Blockchain projects in development right now

Blockchain projects in development right now

blockchain projects - The 3 most impactful blockchain projects in development right now

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What is effect, really? It’s a very subjective term, so impact for me is not the same as for another person. But in my mind, the most impactful blockchain projects are those that have the potential to truly change the way we spend and control money.

It’s largely a DeFi argument that relies on the notion that central banks have supreme power over the people they ostensibly serve. So, by that logic, you can characterize most prominent cryptocurrencies as impactful. Certainly Bitcoin (BTC-USD) fits the bill.

But impact is also about the projects that legitimize the transition from centralized banks to less regulatory oversight and those that push technology forward. I would argue that each of the following projects contributes to that admittedly nebulous goal.

Polka dot (DOTS)

Golden Polkadot (DOT-USD) dot coin cryptocurrency on computer electronic circuit board background

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Polka dot (DOT-USD) continues to hold significant promise in the cryptocurrency landscape. If Bitcoin and Ethereum (ETH-USD) promises to upgrade traditional finance, then Polkadot is the challenger to traditional internet.

Most cross-chain communication today involves the transfer of tokens from blockchain to blockchain. It is an important step in the evolution of finance and value transfer, to be sure. But Polkadot goes a step further and simplifies the transfer of any data type.

It is therefore analogous to the internet in its current form where data of various forms flows freely. However, the point of Polkadot and Web3 is to decentralize the power that governs the internet.

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There are so many examples of how internet companies exert significant influence over us. Web3 promises to be more democratic, so perhaps that would lead to greater privacy overall.

It is easy to imagine a future scenario where blockchain prevents us from being tracked digitally. It is one example of what Web3 can become and how we can take advantage of it.

Polkadot works to connect different blockchains so that our future internet can be more under our control. That’s an important (if idealistic) goal.

XRP (XRP-USD)

A concept token for XRP with stacks of tokens in the background.  XRP Price Predictions.

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XRP (XRP-USD) will increasingly become an important chapter in the development of cryptocurrency. Of course, it’s all related to the ongoing litigation with the Securities and Exchange Commission (SEC).

The SEC has accused Ripple of issuing a security, XRP, and not a token. This distinction is very important because the SEC is trying to classify XRP as a stock or bond rather than a crypto.

It is a groundbreaking case for the regulatory environment that will govern all cryptocurrency. The SEC is aggressively trying to get greater oversight over the blockchain and crypto. If the court were to rule in the SEC’s favor, it would be a colossal blow not only to XRP and Ripple, but to crypto as well.

Fortunately, for those who want less regulation and government intervention, it looks like XRP will prevail against the SEC.

XRP is primarily used for cross-border transfers, so it is not groundbreaking in terms of technological significance. But it is important legally because a short gain paves the way for further development of the crypto landscape as a whole.

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Cardano (ADA)

A concept coin for Cardano (ADA).  Cardano Price Predictions

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Cardano (ADA-USD) is effective for several reasons. First, it promises to process up to 1 million transactions per second in the future. At the moment these are just speculative numbers and Cardano’s TPS is about 1000.

That’s impressive and puts Cardano well ahead of Ethereum. Ethereum continues to dominate as a protocol, but its slow speed remains a problem. It opens an opportunity for developers to build Cardano and other faster projects into more useful projects. It also means that Ethereum may one day lose its position simply because it is too slow.

Cardano is not only important for speed. It also has an effect because of what it means for the development of crypto in general. Cardano is rooted in academia and scientific verification. It relies on empirical evidence to guide its future development. That process slows development, but promises to result in a blockchain that is based on solid computer science and academic rigor. Over time, it may mean that it survives and wins a slow and steady race to real value.

At the date of publication, Alex Sirois did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Guidelines for publication.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in multiple industries from e-commerce to translation to education and leveraging his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.

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