Cryptocurrencies With The Most Use Cases

However, there has always been one thing investors consider before choosing to invest in an asset, use cases. For a crypto asset to have success, it has to have excellent use cases, and sometimes assets with more use cases are the most attractive to investors.

What are these assets with the most use cases in crypto? Keep reading to see a list of the four crypto assets with the most use cases currently.

MIOTA (IOTA)

MIOTA is another cryptocurrency with vast use cases. It’s hosted by the IOTA network, a distributed ledger called Tangle, which is not an actual blockchain. The principles used in the creation of this network help in fostering superfast speed for transactions.

The currency and the entire network have vast use cases in the technology world. Among the use cases include;

  • Smart city development – As the world sets up for future technological advancements, smart cities have become popular. IOTA can help monitor levels of air pollution, ID verification, and record-keeping in smart cities. Taiwan is one of the countries to test IoTA’s use cases in digitizing Taipei.
  • E-Health – Like in the case of VeChain, the IOTA network can also help digitize the medical industry. Patients’ data will be stored safely and immutably.
  • Smart energy creation – IOTA is also a massive player in the energy sector, mainly involving clean power and energy. Imagine the creation of smart charging systems developed recently.
  • Vehicles and transport – the IOTA network can revolutionize the vehicle and transport industry. Parking fees payment, transportation, and ridesharing can be achieved once IOTA-connected devices are installed in vehicles and connected to wallets.
  • Identity of things- Unique identifiers are standard, with barcode and scan codes being used for creating unique identities. These identifiers can be stored in the IOTA tangle, which is easily accessible but tamper-proof.
  • Manufacturing and supply chain – the supply chain can also benefit vastly from IoTA. Storing product data both on delivery and during transportation can help in ensuring efficiency in the supply chain. IoTA can interact with IoT devices to make things easy.

Ether (Ethereum)

Ether is another currency with a vast array of use cases. It’s among the most commonly invested in currencies and the second-largest crypto by market cap. Ethereum was introduced to host many smart contract options fitting Decentralized Finance, NFT, and other services. Here is a shortlist of some of the many use cases of Ethereum;

  • Banking and financial connected services – Ethereum smart contracts have been used as banking tools, especially by creating lending. Apart from lending, smart contracts in Defi offer other services like payments, bonds, insurance, synthetic assets, etc.
  • NFTs and gaming – NFTs and gaming are another one of the popular use cases of Ethereum and its currency. Generally, using ERC smart contracts, a developer can launch games and art-related assets to benefit crypto enthusiasts.
  • DAO – Decentralized autonomous organizations are governance systems that are based on smart contracts. DAOs help in transparency in voting for new changes in an organization.
  • Digital identity management – Ethereum smart contract can also help create user-friendly digital identity management systems. The Ethereum network can allow the creation of uPort, which is personal and anonymous.
  • Market predictions – Market predictions and predictions in gambling are also some industries that benefit vastly from Ethereum. Platforms like Augar and Gnosis have used the Ethereum chain.
  • Escrow- The smart contract options can be applied in different industries like real estate and wills to help in reducing the middlemen interferences in such contracts.

VET (VeChain)

VET, the native cryptocurrency of the VeChain network, is one of the popular crypto assets with many use cases. The Vechain network was launched in 2014 and handled a wide array of services for its users.

Unlike many other networks, Vechain has a dual coin system consisting of VET and VTHOR, but the former has the most use cases. Here are some of VeChain’s popular use cases;

  • Anti-counterfeiting – Counterfeiting is one of the most significant issues surrounding the exchange of luxury products and assets like gold. Vechain helps in thwarting knockoffs of such products due to the traceability of its network.
  • Food safety – Vechain can help in protecting food during delivery. IoT devices on the product and delivery vehicle can be connected to the chain, sending live reports that both the supplier and buyer can see in real-time.
  • Health records – The VeChain blockchain can also help in improving the efficiency of very critical health and medical records. Hospitals and medical experts can use it to keep patients’ health records safely and efficiently.
  • Carbon emission tracing – Smart IoT devices can be installed in cars to help in tracing the level of carbon emission for environmental purposes.

Algo (Algorand)

Algorand is another crypto network with a lot of use cases. The network went live in June 2019 and provided an extensive collection of services in a very effective blockchain network. Its consensus mechanism is pure proof of stake built on the Byzantine consensus.

The network has been created with top efficiency to offer scalability and efficiency. Here is a list of the most popular use cases of Algorand;

  • Decentralized finance and payment options – Algorand provides excellent solutions in the decentralized finance world, including reasonable payment solutions. Generally, Algorand enables the creation of solutions that interact with traditional and decentralized finance.
  • Interaction flexibility – The network will also help create and interact with the IoT, product authentication, and others to streamline the supply chain.
  • Identity management – The network is also capable of being used in the identity management industry.

Other benefits enjoyed by Algorand include added advantages to social media communities. Moreover, the Algorand network can also be used in prediction markets, gaming, VR, and staking, and also help in digital art and intellectual property ownership.

Final Word

A use case indeed is one of the most important aspects of a crypto project. The cryptocurrencies listed above are among the assets with the most use cases. MIOTA, a crypto asset of the IOTA network, can help with issues technologies, especially in the vehicles industry, smart city, and supply chains.

Ethereum also has proven to be a highly usable asset in the DeFi, NFTs, and a collection of other services. VeChain is another network with excellent use cases in anti-counterfeiting, health records, food safety, and carbon emission tracing. Algo coin also has a vast array of use cases. The use cases of these assets make them excellent investment options.

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