While everyone is focused on how blockchain technology is changing industries like finance and digital art, there are other areas in which distributed ledgers are also proving their value. These ecosystems are ripe for disruption, and with many projects already working on decentralized solutions, don’t be surprised to see these areas pop up more in the mainstream in the coming years.
TL;DR - We mention 3 coins that are fixing music rights, 2 coins monetizing fan loyalty, 2 coins providing internet to web free zones, 3 coins easing the pain of legal help, and 3 coins helping secure the crypto-verse in this newsletter.
The music industry is riddled with inefficiencies and corporate greed.
Artists are rarely paid on time. And can even lack proper recourse when promoters or agents take advantage of them.
Cryptocurrencies allow artists to connect directly with fans and supporters, cutting out unnecessary middlemen and putting the power back into the hands of creators. And this isn’t a fantasy, it’s already happening.
In one example, popular rock band Kings of Leon released an album as a non-fungible token (NFT), paving the way for future musicians to do the same.
The biggest and most well-known blockchain-based music project, Audius, opens the door for streaming music for everyone.
Fans can interact directly with their favorite artists and support them with cryptocurrency, while artists keep a much larger portion of their earnings compared to traditional streaming services.
The platform already has big-name artists like deadmau5, The Stafford Brothers, and Rezz supporting its work, and is adding artists by the day.
Independent musicians have always gotten the raw end of the deal. Without record labels and promoters they are left fending for themselves in the cutthroat entertainment industry.
Musicoin is a blockchain-based streaming service directly aimed at promoting the work of independent artists.
And with over 6 million streams to date and 10 million MUSIC tokens paid out to musicians, Musicoin is well on its way to serving the music industry for the better.
Not a cryptocurrency themselves, OMI is a collective of more than 200 supporters of blockchain technology in music.
OMI acts as a nonprofit to promote fair representation and royalty payments for artists and believes that by implementing music rights and intellectual property onto blockchain networks, the entire industry can become more transparent.
Fan engagement has always been of the utmost importance in the sporting arena.
The more a team or league can engage their constituents, the more money they can make.
Crypto is a new way for fans to directly engage with their favorite teams and even have their own economic stake in sporting events.
Chiliz is taking fan engagement to a new level. The CHZ token is used to power a new fan engagement platform, Socios.com.
Socios allows teams in major sporting leagues to create their own fan tokens and allow token holders to vote in new team initiatives such as jersey colors, or even earn exclusive rewards.
Teams in the Premier League, Italian Serie A, and even Formula 1 racing have already gotten on board with Chiliz.
If you’ve been paying attention to NFTs at all you have likely seen the exponential growth of Top Shot.
This NFT marketplace built on top of the Flow blockchain allows anyone to purchase digital trading cards of their favorite NBA moments. These moments can then be held or sold by the purchaser, creating an entire secondary market for NBA digital NFTs.
As of February 2021, NBA Top Shot exceeded $230 million in transaction volume and continues to grow by the day.
Some innovators have found a way to take the principles of blockchain ledgers and use them for creating entirely new and more efficient wireless networks.
Combining blockchains with hardware hotspot devices, new peer-to-peer wireless internet networks are coming onboard to rival big players like Comcast and Verizon.
By incentivizing network providers on a p2p network anyone can become a wireless internet provider.
Helium has dubbed itself “The People’s Network” because it is completely operated, managed, and owned by the public. Owners of the HNT cryptocurrency can use the peer-to-peer wireless network.
On the flip side, anyone can purchase a wireless hotspot to mine HNT and provide the network with wireless coverage.
To date, the network has more than 170,000 hotspots providing wireless coverage in over 2,000 cities around the world.
Another p2p wireless network, Anyfi is targeting the growing concern over mobile data usage. Current wireless networks can’t keep up with mobile demand, and p2p networks are the only solution to this growing problem.
Anyfi connects any wireless-enabled device on its decentralized, p2p mesh network.
This not only expands coverage capability, it reduces overhead costs and eliminates the need for huge wireless infrastructure. Additionally, anyone can receive economic benefits for sharing wireless with other users.
What if the legal system wasn’t so bogged down in bureaucracy, paperwork, and legal red tape?
But had added in complete transparency and fast payments.
Now, it’s easy to see how cryptocurrencies are revolutionizing the field of law.
Up until now, legal arguments were opaque and required significant resources, not to mention the amount of time legal proceedings take from start to finish.
The digital landscape today necessitates a quicker legal system that is fully transparent and easy to use. With blockchain networks, disputes and legal disagreements can easily be settled through anonymized proceedings and a jury of peers or arbitrators (depending on the scenario).
Game theory and token economics are used to financially incentivize jurors to act fairly, thereby ensuring legal decisions are made in the best interest of both parties.
By using cryptoeconomics and a peer-to-peer network of jurors, Kleros is creating the world’s largest decentralized dispute platform.
By their very nature, Kleros cases are transparent, with all decisions posted to the Ethereum blockchain. Jurors are awarded PNK tokens for acting fairly, but can also lose staked PNK tokens if it’s deemed they acted unfairly.
In the future, it will be possible for any corporate entity or business to utilize the Kleros dispute system for their own purposes.
This would allow, say, eBay to integrate directly into Kleros and utilize the platform for disputes between buyers and sellers.
Arbitration is a time-consuming process.
Additionally, the digital world makes it hard to know which jurisdiction and legal guidelines are used in certain cases.
Jur is making arbitration disputes a completely online process and legally binding in 168 countries. The Jur platform will onboard already existing arbitrators who can use their skills and knowledge to judge cases completely online.
Until now, many disputes are often disregarded since the legal costs outweigh the outcome of the dispute. But with Jur, these costs are minimized, making it financially viable to dispute any amount of money.
With the world of commerce extending across borders, digital signatures are more important than ever.
Agrello works within the Ethereum blockchain to verify and maintain legally binding signatures for a wide variety of documents. This transparency and immutability is great for the legal system, which can completely trust the public
Ethereum blockchain network and not rely on centralized third parties for maintaining such records.
Hacken wants to be the cybersecurity platform of the future.
While Hacken does its own security audits of blockchain-based projects, the Hacken Foundation hosts a variety of different cryptocurrency projects and promotes their efforts.
These include projects to combat denial-of-service attacks to identify crypto wallets of bad actors. This new ecosystem of security tools is powered by the native HAI token.
The Certik team offers a wide variety of cybersecurity offerings, such as smart contract audits, security intelligence solutions, and even a 24/7 scan of blockchain code.
Built on top of the Cosmos network, Certik allows for security protection across blockchains. Their Security Oracle allows for real-time protection of on-chain transactions and a CertikShield membership supports crypto projects against coin loss or theft.
This is all powered by the CTK token which is used to pay for these services.
Quanstamp claims to have already secured more than $100 billion in digital assets through its auditing and cybersecurity services.
It’s worked with big crypto players like Compound, Avalanche, Maker, Cardano, and more.
The QSP token is used to verify smart contracts within the Quanstamp protocol. Anyone can use QSP to purchase an automated scan of their smart contract, while security validators are rewarded for providing their input on security audits.
While much of the crypto news cycle focuses on DeFi and DAOs (and rightfully so), there are new ecosystems emerging in the decentralized digital landscape that are just as, if not more exciting.
It’s likely that the next innovations in the world of music, wireless internet, and even cybersecurity come from the blockchain and crypto sphere.
And crypto investors and advocates are jumping on board early to get their share of the piece of the pie.
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P.s.. This far into the crypto world you probably have lots of ideas of where the 'next big thing' lays unearthed, awaiting you to discover it. But be warned; not all that shines is worthy.
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