans to build and test a digital currency of the central bank, the digital ruble. Meanwhile, the Bank of Russia has proposed limiting the number of bitcoins that retail investors can buy.

Central Bank of Russia plans digital ruble

Russia's central bank outlined its plans to conduct an experiment using the digital ruble with a limited number of participants after public consultations, Izvestia reported last week. The Bank of Russia announced the development of the digital ruble and public consultations on its issue on October 13. Public comments on the issuance of the digital ruble will be accepted until December 31.

Five Russian banks have already expressed interest in participating in the central bank's digital currency pilot (CBDC): Moscow Credit Bank, Promsvyazbank, Zenit Bank, Dom.RF and Russian National Commercial Bank. The State Duma, the lower house of Russia's Federal Assembly, expects the digital ruble experiment to begin in the first half of 2021.

The digital ruble wallet can be used to pay for goods and services in stores where payment terminals will be configured to accept it. The central bank says that if the digital ruble is adopted, Russians will be able to receive salaries and benefits through it, the publication noted. After public consultations, if it is decided that a digital ruble will be created, the Bank of Russia will build for it a platform that will become part of the country's payment infrastructure. The central bank was quoted as saying:

''Citizens and businesses will be able to buy digital rubles by exchanging them for money or funds stored in their bank accounts. The possibility of receiving salaries, benefits or other payments in digital rubles is also being considered.''

The Russian Finance Ministry independently told the publication this week about the possible pros and cons of the digital ruble. "Its advantages in the finance department include reducing transaction costs and the volume of charges for banks, increasing international payments, as well as reducing dependence on the dollar and exposure to sanctions," the media reported. . Russia has consistently followed a policy to reduce dependence on the dollar for several years.

The Russian government began exploring cryptorúvel in 2017. There was even a bill to make it legally encrypted in Russia. However, the discussion failed over time, as the central bank opposed the concept.

Proposed Bitcoin purchase limit

Meanwhile, the Bank of Russia has proposed limiting the number of cryptocurrencies that unqualified investors can buy each year to 600,000 rubles ($7,734). The central bank's proposal says:

A limit is set for the purchase by an unqualified individual investor of digital financial assets totalling 600,000 rubles in a year.

The restriction, if adopted, is expected to take effect when the "On Digital Financial Assets" act takes effect on January 1 next year. Public comments on the proposed restriction can be sent until October 27.

source: news.bitcoin.com

How The DeFi Forecasting Market Space is Being Disrupted

defi-disrupted

Once again, the crypto market is recovering stronger after a bit of a retreat in September, following the uncertainties and irregularities of the upcoming U.S. election. This month, the market seems to find its direction up while the bulls are furious and gaining momentum every day. Once again, the DeFi market is also experiencing a price recovery on various assets, tokens and projects, bringing up the potential of the DeFi market to be among the biggest gainers once again.

But whether in the high or low season, cryptocurrency traders make money regardless of existing market directions, this type of forecasting market is available only on other projects and exchange platforms outside the DeFi market, notably CEXs centralized exchange markets. Plotx, a DeFi prediction market for cryptocurrency traders, is set to change that by once again establishing the dominance of the DeFi market in what appears to be the expected bull run of 2020.

The Plotx prediction market is set to be the link that will connect traders to various Tokens of DeFi projects, so far the only place where you could find traders with the ability to trade in a low, high or neutral direction is in the future or in centralized margin trading exchanges. In fact, Dex platforms where most DeFi tokens are traded do not maintain a portfolio of orders that allows traders to record their price or can set their trades for further execution; usually, trades are made directly from the liquidity pool.

Plotx is a non-custodial prediction tool that allows traders to earn rewards in the high-yield prediction market, allows traders to win in any direction the DeFi market is taking and can generate an incredible amount of money for traders when you take into account the large amount of volatility that exists in the DeFi market.

The cumulative benefits for users of the Plotx prediction platform are as follows:

Automated systems: New markets are created algorithmically, ensuring the creation of a proven fair and decentralized market for traders, facilitating a complete and smooth Onchain forecasting market experience.

Crypto Markets: Plotx was built for mind-focused crypto traders. It is a community-based project, by a team of experienced traders and specialized in cryptocurrency, who are well aware of the need for a simplified prediction algorithm and tools to facilitate fast prediction processes in the market.

Instant rewards: Predictors wouldn't face the hassle of having to wait for an intermediary to credit their rewards, as the Plotx platform is built completely on a chain, on the Ethereum blockchain. As there is no intermediary, payment is therefore fast and secure.

Liquidity mining: interested users can participate in the liquidity mining resource of the Forecastplatform Plotx, anyone can earn additional rewards for participation and participation in the liquidity pool.

Quick Response: Instead of having to wait for a longer duration for a successful forecast, Plotx helps Predictors shorten the curve by reducing the duration to markets by 1 hour, 1 day, and 1 week so users don't have to lock their funds for long.

Automated calculations: Embedded in the platform is an automated calculation algorithm that calculates the Onchain forecast for each market, feeding users live real data, obtained for seconds throughout the market at a given instant. This will provide the professional with a better effort to make decisions on site.

How does it work?

Plotx allows users to take positions in the low, high or neutral positions in different markets at the same time, Plotx will be the aggregator of these other forecast markets, simplifying the process, reducing the amount of time that would be spent on these different platforms. Each market is created using the automated market trainer and all transactions are processed on the blockchain for transparency purposes. Rewards are instant, without any form of limitation. Players can also use leverage to manage their risks (predictors are strongly advised to use only what they can lose, as this is the best form of trading action).

The elegance, dark-themed background and features of the Plotx prediction platform make it a great attraction for traders. The fast and intuitive experience of the site will ensure that anyone with a simple ability to predict or trade on any stock exchange or forecasting market is already equipped to make predictions on the Plotx forecasting platform. This fix, the much-needed introduction of this tool, will increasingly stimulate better innovations for the DeFi market.

source: blockmanity.com

Atari Boss Fred Chesnais Brings Players Back to The Future With Token

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After fulfilling his promise to launch the Atari Token, which is scheduled for public sale on October 29, CEO Fred Chesnais shared his thoughts on the market opportunity with BeInCrypto.

The iconic Atari game brand brings a bit of nostalgia to many players, having participated in creating the game culture with its 2600 console for games like Pac-Man and Ms. Pac-Man, Donkey Kong, Space Invaders and many others. The company is also preparing the launch of its first hardware release in two decades, which BeInCrypto has addressed here.

Atari, however, is not living in the past and has also announced the public sale of its Atari Token, which will begin on October 29 at the Bitcoin.com. Atari boss Fred Chesnais spent time with BeInCrypto to discuss the public sale of tokens and the company's role in introducing a new generation of players into the cryptocurrency space.

source: beincrypto.com

China Launches Pilot Test of Using Digital Yuan as Payments at Gas Stations in Shenzhen

digital-juan

Chinese citizens can now use the central bank's digital currency at gas stations without an Internet connection. Guangdong Petroleum launched the pilot program for the digital yuan on October 13.

In Shenzhen, citizens can use digital currency for retail payments, such as refuelling at eleven different gas stations. For payments, digital currency holders will have to scan the QR code provided by gas stations. In terms of scanning QR code, the app will work similarly to Apple Pay.

Dual Offline technology

Offline processing is the most interesting and remarkable feature of the digital yuan app. To process, he does not need an internet connection like the WeChat payment application. What's more, it doesn't even need mobile signals for payments, making it a “dual offline” app. Citizens only need charged cell phones to make transactions faster and safer.

People using the yuan digital app for gas station payments have expressed very hopeful and positive feedback on this. According to citizens, it takes a few seconds to complete the transactions. It is possible to use items to purchase digital yuan for refuelling at gas stations in Shenzhen.

Pilot test expansion to more than 110 gas stations

According to the report published by the local news agency, Economic Information Daily, Guangdong Petroleum will expand the digital payments facility in yuan to more than 110 gas stations operating in Shenzhen.

As part of the pilot program of the CBDC project known as Electronic Digital Currency Payment (DCEP), Chinese citizens received $1.5 million in digital currency, the digital yuan. The latest pilot test is part of China's five-year plan, which is working on deploying digital currency and blockchain technology in the country.

According to the Chinese government's plan, the central bank's digital currency is expected to come on stream before the 2022 Winter Olympics. The digital yuan may remove China's dependence on the US dollar.

China is the first country to issue a state-backed digital currency, as it started working on it many years ago when no central bank thought of CBDC. Currently, more than 70 central banks are working in digital currency in one way or another.

source: tokenhell.com

DOJ Launches Framework For Cryptocurrency Application

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On October 8, 2020, the US Department of Justice (“DOJ”) released the publication “Cryptocurrency: An Application Framework,” (“Framework”) which describes the emerging threats and application challenges associated with cryptocurrency. The DOJ Digital Cyber ​​Task Force produced the Framework to highlight important relationships the DOJ has built with other national and international regulatory and enforcement partners, and its strategic response to address emerging issues related to cryptocurrency and blockchain technology or “Distributed reason” underlying it.

The Structure's stated objective is to ensure that cryptocurrencies and associated technologies are secure and do not jeopardize public or national security. Although the DOJ explicitly recognizes the potential of cryptocurrency in the Framework, it also describes the illicit threats and opportunities that the cryptocurrency provides for nefarious actors. The Framework is divided into three parts.

Part I

Part I of the Framework begins with an overview of the potential threats posed by the use of cryptocurrency and an acknowledgment of the unique challenges it presents due to the inherent resources that may allow illicit use (decentralized operation and a high degree of anonymity). While also describing the legitimate uses of cryptocurrency (for example, allowing worldwide transfers of value without using a financial intermediary, thereby minimizing transaction costs), the report goes on to identify three categories into which illicit uses of a cryptocurrency typically fall:

  • Financial transactions associated with the commission of crimes, such as buying and selling drugs or weapons on the dark web, renting servers to commit cybercrimes or soliciting funds to support terrorist activities;
  • Money laundering and illegal protection of legitimate tax activities, reporting obligations or other legal requirements; or
  • Crimes that directly involve the cryptocurrency market, such as stealing cryptocurrencies from exchanges through hacking or defrauding investors through the use or promise of cryptocurrencies.

Part II

Part II of the Framework describes the legal and regulatory tools available to the DOJ to address these threats. The section describes typical federal crimes accused of misconduct involving cryptocurrency and highlights the DOJ's goal of promoting enforcement by leveraging relationships with other federal regulatory and supervisory agencies, such as the Securities and Exchange Commission ("SEC"), Commodity Futures Trading Commission ("CFTC") and Treasury Department components, including the Financial Crimes Enforcement Network ("FinCEN"), Foreign Assets Control Office ("OFAC"), Currency Controllership ("OCC") and the Federal Revenue Service (“IRS”). The coordination of the DOJ with state attorney generals and international law enforcement agencies was also highlighted.

Part III

The third and final section of the Framework details the challenges the government faces in applying cryptocurrencies. He points out that complex technologies present new issues for law enforcement and describes the facets of cryptocurrency business models (for example, point-to-point exchanges, Bitcoin kiosks and virtual casinos) and evasive measures (for example, "mixing" cryptography or "falling" assets to hide their origin) that often facilitate criminal activity.

The report ends with responsive strategies that the DOJ is actively employing, including ongoing aggressive investigation and prosecution of malicious actors, maintaining relationships with other enforcement agencies and engaging with the private sector to detect and punish bad actors.

source: jdsupra.com

Complete Integration of CMA CGM And MSC With The TradeLens Blockchain

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Global container carriers CMA CGM and Mediterranean Shipping Company (MSC) have completed the integration process with the blockchain TradeLens, a joint initiative of IBM and Maersk. The top five container shippers announced their partnership with the digital network in May 2019. However, to date, all transactions on the platform have been pilot.

Now that they are in TradeLens, MSC and CMA CGM plan to make data from all their containers available to authorized parties, which should increase the use of the network. IBM says the addition of the two carriers means that data on almost half of the world's ocean container cargo will be available on a single blockchain-based platform.

"Only by working together and agreeing on a shared set of standards and goals can we implement the digital transformation that is now reaching almost every part of the global shipping industry," said Marc Bourdon, SVP of CMA CGM.

The integration process took more than a year and the integration involved the development of new API features. One of the pilots involved 15 customers with more than 3,000 shipments, 100.000 events and 6.000 containers.

Ledger Insights asked IBM about the status of other partner carriers announced. In addition to Maersk, ZIM completed the integration earlier this year. Hapag-Lloyd and ONE are still in the integration process, and IBM did not respond about Pacific International Lines (PIL), which ran an electronic bill of lading test with IBM 18 months ago. Since then, PIL has announced its participation in the Singapore-based GeTS platform, which has its Open Trade Blockchain.

However, the integration of CMA CGM and MSC is an important milestone in the platform's history. Both companies will join Maersk and IBM as TradeLens validators, meaning that "they will have dedicated blockchain nodes against which encrypted data can be validated to ensure authenticity as original documents in good faith issued by each of these operators ". IBM confirmed that they are the only validators other than IBM and Maersk.

In addition, CMA CGM and MSC will promote TradeLens resources and membership to their customers and business partners worldwide, which should further expand the network.

Both shipping companies were also recently involved in a pilot with the port of Rotterdam to use blockchain tokens to authorize the release of containers to transport drivers.

source: ledgerinsights.com

Overcoming Scalability Issues That Limit Blockchain And DeFi

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Since its inception, blockchain and DeFi have struggled to achieve widespread use. The first projects tended to be complex, tedious and overly technical. In recent months, the sector has undergone a major change in mentality; Flashy designs, easy to use, but questionably useful, flooded the scene. There was also an increase in nefarious actions, including the list of fake tokens on Uniswap and the apparent attempt to leave the anonymous founder of SushiSwap.

Despite these problems, many interesting opportunities are emerging that can finally help DeFi achieve widespread adoption. For example, the recent advent of liquidity mining is revolutionizing the space by encouraging the creation of the token market, which has historically been a weakness of the blockchain.

For DeFi to reach widespread use, changes across the industry must occur. Specifically, DeFi projects need to emulate more modern ideas (fun and ease of use), while upholding the fundamental values ​​of the blockchain (transparency, reliability, innovation, democracy and functionality). In other words, these projects must merge the old and the new school of thought.

We will see an exciting new project called AnRKey X as an example of what features will help DeFi overcome the scalability issues that DeFi has faced since its inception. AnRKey X was founded by JD Salbego as a way to combine the best that various subsectors of the blockchain industry have to offer.

AnRKey X's central function is to promote liquidity mining, thereby helping to solve the illiquidity problems that limit DeFi.

Fun and ease of use

Fun and functionality are not mutually exclusive, but many DeFi projects do not have one or the other. Using liquidity mining as an ongoing example, this process is very user-intensive. AnRKey X turns the liquidity mining process into a game through its set of m $ ports products, merging liquidity mining, LP token betting, increased yield, rewards, team-based eSports games and NFTs into one platform .

Their first game, Battle Wave 2323, has users competing in opposing “Armies” to try to get the highest weekly income. By making liquidity mining enjoyable, users are less likely to get bored or frustrated and give up.

Innovation

A great strength of DeFi is that many of its projects are open source. But while some projects turn existing code into something unique, many new projects change only a small thing about the original code. For DeFi to grow, creativity and innovation need to be prioritized - numerous similar projects will not help the industry to grow.

AnRKey X is new for its gamification through the use of non-fungible tokens (NFTs). NFTs represent something other than an asset, such as a virtual item or realization. These rare tokens have emerged in the gaming industry, which often uses them to represent virtual items or achievements. However, the use cases for NFTs are very limited outside of these games. AnRKey X uses a proprietary derived base value economic model with its NFTs to boost, memorize and otherwise encourage liquidity mining. By combining liquidity mining with eSports and NFT games, AnRKey X creates something entirely new.

Transparency and reliability

One of the reasons why blockchain is so revolutionary is that it makes all data transparent and secure.

However, recent DeFi projects have ceased to be transparent and reliable as they have become less decentralized, using instead some kind of central authority. For DeFi to grow, it must maintain users' trust, which can only be achieved through transparency and decentralization.

AnRKey X defends is an example of a truly decentralized project, offering total transparency and reliability to its users.

Democracy

Blockchain was created to put money-generating power in the hands of the people.

Lately, however, DeFi has seen the emergence of market dominators as "carpet pullers" that pull massive project values, elevating them to everyone else. “Whales” are also present, who can buy and move coins worth millions or even billions of dollars.

AnRKey X avoids market domination by creating an automatic self-balancing fair market value system using the protocol's Automated Fair Market Economy Theory. These algorithmic parameters support their gamification, evenly distributing power and chances of victory among all users.

AnRKey X further promotes democracy by being community driven; a 20% quorum is required for proposal approval to add pairs to new liquidity pools, and users can submit a proposal for any suggestion to the protocol governance channel on Discord. In addition, coin allocations for community development are available and detailed APIs and SDKs also allow developers to create powerful m $ ports ™ game DApps on their platform, which the community collectively must also approve.

Overall, new processes, such as liquidity mining, give DeFi the opportunity to achieve widespread adoption. However, to really scale, DeFi projects need to balance fun and ease of use with innovation, transparency, reliability, democracy and functionality.

source: benzinga.com