Bitcoin, a pioneer of crypto assets (virtual currency), was invented to solve problems. We returned to that perspective and focused on 19 projects and the challenges they are trying to solve.
For the past three years, the Pew Research Center has been surveying Americans about their cryptocurrency investments. Since 2020, the percentage of people who have “invested in, traded, or used crypto assets such as Bitcoin (BTC) and Ethereum (ETH)” has remained at around 16%.
This spring, the center also surveyed how people feel about crypto assets. 88% of respondents have heard of crypto-assets, and 75% said they have little or no confidence that crypto-assets are reliable and safe. Only 6% said they were very confident.
Trust in crypto assets is extremely low.
we already understood. The “Most Influential People in Crypto Assets 2022” announced in December selected 50 people who colored the year of crypto assets. A good portion of the list now concerns scammers and sociopaths who have depleted their clients’ assets. It is understandable that Congress, mainstream media and the general public are taking a hard look at crypto assets.
Needless to say, 2022 has become the antithesis for crypto. Cryptoassets were invented in 2009 as a remedy for the broken global financial system. It’s not meant to make a greedy person or a charlatan rich.
CoinDesk went back to the philosophy of cryptocurrency and searched for projects that realized the philosophy of cryptocurrency by solving problems. We discussed what kind of problems crypto-assets can solve, and decided to broadly divide them into problems within the ecosystem and problems of the world as a whole. Then, we examined projects aimed at solving specific problems, and selected 19 out of more than 35 projects.
Some projects are just getting started, while others have been around for years. The amount of funding varies from the startup phase to tens of millions of dollars, and undisclosed support from foundations and others.
We didn’t put too many restrictions on the selection of projects. Crypto-related organizations come in many forms (from traditional startups to DAOs to large corporations). All are still relatively new, and even though they are valued at billions of dollars, they are still largely unknown.
We wanted innovative ideas, compelling proposals, evidence of success, and talented, dedicated people. Furthermore, the problem that the project aims to solve is real and needs a solution. For example, we excluded things that are just encrypted things that are properly managed in conventional finance, and things that are purely speculation and play.
Here are CoinDesk’s picks“Notable Projects 2023”. They are grouped according to the problem they are trying to solve.
Making financial services more accessible
The spread of the new coronavirus has accelerated the introduction of digital services such as banking services, and it has been proven that speedy, flexible, and highly reliable services can be realized. But according to the World Bank, there are 1.4 billion unbanked adults, mostly rural women with low levels of education. Crypto assets can lower those barriers.
■ Bitcoin Beach
Proving Bitcoin Can Sustain Local Economies
Let Africans Buy and Sell Crypto Assets Using Basic Mobile Phones
Provide foreign workers with a fast and inexpensive way to remit money back home
Aiming to spread to the next billion people
This is an existential issue for the crypto ecosystem. In order for crypto assets, Web3, and blockchain to continue to develop in the future, how can we achieve mass adoption? Make it convenient, useful, and easy to use.
Leverage trusted friends and family relationships to keep your crypto assets safe
■ Immutable Passport
Single sign-on for gamers who traverse multiple metaverses
■ Lamina 1
Open metaverse foundation
User-friendly and secure custody
Security is always an issue with crypto assets. Blockchain faces huge threats like quantum computing, and users struggle to validate transactions, secure wallets and accounts.
Defending against the futuristic threat of “quantum computers”
Secure transactions and accounts with account abstraction
Ensuring Blockchain Transparency
All transactions on the blockchain are public, but the details are never transparent, at least for most users. Understanding what is happening on-chain can help identify illegal activities and provide market insights.
■ Arkham Intelligence
Enable traceability of on-chain transactions
Provides data about on-chain activity
Make blockchain scalable
As blockchains become more useful, transactions can sometimes become more energy-intensive, expensive, and slow.
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Help developers store blockchain data on-chain and off-chain
Adopting a slow and precise approach to making the Ethereum blockchain scalable and secure
Mitigation of climate change
Humans are robbing the earth of its resources and releasing a lot of carbon dioxide into the atmosphere. Blockchain technology can monitor human behavior and behavior and encourage sustainable alternatives.
■ Regen Network
Increase incentives for ecological behavior
■ Shambha Network
Monitoring farmland conditions and providing data
Support for disaster victims
When disaster strikes, people often send money to humanitarian aid organizations. However, delivering energy to people in need is a complicated task. Crypto-assets can speed up and simplify the process and provide them at a low cost.
Providing digital cash to people in crisis without internet access
■ Stellar Aid Assist
Providing aid organizations with an all-in-one system for digital cash donations
Expand your infrastructure
Developed countries are working on the development of advanced robots that can have natural conversations with humans. On the other hand, in other areas, it may not be possible to maintain highly reliable power.
Powering remote farming villages through bitcoin mining
Resist centralized control and censorship of social media
Crypto Twitter (crypto discussion on Twitter, or Twitter as a discussion forum) is an informal forum for various crypto enthusiasts. But after Elon Musk’s takeover, Twitter has become privatized and capriciously regulated, and many people, not just Crypto Twitter, are leaving. The crypto community offers a decentralized alternative.
Realizing a decentralized social network without censorship
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Rachel Sun/CoinDesk
｜Original: Reclaiming Purpose in Crypto: CoinDesk’s Projects to Watch 2023