With an increasing number of people around the globe looking to adopt crypto for everyday transactions and investments, it's never been more important to stay up to date with this industry. From innovative technologies and partnerships to new products and services, we will examine how these developments are driving the growth of crypto and shaping the future of data.
Current Market Activities
2022 was one of the toughest times for cryptocurrency, to date. With high-profile rugpulls and crashes, the aggressive growth of many major coins was brought to a screeching halt. Blockchain technology itself, however, has proven to be highly resistant to these events. Major crypto companies continued launching new projects that show their faith in the future of decentralization.
Binance, one of the largest crypto-asset exchanges out there, has been expanding its influence across all corners of the international market. They are taking advantage of Brazil’s national cryptocurrency adoption and launching pre-paid cards that convert crypto assets into fiat at the point of sale. They have also received official approvals to offer services in France, Bahrain, Spain, Dubai, and Sweden. When it comes to global economic impact, Binance stands head and shoulders above even most traditional banking giants.
Crypto.com has also caught eyes all over the world with their aggressive marketing endeavors. From making ads with movie stars such as Matt Damon, to forging partnerships with prominent soccer teams like Paris Saint-Germain, they have diverted a large part of their efforts towards raising brand awareness. Companies like Okcoin, on the other hand, are focused on increasing their digital assets. They have spent a good part of 2022 in acquiring new networks and protocols that add more versatility to their platforms.
Serious Competition for Web2 Mega Corps
Finance is not the only sector where Web3 has threatened to shake up the existing power structures. Major tech companies across all disciplines now feel the increasing pressure to either adopt blockchain technology or be made obsolete by those who will.
People grow tired of greedy, monolithic organizations that exercise complete control over their data. While institutions like Facebook and Google keep updating their privacy policies in order to pacify growing concerns, they fail to address the centralization of power that lies at the root of the issue. Instead of relying on these corporations to reign in their greed, the world needs technology that makes it impossible for anyone to own our data in the first place. Decentralized ecosystems are built for this express purpose.
Web3 search engines, social media platforms, and other online services are now emerging out of our need for better solutions. With blockchain-based companies like Binded, Verasity, and Audius already enjoying great popularity in specific circles, mainstream adoption will be following close behind.
Thinking Beyond the Initial Revolution
Blockchains will undoubtably change the core fundamentals of the digital world as we know it today. However, we cannot let innovation stagnate at this stage. PyxelChain™ acknowledges the limits of Web3 and looks to surpass them with our very own Web3/5/X™ technology.
Regardless of how groundbreaking Web3 applications are, making them mainstream will be an uphill battle. There will always be a large section of society that resists change and chooses to stay in their current comfort zones, and we don’t want to leave these people unprotected. That’s why PyxelChain™ is building applications like the Web3/5/X™ Security Bridge to incorporate blockchain-level safety into parts of the traditional Web. Moreover, we employ tools such as Human Readable Smart Contracts™ to make it easy for the less tech-savvy among us to use decentralized applications.
While Web3 is all about taking the next step in our digital evolution, Web3/5/X™ focuses on bringing everyone along for that ride. We not only work on improving the cryptospace, but also strive to make it accessible for the general populace.
Big crypto companies have weathered innumerable storms in the past few years and kept pushing the envelope with each step they take. We know that this resilience has been made possible due to the solid framework that blockchain technology itself is built on, but that doesn’t mean every organization involved in crypto will go on to thrive in the future. It takes vision to build and use the technology in this space. Those who keep improving on the existing infrastructure and evolving along with the needs of the public will be the ones standing at the top once crypto becomes a part of our daily lives.