It’s an exciting time to be in the crypto industry. With all those new projects popping up left and right and with adoptions starting to take place, we are about to enter the new era of the cryptocurrency industry. It also looks like big governments everywhere want to take an extra piece of this exciting world by enforcing regulations here and there. Whether they can do it or not, let’s see.
However, there’s one thing that often pops up in people’s mind when it comes to crypto sustainability. Which crypto projects are adopted the most by traditional industries? Which projects actually try as best as they can to get adopted outside the crypto speculative market?
One of the most laser-focused public blockchain ecosystems is definitely VeChain. VeChain has been publicly advertising itself as your blockchain solution to solve real-world economic problems. It has a long list of great partnerships, which include DNV GL, PriceWaterhouseCoopers (PwC), BitOcean, BMW Group, China Unicom, and various Chinese government bodies.
VeChain partners typically adopt their blockchain solution to solve the usual problems in the supply chain industry(trust and verification). However, unlike VeChain competitors who are mostly private or semi-private blockchain networks, VeChain is public and has its own native cryptocurrency (VET).
VeChain has been gaining a decent amount of adoption in the past few years and has transformed to become one of the top 30 cryptocurrencies in the world. However, recently it hasn’t been able to gain as many headlines as it wanted to, due to other altcoins getting more attention from the crypto community as compared to VeChain.
From the western world, IOTA is perhaps one of the most well-established crypto or DLT (distributed ledger technology) solutions in the world. It adopts a DAG system, which is blockless, and theoretically much more scalable than blockchain ecosystems. Just like VeChain, IOTA has a long list of traditional partners, including Volkswagen, DnB, Bosch, Fujitsu, Sinopac, Audi, Taipei City, Fiware, and others.
IOTA focuses on expanding its vision as the default DLT platform for M2M transactions (machine-to-machine). IOTA core team envisions the future with IoT (internet of things) devices where they can interact, and micro transact with each other globally without the need to convert to different fiat currencies in different countries.
Even though IOTA is theoretically exciting, there are a lot of challenges facing the project. They made a lot of bold promises but couldn’t deliver on many of these novel promises. IOTA Qubic, for example, was promoted heavily when they outlined the plans to do it, but it’s no longer continued. They are also trying to bring user adoptions to its platform through their own native smart contract features.
This is another strong candidate on the list. XRP has been heavily promoted by Ripple, which is solely dependent on XRP’s use case to make its revenues. And as you might already aware, Ripple is trying to compete directly with SWIFT for the cross-border remittance industry. Ripple believes the use case of XRP will be able to help banks to eliminate wire transfer fees as well as remove locked funds in Nostro Vostro accounts.
Ripple’s RippleNet, which utilizes XRP has plenty of supporters from the banking and financial industry. For example, Santander, SBI, Standard Chartered, MoneyGram, MUFG, PNC, and others. RippleNet itself has been used for people who want to send money from the US to Mexico. RippleNet has fiat on/off ramp in both countries by utilizing XRP as the bridge currency.
And yes, XRP is also one of the most popular cryptocurrencies in the world, with plenty of HODL-ers and believers. It is still in the top 5 crypto rankings as of now. Recently the executives of Ripple also hinted that they would push new use cases for XRP to compete against the usual DeFi suspects.
There are, of course, other crypto projects that have also been adopted directly by the mainstream traditional industries, but I believe these names above represent the serious blockchain projects that try to steal everybody’s attention outside the crypto community itself. XRP, IOTA, and VeChain have the first-mover advantage when it comes to adoption, although this adoption itself might not be followed by a heavy pump from crypto speculators. If there’s one thing that I have learned from cryptocurrency trading, there are a lot of unexpected things, and we will enter an even more exciting year in 2021.