Are you thinking of investing in cryptocurrency? Here are 4 cryptocurrencies that are actually useful and not the ones you think

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It has been a difficult year for cryptocurrency investors. Even top-tier cryptocurrencies have lost up to 90% of their all-time highs, and many people’s wallets have been destroyed. Unfortunately, there is a good chance that prices will remain low for some time to come. Some see it as a buying opportunity, which it could be. But there is also a risk that many projects – especially those that are not very useful – will collapse before the market improves.

If you are considering investing in cryptocurrency, it is important to thoroughly research each project and think about its long-term performance. Look at leadership, how they stand up to competition, what they are actually doing, and who will use the product. As Mark Cuban, billionaire investor and cryptocurrency enthusiast pointed out, just being a cryptocurrency is not enough. For these projects to be successful, they still need to be able to make money, attract users, and be really useful.

Here are four real uses and they’re already in the works.

1. VeChain (VET)

VeChain started using blockchain as a supply chain management tool, and has since expanded to other business use cases. For example, let’s say you make luxury handbags. VeChain can follow every step of the handbag production and sale on the blockchain, so that the final buyer is guaranteed to receive an authentic product and not a counterfeit.

VeChain has also worked with Walmart China to track fresh meat and vegetables from farm to store. Better traceability means that if there is a problem with a particular batch of food, it is easier to contain and control quickly. Like the other cryptocurrencies on this list, VeChain is available on some, but not all, of the major cryptocurrency exchanges in the US.

2- Livepeer (LPT)

Video streaming is becoming increasingly popular and expensive. Video content must be processed so that it can be accessed on different devices with different frequency bands. This is called transcoding, which requires a lot of computer processing power.

Livepeer basically collects idle computing resources from a home network and uses them to convert videos. Content producers benefit from scalable and inexpensive transcoding, Livepeer does not need to purchase expensive infrastructure, and network participants receive LPT tokens, which have real world value.

3. Helium (HNT)

Helium is a decentralized wireless network backed by a network of long-distance access points. Helium was originally designed for Internet of Things devices, such as smart pet collars, self-driving cars or fitness devices, and is now expanding to 5G and WiFi connections. Network participants manage a helium hotspot and earn rewards for providing the connection.

The concept of using crypto tokens to reward participants is an interesting aspect of the blockchain. Livepeer and Helium are two of the many projects that reduce the company’s initial infrastructure costs by using a network of people to do the heavy lifting. These individuals earn a portion of the fee in a decentralized, community-based business model.

4. Cardano (ADA)

Cardano It is a type of encryptionlove or hate“And some may question its true value. It is an ecosystem like Ethereum (ETH) that can host other cryptocurrency projects on its own blockchain. Its critics point out that it has been slow to launch smart contract functionality, and that the ecosystem does not yet have as many applications as other cryptocurrencies.

However, Cardano has another trump card: it’s a great example of a true blockchain tool. For example, Cardano has partnered with the Ethiopian Ministry of Education to register the diplomas of five million students on the blockchain. This would make it more difficult to cheat the education system and could help students access opportunities such as university studies or international jobs. Another project on the Cardano network, called Empua, aims to help people with a lack of banks get money to build homes.

conclusion

If blockchain technology delivers a fraction of what it promises, it can transform entire industries. Medical records can be stored securely on the blockchain and you, the patient, can control how they are accessed. Insurance benefits can be paid automatically when certain criteria are met. You may even be able to store the bond in your home on the blockchain.

The problem is that the industry is still in its infancy and we don’t know much about how it will evolve, or even if it will succeed during the current crypto winter. Think of it like the early days of the internet. Everyone is looking for the next AmazonBut for every success story, there will be hundreds of failures.

As an investor, looking for really useful cryptocurrencies is a great start. At the same time, it is important to only invest money that you can afford to lose, and to ensure that cryptocurrencies make up only a small percentage of your total portfolio. So you can still invest in smaller, riskier ventures, but you won’t face financial disaster if they don’t realize their potential.

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