This year has become very important and memorable for the entire blockchain industry. Although, thanks to the many upheavals and incidents, 2020 will be remembered for a long time by everyone. But it is the blockchain community that has experienced significantly more positive changes than negative ones.
Due to the economic crisis that has gripped almost every country in the world, more and more people have started looking for alternative assets. Someone invested in gold and jewelry, and someone chose cryptocurrencies. Thanks to this attention, Bitcoin and Ethereum showed very strong growth, but altcoins rose even more, marking the beginning of the “Altseason”.
In addition, a new type of blockchain projects has appeared – Decentralized Finance. DeFi was a real boom this summer, and the hype around DeFi tokens was reminiscent of 2017 with its boom in ICO startups. The popularity of decentralized exchanges, on which tokens of new projects are traded, can tell even more about the popularity of the new direction of blockchain technologies. Some of them have become so popular that they have overtaken the well-known centralized crypto exchanges in terms of trading volume.
In today’s article, we’ll take a look at some of the most interesting projects of 2020, and look at their features and benefits that have brought these startups such popularity and success.
Having identified the main problem of modern social networks in the form of insufficient data protection and privacy, the AtromG8 developers decided to create their own ecosystem based on blockchain technology. AtromG8 is a multi-blockchain landscape based on the innovative MixNet 5.0. Superstructure.
The developers have created a convenient platform for communication, information exchange, coworking and transactions between users. Using ATROMG8 will allow institutions, companies and individuals to create their own ecosystems and with coworking find the solutions for the challenges of tomorrow.
The popularity of the Uniswap decentralized cryptocurrency exchange today is incredible. The platform ranks first in Ethereum in terms of gas consumption and commission costs in general. With a high probability, it was the activity on Uniswap that became one of the main reasons for the multiple growth of commissions on the Ethereum network in 2020. Uniswap has become the premier and largest exchange for DeFi tokens. At times, the daily trading volume on the largest DEX reached almost 300,000,000 USD. It was the active trading on Uniswap that has fueled the incredible growth of this summer’s DeFi unicorns like YFI and LINK.
Chainlink is a blockchain platform for protecting against unauthorized access to data while working with complex smart contracts. Last year, the capitalization of LINK tokens increased by 600%, making them the most successful asset of the year. The Chainlink platform provides advanced information protection not only within the blockchain, but also outside it.
The Chainlink blockchain network consists of special nodes called oracles. The decentralized network of oracles verifies the input data from different sources with each other, and then sends it to the smart contract. In this way, higher accuracy of incoming information is achieved, which is difficult to check centrally.
Libonomy Network is a global blockchain ecosystem that will be a platform for launching various decentralized projects. The Libonomy network is closely tied to artificial intelligence, which adjusts scalability, speed and security, making the platform universal for everyone.
Libonomy can be used to create DAPPs, launch DEXs, or write one-click smart contracts. But the main feature of the project is interoperability, which will allow transactions on different blockchains within the same ecosystem.
One of the most successful BTC forks in recent years. The team of blockchain entrepreneur Mykola Udianskyi has set itself the goal of fixing all the shortcomings of Bitcoin and enhancing its advantages. The fork should provide sufficient scalability on the BTCU network, and the new hybrid LPoS consensus protocol combined with PoA will make crypto transactions cheaper by getting rid of the complex energy-intensive mining used by BTC. The network speed is expected to reach 10,000 TPS.
In addition, the Bitcoin Ultimatum team managed to implement the work of smart contracts in the new blockchain. Also, BTCU will allow fully anonymous transfers and atomic swaps within the network.
The Polkadot team is working to create a fully decentralized network (WEB 3.0) that will be controlled exclusively by its users.
Polkadot allows you to create private networks and public networks, as well as permissionless networks and oracles. Polkadot is a more advanced version of the Internet, where independent blockchains can exchange information and transactions through the Polkadot chain.
Polkadot makes it easy to create and connect decentralized apps, institutions and organizations. Developers want to create an independent network with no trust issues.
TRAMS DEX is a fork of the popular Uniswap, which also allows users to freeze their assets and capitalize on the growth of the DeFi DEX platform. The project specializes in decentralized smart contract developments built on ERC20 protocols on the Ethereum. TRAMS DEX utilizes a liquidity pool model coupled with an Automated Market Maker (AMM) protocol that relies on mathematical formulas and advanced algorithms to facilitate financial services for digital assets where users can safely trade, invest, lend, borrow and create digital assets with high degree of decentralization and censorship-resistance.
Yearn Finance (YFI)
The most famous and brightest representative of DeFi unicorns. Yearn Finance is a distributed system of electronic financial instruments that provide access to lending services on the blockchain. Decentralized services eliminate intermediaries, allowing borrowers to directly use the funds of investors who earn interest. After listing the YFI token on the Uniswap exchange, its price increased by 35,000%, peaking at $ 38,000 per coin. In comparison, this was more than three times the value of the most popular cryptocurrency Bitcoin at the time.
And even now, despite a significant correction, the value of the YFI token exceeds $ 12,000, and the capitalization of Yearn Finance is among the leaders in the rating of DeFi projects.
Of course, in 2020, many other interesting projects were born. Over time, some of them will definitely take part in the new ratings, and the mass media will definitely tell about some of them.
However, all this once again proves the power and influence of the alternative economy, which is led by blockchain and decentralized financial instruments. We are confident that in difficult times that damage traditional financial institutions, cryptocurrencies and blockchain technologies acquire additional attractiveness in the eyes of people. And new interesting projects appear that will move technological progress forward.