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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown

7 Protocols That Promise To Shake Up The Crypto World

Bitcoinist
by Bitcoinist
1 year ago
·
Posted in Industry
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin was the original cryptocurrency protocol and it was designed as an alternative payment system that would operate outside of the control of governments. Bitcoin solved some very specific problems, enabling people to take control of their finances with full autonomy and anonymity, without any possibility of being censored.

Blockchain was the innovation that made this new system of money, known as cryptocurrency, become possible. Blockchain emerged back in 2009 with the launch of Bitcoin itself, and people were quick to realize that this decentralized, peer-to-peer network was the real innovation. Since then, hundreds of blockchain protocols have emerged, expanding the capabilities of decentralized money beyond all recognition.

As blockchain has evolved, newer systems have emerged that are much more efficient and secure and, importantly, far more versatile than Bitcoin will ever be. In this article, we’ll look at five very promising protocols set to shape the future of crypto in some very interesting ways!

EOS

EOS is a familiar name, launching way back in 2018 alongside a blockbuster $4.1 billion ICO. Billed as an Ethereum-killer, it was shown to outperform all over smart contract blockchain thanks to some creative innovations under the hood.

Unfortunately for EOS, development stalled as its lead developer Block.one neglected the project. After missing numerous milestones on its roadmap, EOS block producers got together to create a new entity called the EOS Network Foundation, which is now responsible for its ongoing development. Among its achievements, the ENF passed a community-backed proposal to stop vesting token for use by Block.one, before becoming a fully decentralized autonomous organization.

In September 2022, EOS achieved code independence by shifting from EOSIO 2.0 to Leap 3.1, before launching what’s known as the Antelope protocol that introduced a major revamp. It’s notable that EOSIO isn’t a blockchain itself, but rather an open-source protocol that’s used to build independent blockchain networks that support different, high-performance decentralized applications. EOS itself is one of those dApps, and Telos, Wax, UX Network are some others.

With its most recent update, EOS EVM v0.6.0, developers can quickly set up a blockchain to power dApps by simulating a virtual machine and the compute, networking and other resources those dApps need. EOS EVM v0.6.0 adds dozens of new features to improve the capabilities of smart contracts, in a move that underscores the newfound freedom and independence of the network.

One of the most important new features in this release is the ability for users to bridge USDT from the EOS Native layer to the EOS EVM in a completely trustless manner. Given the significance of USDT in most DeFi protocols, the new functionality promises to increase both total value locked and liquidity in both EOS and the EOS EVM, bringing enormous value to the ecosystem.

Amid the ongoing battle for relevance by Layer-1 networks, EOS stands out for revitalizing and improving on its core strengths. Add to that its recent collaborations with other high-profile blockchain projects, and it’s clear that out of all the established names in the blockchain industry, EOS is the one with the most momentum.

stake.link

Liquid staking protocols have emerged as one of the hottest areas of innovation in the DeFi ecosystem. By enabling staked assets to become liquid and usable in other DeFi protocols, they inject desperately needed flexibility into crypto staking and enable users to earn yields in addition to their basic staking rewards.

Stake.link is a delegated liquidity staking protocol within the Chainlink protocol. Powered by its native SDL token, it allows users to stake collateral to the top 15 Chainlink node operators and earn staking rewards while receiving the stLINK receipt token. With their stLINK tokens, users can then engage in lending, yield farming and other DeFi activities – while their original LINK tokens accrue regular staking rewards. In other words, it’s two investments for the price of one.

In addition to offering some of the highest staking yields available, stake.link also pioneers innovations such as the Ethereum Liquid Staking Index token, ixETH.

With stake.link, users deposit LINK with ChainLink node operators and receive one stLINK for each token they deploy. They’re then able to use stLINK in multiple DeFi primitives, optimizing their capital efficiency. For instance, they could provide stLINK as liquidity for yield farms, lend those assets on a protocol like Aave, or put liquidity into pools on Balancer. This means they can earn far greater yield than through regular staking alone. The rewards this activity earns are distributed back to the protocol to be redistributed among stLINK holders.

For anyone seeking to participate in the Chainlink ecosystem and maximize their yields, stake.link has emerged as one of the most compelling, one-stop options. It relies on cutting-edge DeFi functionality and a reliable group of node operators to provide extremely competitive rewards. Its roadmap promises additional functionality and is geared towards expansion, making it primed to become one of the foundational pillars of the Chainlink ecosystem.

Oasys

A list of top blockchain protocols wouldn’t be complete without a mention of one that’s focused on what of the hottest areas in the crypto industry – gaming. This is where Oasys stands tall, as a blazing fast network that’s dedicated to a new generation of video games that incorporate decentralized technologies like cryptocurrencies and NFTs.

Blockchain games are already very popular, but the reality is that the most popular titles are not built on an ideal foundation. Existing consensus mechanisms are more geared towards decentralization and security, and by having these elements, it means that speed, performance and cost are sacrificed. But as far as gamers are concerned, the underlying networks need to be extremely scalable with rapid transaction speeds and very low costs. It should also be highly interoperable with other chains.

To build such a network, Oasys has created a multilayered, Ethereum-compatible and proof-of-stake public blockchain that’s designed by experienced developers and operated by some of the biggest players in the gaming industry. The platform launched with an initial network of 21 validators who provide security, stability and structure, including some of the biggest gaming developers in Korea, such as Mythical Games, Netmarble, Wemade, NHN, Neowize and Com2us. At the same time, Oasys has also partnered with ConsenSys to build what it says is an industry-first, gaming optimized wallet. Since its launch, it has also onboarded SoftBank as an additional validator.

As a result of this strategy, Oasys has managed to create a highly scalable network that provides a seamless experience for games players. With lightning fast transactions and free gas fees and the ability to scale to support even the biggest of games, Oasys will ensure that the actual gaming experience goes uninterrupted. After all, while gamers appreciate the innovations around crypto and NFTs, they remain gamers first and foremost. For all of the novelty that winning prizes and ownership of assets provides, it’s the basic gaming experience that counts.

Babylon Chain

By bringing greater utility for Bitcoin holders, Babylon has the potential to become one of the most important crypto protocols of all. Its key innovation is that it opens the door for Bitcoin holders to stake BTC to secure third-party proof-of-stake blockchains and earn rewards while doing so.

It’s a key development because, although Bitcoin remains the most valuable crypto asset by far, it’s also one of the most useless. BTC has utility as a store of value and for payments, but nothing more than that. While BTC tokens can be bridged onto other chains, doing so is complicated and very risky.

Enter Babylon, which has come up with a cryptographic mode that enables users to stake BTC on PoS chains in a non-custodial way. It’s a win-win for both, as the PoS chains enjoy greater security, backed by Bitcoin, while BTC holders finally have a reliable way to generate a passive income.

Babylon uses an extract one-time signature to enable staked BTC to be slashed in the event of the staker engaging in malicious behavior. Along with Bitcoin’s native time-lock capability, this means Babylon can both incentivize staking, while punishing those who try to get up to no good. As another benefit, Babylon also enables rapid “unstaking” through an advanced BTC timestamping protocol.

PoS chains can really benefit from this because many of them struggle to entice enough users to stake their native platform tokens to secure the network. By being able to stake BTC instead, it opens the door to an enormous pool of staking capital. Of course, the potential rewards for BTC holders will be a huge incentive that should encourage many to participate.

Best of all, Babylon’s protocol can be integrated with any PoS chain in a modular way, meaning that BTC holders can stake their assets on multiple chains at once, earning rewards in the native token of each one they back.

With strong backing from the Cosmos “Internet of Blockchains” ecosystem, the launch of Bitcoin Staking Protocol MVP promises to bring a lot of value to what is already the world’s most highly-prized cryptocurrency.

Flare Network

With its focus on blockchain communication and data acquisition, Flare Network enables developers of Web3 applications to access reliable and accurate data from any other blockchain, as well as other sources such as the internet. It provides a way for developers to build more capable EVM-based dApps that can tap real-world data from any source, meaning limitless possibilities.

The main components of Flare are its Flare Time Series Oracle and the Flare State Connector. With the Time Series Oracle, users get access to decentralized time-series data feeds. These mostly consist of data on the real time prices of digital asset pairs, which are delivered by an independent network of data providers who’re incentivized to provide accurate information.

As for the State Connector, this provides a way for dApps to read data that happens outside of its own, internal network. It enables third-party data providers to safely and trustlessly reach consensus on anything from the results of a football match to the content found within an internet-connected API. This data is verified by a network of independent attestors. Just as with the Time Series Oracle, these actors are incentivized to provide accurate data and reach consensus.

Because Flare enables real-world data to be understood by blockchains with full confidence, in a decentralized and trustless way, it paves the way for the development of a new generation of dApps that can interact with real world events. c

Camino Network

Industry-specific blockchains aren’t a new concept, but they have remained very much an idea rather than something tangible and concrete that has changed the way businesses in the targeted sector do business.

Looking to change this is Chain4Travel’s Camino Network, which is a blockchain that’s designed specifically with travel industry players in mind. Having launched earlier this year, it provides the foundation for a new era of decentralization in the travel industry.

One of the notable aspects of Camino is that it’s managed entirely by travel industry participants who partake in the project as node operators. With their shared platform, organizations in the travel industry have the opportunity to innovate for themselves, instead of relying on legacy platforms such as Booking.com and Agoda.com.

Camino Network boasts a complex architecture that’s optimized to support various travel industry functions. It’s made up of three chains, including the X-Chain, which acts as an exchange layer for trading digital assets. The P-Chain is a platform chain to coordinate validators and support subnets, similar to Polkadot’s parachains. Finally, C-Chain is a contract chain for creating the smart contracts that will power the industry’s dApps.

Its mainnet has been up and running since earlier this year, and it has attracted robust industry support from more than 80 brands, such as Lufthansa, Eurowings, Hahn Air, TUI, DER Touristik, and Sunnycars

With so many endorsements from the travel sector, Camino Network is well placed to bring the idea of industry-specific chains forward by showing other industries how they can reap the benefits of decentralization.

Image by 5933179 from Pixabay

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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