The centralized structure of most cryptocurrencies will prove to be fatal for the industry, says bitcoin maximalist Jeff Booth. He predicts that the entire crypto ecosystem is going to zero, except bitcoin.
“All of crypto is trying to rebuild a financial system that we already have based on manipulation and centralization,” he said.
The series of crypto crashes in 2022, including the collapse of the FTX exchange, goes on to show that cryptocurrencies won’t survive on a centralized foundation. Platforms like FTX and Celsius, which merely duplicate the traditional finance system on the blockchain, are not the future of crypto. While Booth takes it to the extreme and deems all cryptocurrencies fragile, the industry needs to redirect its focus to decentralized projects underpinned by relevant utilities.
Here are five categories of cryptocurrencies that will enter the mainstream in the coming years and prove Jeff Booth wrong.
1. Crypto Coins
True, Bitcoin is the first blockchain. But its functionalities were limited to the transfer of value. Ethereum, under the helm of visionaries like Vitalik Buterin, Charles Hoskinson, and Gavin Wood, illustrated what blockchain is truly capable of. Hoskinson and Wood later took their own paths to build Cardano and Polkadot, which are home to an array of Web3 applications now.
Going forward, these blockchains will be widely adopted across traditional sectors like real estate, healthcare, and education. The fact that new blockchains use energy-efficient consensus mechanisms also gives them a competitive edge against bitcoin. Blockchain cryptocurrencies, or crypto coins as they are called, will continue to be one of the most sought-after digital assets.
2. Play-to-Earn Tokens
Gaming is a thriving crypto sector. With time, they have evolved to cater to the growing demands of the community, combining NFT, metaverse, and AI technologies. Games like Gods Unchained, Splinterlands, and Alien Worlds have played a key role in introducing cryptocurrencies and blockchain concepts to traditional users.
New play-to-earn projects like Silks, Star Atlas, and Tamadoge are predicted to power the most lucrative crypto tokens next year. Silks is a derivative metaverse that brings the thrill of the billion-dollar thoroughbred horse racing to the metaverse. Star Atlas is a grand strategy game of space exploration, territorial conquest, political domination, and more. Tamadoge, on the other hand, is a pioneering blockchain AR project that integrates the meme coin concept and pet NFT gaming.
One of the key features that set apart these projects from the crowded blockchain gaming market is their focus on theme and gameplay. While most crypto gaming business models are built to lure in investors, these games plan to onboard real gamers. That, in turn, will drive value to the underlying tokens and NFTs.
3. Crypto Trading and Investment Utility Tokens
This year was an eye-opener. Hype and shilling can’t fuel the industry for long. Novice investors and traders who blindly followed social media influencers took the brunt of the crypto collapse. Judicious trading and investments are the only way forward for crypto. For example, users realized that their crypto is not safe with exchanges after the FTX collapse. The apprehensions about the safety of their crypto funds led to a surge in demand for self-custodial wallets.
The trend will continue in 2023 and beyond. Tokens that give access to advanced trading and investment services will flourish as intelligent users take up the crypto space. The fast sell-out of D2T tokens hints at the new trend. D2T is the native token of Dash 2 Trade, an advanced crypto intelligence and analytics platform that gives crypto trading signals, predictions, and social analysis for focused decision-making.
4. Green Cryptocurrencies
Green cryptocurrencies like Algorand, IMPT, and Earthling will be another set of assets to make it through the crypto winter. Algorand needs no introduction. It is one of the most efficient blockchain ecosystems dedicated to green initiatives.
IMPT and Earthling are centered around reviving the carbon market using a web3 ecosystem. IMPT introduces an NFT carbon credit marketplace, a shopping application with carbon credit rewards, and a social platform that gamifies carbon offsetting.
Attention, #IMPT Crew! 📣
We've got exciting news for you!
The #IMPT team is attending a World Blockchain Summit in Bangkok 😍
🗓 8th & 9th of December 2022
💚 Drop into booth B10 at the venue to learn more about our project and how you can participate! pic.twitter.com/mhYUhgR3Wu
— IMPT.io (@IMPT_token) December 5, 2022
5. Any Crypto with Relevant Blockchain Utility
At the end of the day, cryptocurrencies are assets that power blockchain utilities. It doesn’t matter what, as long as users find it relevant. If the underlying projects succeed in solving a challenge that has long been plaguing an industry or bringing more efficiency, the token will find investors.
