There is always a need for new, innovative solutions to problems that have seemed intractable at the scale of their global industry. If you are curious about Ethereum, you should know more details about the profit margin in Ethereum. Blockchain and cryptocurrencies are just solutions; they are designed to disrupt our current financial system with promises of global reach, robust transparency and trust. Web3 describes the toolsets for three blockchain-based critical infrastructures: cryptography, decentralization, and identity.
It includes protocols like Ethereum, developed on top of these foundations. Such a framework has brought about an unprecedented explosion in cryptocurrencies on the Ethereum platform, with values over $100 billion (at the time, published). Ethereum’s growth is marked by the number of digital currencies and tokens built upon the blockchain of this network; let’s discuss some of the digital currencies built upon the blockchain.
Basic Attention Token (BAT):
BAT is part of the Brave browser, and within the Brave ecosystem, BAT replaces Google’s Ad Exchange platform. In one year, nearly 2 million people used the Brave browser and spent over $5 million (at the time published) through the BAT system.
The BAT system works with advertisers, publishers and users to create a transparent digital advertising ecosystem. Advertisers use BAT to pay publishers through a smart contract that ensures efficiency and trust between transacting parties while eliminating fraud in online advertising. As a result, it reduces transactional costs while at the same time eliminating fake traffic, as seen on platforms like Facebook.
Polygon (MATIC) is a decentralized prediction market built on Ethereum that allows users to speculate on the occurrence of future events. The Polygon platform allows users to submit predictions of future events and earn rewards for their accuracy.
The platform uses real-time data feeds to calculate the probabilities for these events occurring and creates a real-time transparent, peer-to-peer market for these predictions. It is achieved through the Ethereum blockchain gaining users’ trust through mathematical algorithms constantly recalculated and validated by intelligent contracts. As a result, MATIC is among the most successful digital currencies created on the ethereum blockchain.
PolyDAO is a digital currency that aims to revolutionize how people, companies and nations conduct e-commerce. The PolyDAO platform leverages the security, transparency and trust built into the Ethereum blockchain to facilitate peer-to-peer eCommerce.
This user-friendly system uses smart contracts to eliminate fraud, as seen with other peer-to-peer marketplaces like PayPal and eBay, while at the same time allowing users to remain in control of their funds throughout the transaction process. In addition, poly is also integrated into an exchange platform where it can be exchanged for other currencies like US dollars or euros at any point during a transaction.
Users can buy or sell properties, find apartments and rent out bedrooms in these virtual spaces. It creates a fully functioning economy where people can earn fiat currency from performing simple tasks in their digital town or city. It includes buying and selling everyday digital items such as real estate, buildings or even pets for ether tokens on this platform. MANA is the native token of this platform, reaching all-time highs every year, and the entire project is built upon ethereum.
Uniswap is an Ethereum-based decentralized exchange platform where one can trade ERC20 tokens. It allows transfers of any number of tokens to be done simultaneously as opposed to exchange platforms that require transfers to be made through an order book. In addition, it makes Uniswap a more efficient and faster system with zero network transaction fees compared to traditional exchanges like Coinbase or Kraken, which both charge fees for their services.
The Uniswap platform runs on the Ethereum blockchain; users remain in control of their funds, and the trades are made through smart contracts with complete transparency and audit ability. All transactions are recorded on the Ethereum blockchain, which means only ever-verified accounts can participate on this exchange platform. In addition, UNI is the native token of this network, and every transaction of this token is recorded on the ethereum blockchain.
Chainlink is an Ethereum-based decentralized oracle service. Oracles are used by smart contracts on the Ethereum blockchain to gain access to data feeds from external sources. For example, intelligent contracts created using the Solidity programming language cannot access data outside the network, such as stock price or weather data; they can only be fed information through an oracle like Chainlink.
Chainlink acts as a middleman between smart contracts and these oracles, which provide the blockchain with this external information.