Utility Tokens have seen a rise in popularity in the crypto space where every company that innovates itself has tried out everything possible in the space.
We are covering some of the most innovative Utility tokens and giving a brief review about some of the most interesting concepts achieved on Blockchain.
Golem is a Utility token based on Ethereum Blockchain which provides Decentralized Computing Power (Decentralized Supercomputers). With the decentralization taking over the central systems and technology, the Internet is something that is also getting disrupted in the way, Golem’s aim is to create a decentralized solution to this, providing services like massive scientific computations, large-scale enterprise solutions, complex video productions like making an animated movie and even mining cryptocurrencies.
But concepts like this and platforms like this won’t enjoy the freedom for a very long time, SONM another utility token aims to achieve the Fog Computing( Decentralized Computing) and in a better way.
Sia is also popularly known as the AIRBNB of the storage facilities, it might even happen to some of you that you might have a storage device but you might not use it fully. Sia provides a platform for the users who have some kind of storage devices with storage capacity and they can rent the storage unit. This is a distributed peer to peer cloud storage solution, which is also cost-effective as compared to the centralized servers for the renting of space. Since the Blockchain platform provides security and anonymity, this feature is not absent from Sia. This also gives Sia a feature of security and prevents malicious attacks to risk the files present in the network, the files are generally present in multiple nodes which makes it, even more, a safer platform.
But like Golem Sia is also facing competition from companies like Storj, Madisafe, and Filecoin.
Digital Identities are getting a lot popular by their use case itself, traditional ID’s are way too cumbersome and time taking for the verification process, digital ID’s are also getting popular like UIDAI’s Aadhar Card, but security is the most important feature of all, the type of security being provided by the traditional digital ID providers are not good enough. Civic is a platform which provides secured identity to its users, it’s just like your Bitcoin wallet, which stores your physical and digital credentials like the passport and digital credentials like bank’s KYC’s soft copy.
Civic helps you at every level, starting from hotel check-ins, passport verification at the airport, to bank verification and the information need not be stored on your device it’s fully encrypted and verification is being done by the voluntary exchange of the data between you and your service provider. Each organization receiving the data independently validates it, ensuring a trusted mechanism for the users.
BAT(Basic Attention Token) is a token for the advertising industry, the motto is to bridge the gap between the advertisers and the publishers, the platform uses the Brave Browser for the secured browsing, in order to get rid of the trackers and malware that slows down your system and asks for more computing power, you may also would be using an ad-blocker for blocking the ads for the same reason.
The advertisement money spent on the publisher doesn’t reach effectively, Brave provides a platform which is better for both users and the advertisers avoiding the middlemen in the business. They also provide a decentralized Ad- Exchange which has the BAT as the token used for availing the services in the ecosystem.
User attention is calculated by the multiple engagement points, meaning the areas where the user most commonly engages in and visits frequently, maybe the advertisement, the content or whatever the user may be looking at.
OmiseGo is an Ethereum based Financial Technology which aims at the Financial Inclusion and the interoperability aspect of the Blockchain technology. OmiseGo is enabling transparent peer to peer transactions on the decentralized Ethereum Blockchain. It is primarily providing payment solutions to the South-East Asian countries and plans are there to even scale more.
As Ethereum is also planned to move from Proof-of-Work to Proof-of-Stake consensus mechanism, we can expect the Blockchain to scale up more and hence the products and the services built on them to perform better.
Hope this article gave you some idea about the utility tokens and how technology is being worked upon by these companies and organizations.
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