Interest in Blockchain technology has been growing steadily over the last number of years as NFT technology, the Metaverse and tokenizing digital assets became part of mainstream product development strategies for major brands. World renowned brands like Nike, Gucci and Adidas began to explore the potential of this technology to create new loyalty within niche communities and offer existing buying immersive experiences.
Although the crypto industry has been plagued with turbulence in 2022, the use cases for blockchain technology have proliferated as more organizations see the potential to reform existing processes. From transparent tracking of supply chains to transforming healthcare systems, the on-chain capabilities of this nascent industry are infiltrating every part of society.
Are you interested in learning more about the most promising blockchain projects next year? The startups and companies developing the world of blockchain are creating some of the most innovative new products and services that disrupt almost all traditional business models.
Ethereum is one of the most used blockchain ecosystems that enables developers to build dApps. It started as a proof-of-work network and migrated to a proof-of-stake that enabled a more scalable system. Many of the leading projects in the world of blockchain are developed using the Ethereum Network. Furthermore, it is particularly popular for the creation of NFT collections and communities. Uniswap, the original decentralized exchange, Aave, a decentralized lending protocol and some of the biggest players in the metaverse, including The Sandbox and Decentraland are developed on the Ethereum Network.
Polygon is a layer 2 blockchain with a native token. It was designed to tackle Ethereum’s scalability issues. The teams working with Polygon have created multiple tools to improve the speed of transactions and reduce the cost of transactions in the worlds most used Network, Ethereum. Popular projects using Polygon solutions include Quickswap, Mai Finance and Decentral Games.
NEAR is a dynamic blockchain focused on user experience and speed. Near protocol is renowned for its speed of transactions using sharded technology called nightshade that can handle over 100,000 at once. It also offers an easy entrance point to Web3 for developers who wish to discover blockchain technology and NFTs. NEAR has become a go-to launchpad for interesting projects, including: Mintbase, Paras, Ref Finance and Decentral Bank.
This decentralized blockchain is built to connect multiple blockchains, facilitating the transfer of data between parachains under the one ecosystem. Over 66 blockchains are now live on Polkadot and it is proud to have reached an all- time high in developer activity this year. It not only has the largest developer ecosystem outside of Ethereum but also boasts the lowest carbon emissions of all the proof of stake blockchains. The Polkadot team works hard to maintain their software status. Leading projects building under this ecosystem include Moonbeam, Acala, Phala, Unique Network and Polkastarter.
To date, there has been a lot of talk about multi-chain and the future of interoperability. However, Flare Network is putting the technology where those mouths are. It aims to use its State Connector technology to solve decentralized interoperability. Using cross-chain interoperability with the security and speed of multi-chain it will enable the transfer of information across the entire blockchain ecosystem. Launching in early 2023 with a highly anticipated airdrop to all xrp holders from 2020, it is expected that the number of users to receive the native token will reach over 10 million.
‘We’re building a blockchain with a number of interoperability protocols on top…with the aim of developing an ecosystem where you can move data between blockchains, use tokens between blockchains & use tokens on Flare in ways that haven’t been used before’ @HugoPhilion pic.twitter.com/0CSy7pNM9I
— Flare ☀️ (@FlareNetworks) December 20, 2022
Algorand has been carefully positioning itself as the leading corporate blockchain and many projects have chosen to build on Algorand for its scalable pure proof of stake technology. Their two day in-person conference, Decipher, attracted over 2,000 attendees. They have recently introduced Algorand Ventures. Y9, an emerging market focused digital microfinance service, will integrate Algorand blockchain technology aimed at driving meaningful financial and digital inclusion. Yieldly is the world’s first borderless and interconnected DeFi platform, Tinyman and Glitter with its bridging technology are just four of many projects opting to develop on or with Algorand.
Founded in 2015 by Ethereum co-founder Charles Hoskinson, Cardano is consistently ranked in the top 20 cryptocurrencies. Although it hasn’t reached a level of fame seen by other blockchain networks, it has steadily released details of its technology, added more projects and developed a vibrant ecosystem that caters for all kinds of Web3 start-ups. Built from an academic standpoint with published scientific papers and a founder that understands the long term vision of blockchain technology, Cardano is a solid blockchain that consistently expands its ecosystem. There are now over 2,000 projects budding and thriving on the Cardano network. The Minswap DEX, SundaeSwap, Meld, Empowa and Argus NFT are just a handful of the innovative projects within the ecosystem.
"The true financial potential of #blockchain is not as a new set of speculative assets, but as a vehicle for radical transparency, giving power to identity and new forms of governance." – @F_Gregaard
Originally published by @CoinDesk.#finance #crypto pic.twitter.com/jzwjUskNvD
— Cardano Foundation (@Cardano_CF) December 20, 2022
If 2021 was all about NFTs then 2022 was focused on the wonderful virtual environments being created in the metaverse. Brands, brands and more brands. Sandbox has carefully positioned itself as the leading metaverse for brands to experiment with virtual environments and gamification. Founder of the Sandbox, Sebastian Borget became a leading figure in the promotion of a future for the metaverse, taking to stage at many of the world’s top technology conferences and providing insights into the way our immersive online future will evolve over time. To date, the Sandbox has partnered with over 400 brands, including giants like Warner Music Group,Atari and Adidas. Their pixelated NFTcollections are well known to sell out as players jump in to grab a piece of all the action.
This innovative metaverse project built based on the real world are masters in giving the users what they want. Co-founder Dirk Leuth has creatively positioned the project as an easy entry point for all users interested in true ownership of digital assets. It is often described as the Monopoly of the metaverse where you can buy land, build homes, race cars and add new features to all of your digital assets. Upland provides a secure way for their users to expand their virtual lives. 2022 was all about fandom and supporting charities in Upland as they partnered with leading sporting organizations and worthy causes. For 2023, they have already promised big announcements with Buenas Aires rumored to be the next major city to be mapped into this unique virtual environment.
Decentralized autonomous organizations haven’t had their time in the spotlight to date but next year will see the development of creative use cases that allow users to imagine endless possibilities with this innovative technology. Leading blockchain gaming metaverse, Alien Worlds, have been ahead of the crowd in this regard. Working with onchain DAO mechanics to turn their six planets into DAOs and put increasing amounts of creative control in the hands of their users. Their vision has paid off and they are seeing record numbers of users.
With wildfires raging out of control across Europe and the US and smog causing a permanent cloud over some Asian cities, it is clear that climate change is having a significant impact on our physical environments. KlimaDAO is the center of a new green economy. Built on the energy efficient Polygon network, KlimaDAO uses a stack of technologies to reduce market fragmentation and accelerate the delivery of climate finance to sustainability projects globally. The DAO sells bonds and distributes rewards to KLIMA holders. Every bond we sell adds to an ever-growing green treasury, or improves liquidity for key environmental assets. A win-win for people and the planet.
Lending and borrowing are two crucial financial services that ensure access to finance when a business or individual requires it. MakerDAO is a decentralized autonomous organization built on the Ethereum blockchain network and managed using smart contracts.It gives businesses breathing room to operate and paves the way to an expansion of services in Web3 markets which drives the development of important decentralized finance protocols. Large organizations like Wirex and Unicef use Maker DAO to explore the potential of blockchain. The project’s stablecoin known as Dai offers a level of stability in the highly volatile crypto markets.
Sweat is a walk to earn application that is a global health phenomenon for Web3 as it continues to attract a vast user base from around the world. The application is like other fitness applications as it allows you to track your physical movements by GPS. However, the key difference is that it pays you for these movements in Sweatcoins. Move to earn has only just begun to infiltrate the world of blockchain. However, it could be a key part of future adoption as more users of these types of passive income apps see them as an alternative to existing attention based models. The token operates as an in app reward generator and can be redeemed for things like gift vouchers, donations to charities and other services.
Interest in our online social engagements peaked this year as Elon Musk turned his focus to Twitter and the world began to realize the vast swaths of control that a handful of social platforms have over our online lives. The non-profit, Livetree, is aimed at addressing these issues and tackling the social media giants head on by providing an easy to use platform with Web3 monetization and user first control. SoFi will be a hot topic for 2023 as more protocols begin to use the technology to build out tangible solutions for end users.
When collating a list of blockchain projects it is critical to note that not all projects with mass potential for adoption are included. This would take the form of a book of which somebody someday may write. However, the interesting projects outlined above provide thoughts for discussion, provide new ways of using blockchain technology and provide easy access to new experiences using blockchain technology as the basis for that user engagement.
Blockchain technology has infiltrated many industries, offering scalability, transparency and a deeper sense of community within online ecosystems. It is allowing organizations to assess their current infrastructure and insert a new level of efficiency, often extracting the need for middlemen that have traditionally slowed down processes for businesses. I
In 2023, it will be interesting to see how these promising blockchain projects use their use cases, technology and communities to offer longer term solutions to real world problems and help to identify opportunities that encourage a decentralized future for the internet.