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2020 has been an eventful year for the crypto space in terms of fundamental developments and mainstream adoption of digital assets. In particular, it was the defi craze that fueled a rally in the cryptocurrency market between May and August, followed by the recent announcement by PayPal that it is rolling out support for the cryptocurrency, which has pushed bitcoin to new annual highs.
Today, there are over $ 11 billion stuck within DeFi protocols, while the total market capitalization of cryptocurrencies stands at nearly $ 400 billion according to metrics from DeFi Pulse and Coingecko, respectively. The past few weeks have also seen a surge in interest in bitcoin from institutional investors, with industry leaders such as Grayscale reaching AUM of $ 6.4 billion.
While the rise in cryptocurrency valuations may seem sudden, it is the result of years of construction and development by crypto projects. These startups have done the unsung work of creating better ramps, interfaces, and starting points, which will ensure that the current bull market is bigger than anything that’s been done before. Let’s take a look at five projects that are doing more than most to drive traditional crypto adoption.
1. DAOWallet
DAOWallet is designed to reduce transaction costs by up to 80% through its cryptographic payment gateway; users can integrate their websites via the DAOWallet SDK to receive cryptocurrency payments in BTC, ETH, USDT, TUSD, USDC and BET. Its target customers include e-commerce, eSports, SaaS, iGaming, and individuals looking for a more user-friendly cryptocurrency service. The latest DAOWallet product is an invoice processing ecosystem that allows customers to submit payment requests via encryption. With this innovation, DAOWallet users can create an invoice at a fixed exchange rate and send it to their customers via API, messenger or email. Alternatively, they can integrate DAOWallet SDK directly into their website. Charges can go up to 0.5%, accompanied by automatic crypto conversions once payment is made.
2. Candles
Velas is a next-generation blockchain based on artificial intelligence founded in 2019 by Alex Alexandrov, CEO of CoinPayments. Velas is a self-learning and self-optimizing blockchain platform for secure, interoperable and highly scalable smart transactions and contracts. It uses artificial intelligence-optimized neural networks to enhance its consensus algorithm, which maintains decentralization, stability and security. Velas’ sleek multi-currency wallet allows users to store, point and transfer digital assets in a secure environment, demonstrating that interacting with cryptocurrencies can be as simple as using a conventional digital wallet or a neobank app.
3. Coin.Space
Coin.Space is a cryptocurrency platform that works to bring a simple wallet to everyone, especially people who don’t have access to a bank account. The Coin wallet can be used on a wide range of devices and works well in low-bandwidth conditions. To date, Coin.Space has registered over 20 million wallet registrations and is available in over 20 countries around the world. Bringing cryptocurrency to a global audience, especially citizens of developing countries, requires digital wallets that can run on low-tech devices. The Coin wallet is ideal for this task.
4. StormX
StormX allows members to shop online at their favorite stores to earn up to 85% cryptoback, including stores like eBay and AliExpress. StormX’s online crypto cashback solution is backed by ultra-secure blockchain technology and a highly experienced team committed to keeping users safe and maximizing the value provided to StormX members. Making cryptocurrencies spendable in everyday life, both in-store and online, is key to attracting mainstream users, especially those who are more interested in utility than technology. Here, StormX is leading the way.
5. Bluzelle
Led by startup veteran and former gaming industry titan Pavel Bains, Bluzelle is a growing force in the data storage industry. For decentralized apps, using a distributed database service like Bluzelle – the “Airbnb of databases” – keeps your proprietary data in a decentralized yet accessible place. Bluzelle allows dApp developers and users to protect their data from hackers by eliminating central points of failure. Data uploaded by users is stored on swarms of nodes, which are scattered around the world to ensure redundancy and low latency. Bluzelle will be instrumental in the evolution of decentralized finance applications that run on web3 architecture.
Conclusion
Cryptographic projects like these are at the forefront of the struggle to put digital assets in the hands – or rather portable devices – of every global citizen. Increasingly, these projects and dozens of others are doing their part to break down barriers to wider adoption of cryptocurrencies. When Grandma shoots with cryptocurrencies and CBDCs are issued by all tech-savvy countries, we will know that cryptocurrencies have truly gone mainstream and changed the world. The revolution is already underway. It’s just a matter of time
