The year 2021 was a watershed moment for cryptocurrencies all across the globe. In November, the overall market capitalization of crypto assets surpassed $3 trillion for the first time. While over 14% of Americans currently hold cryptocurrency, India has roughly 15 million crypto investors, making it the world’s second-largest country in terms of crypto adoption.
A progressive, regulated framework, according to the Indian crypto sector, would build a vibrant ecosystem and inspire more Indians to begin investing in a safe and secure atmosphere. In 2022, here are five potentially game-changing crypto projects to keep an eye on.
Ethereum, the world’s second-largest crypto network by market capitalization, is one of the most unique. Almost all initial coin offers (ICOs), decentralised apps (dApps), (decentralised finance) DeFi protocols, and most non-fungible tokens (NFTs) rely on Ethereum’s network. Chainlink (LINK), Tether (USDT), Binance Coin (BNB), and the USD Coin are all Ethereum-based coins (USDC). However, the most significant update in the network’s history is scheduled for 2022. The long-awaited proof-of-stake (PoS) consensus mechanism will be added to the blockchain in Ethereum 2.0, which attempts to eliminate bottlenecks and scalability difficulties. This would imply abandoning the present proof-of-work (PoW) technique, which consumes a lot of energy. Lower gas rates, quicker transactions, and a huge boost in network efficiency are all possible outcomes of the adjustments.
It is the glue that keeps everything together in a world where there are more than 6,000 cryptocurrencies. The network offers interchain scalability technology, allowing multiple blockchains to communicate with one another. MATIC performs transactions many times quicker than top currencies like bitcoin or ether by developing a sidechain that accelerates execution and collaboration between users. It’s also more cost-effective and less expensive than other solutions. Polygon stated on November 20 that it would be switching to Polygon PoS on Uniswap, one of the world’s largest decentralised exchanges. To avoid Ethereum’s costs, major protocols like Aave and Sushiswap have already shifted to Polygon. MATIC is a great crypto project to watch in 2022 as a result of these ground-breaking advances.
One of the most rapidly growing crypto networks, Solana is at the forefront of the research and implementation of cutting-edge technology such as decentralised apps and smart contracts. It’s one of the few tokens that can be used for both proof-of-work and proof-of-stake consensus models. In addition, the SOL network handles more than 50,000 transactions per second, making it the fastest network to date. Solana was not the first network to adopt smart contracts, but it already has over 350 active projects on its network. It has also restored more than 17,000 per cent of its value in the last year and is presently ranked among the top ten currencies by market size, with a market valuation of $53 billion.
It is a virtual environment where users may create avatars and communicate with one another. These avatars may purchase and exchange LAND and other resources using Decentraland’s native token, MANA. Decentraland, although primarily a game, mixes cryptocurrencies, non-fungible tokens, and a free-market economy to create a virtual environment that is available to anybody, no matter where they are. Decentraland is a self-governing network sponsored by community members and large MANA stakeholders, making it one of the most visible actors in the metaverse revolution. While large MANA ownership might provide users with voting rights in Decentraland governance concerns, lesser MANA holdings could be adequate to purchase or sell LAND, transfer value P2P, or even keep for capital gains.
It is a ‘blockchain of blockchains’ whose main objective is to make it easier for developers to create new networks. It enables users to create new blockchains that function alongside current ones without the need for complex bridge protocols. These chains may be totally customised thanks to the network, without jeopardising the fundamental security and safety. Polkadot’s most advanced features, on the other hand, are driving the Web 3.0 revolution.