Cryptocurrency

Top 5 Projects on Ethereum Blockchain and Their Niche

Snapshot:

  •  History and Scope of Ethereum blockchain protocol
  •  Ethereum Features required for projects 
  •   Ethereum projects and their Niche

Ethereum is a leading computing platform that facilitates the creation of decentralized applications capable of controlling digital value. There have been many projects in the past that have developed their ideas on the Ethereum protocol. However, when Ethereum underwent its 11th  upgrade on the 4th of August 2021 which was called the “London Hardfork” it gained the attention of even more projects because of its efficiency and performance mechanism. 

Before we deep dive into the top Ethereum (ETH) projects let us understand what Ethereum features are responsible for these projects to conduct smoothly. 

History and Scope of Ethereum blockchain protocol 

Ever since Vitalic Butterin introduced the idea of Ethereum in his white paper, the program has achieved several impressive advances. The project was finally completed in the year 2015 with the help of the Ethereum Switzerland foundation. Today, the Enterprise Ethereum Alliance (EEA) is a global community that includes Ethereum developers, innovators, block startups, and even some Fortune 500 companies. As blockchain technology continues to evolve, it will transform all aspects of traditional business and commerce. 

Ethereum Features required for projects 

Ethereum’s architecture comprises a virtual machine that performs scripts using an internal node network. Another distinct feature is “ether,” the digital coin or token used to make payments by replacing third parties on the internet. Due to its free public accessibility and smart contract functionality, Ethereum has emerged as a popular choice among all industry players, from programmers to small and big businesses. 

Ethereum projects and their Niche 

Niche  Ethereum project 
Decentralized Exchange  Uniswap 
ERC721 Game  CryptoKitties 
DApp  Online Casino
DApp Etheria 
Social Network  Ampliative Art 

Decentralized Exchange (DEX) for Ethereum 

Popular in the crypto community for its decentralized trading protocol, Uniswap has been the center of discussion. Uniswap is famous for facilitating the trading of DeFi (Decentralized finance) tokens. 

DEX is a solution concerning the economy and finance domain. In Ethereum, tokens like ERC20 and ERC721 deliver the same functionality as bitcoins, allowing more sophisticated workability than fund-transfers

Uniswap is a famous example of an Automated Market Maker (AMM) and has gained considerable popularity since its inception in 2018. The credit behind this popularity of Uniswap goes to the rise in the trading phenomenon in the past two years. 

The main goal of Uniswap is to automate token trading completely and keep it open for anyone who holds these tokens while working on the efficiency of the protocol. The efficiency is created by solving issues around liquidity which is one of the major issues faced in traditional exchanges. 

The governance token of Uniswap, UNI added more profitability and potential to the protocol.

ERC721 Game – CryptoKitties 

We all have heard about the game Cryptokitties that is taking the world by storm. This DApp lets you breed, buy, and sell virtual pet kittens, where each cat denotes an ERC721 token asset.

The primary market is for the game creators to sell virtual characters as well as every other asset such as planets and cars. The secondary marketplace comprises the players who trade these assets. Then comes the interaction between the assets. The different assets such as superheroes and cats can interact with each other in different ways such as breeding and fighting. 

Cryptokitties even provide asset interest on certain assets such as planets. These assets can generate interest similar to what you get in investment bonds. The developers of the game generate revenue by making the primary market transactions. Although, the developers can even visit the secondary marketplace they don’t generally enjoy a monopoly there. 

DApp- Online casino 

Ethereum is gaining visibility in the gambling space as well. Blockchain-based games have various advantages over non-blockchain alternatives. Firstly, digital items can be traded freely on third-party platforms while the makers of the game cannot freeze anyone’s assets. 

Like an online casino, players bet their Ether to earn more of this currency, similar to a traditional gambling facility. This kind of DApp makes money by charging a house fee from the users and has much fewer legal dictates as compared to DEX. It is also relatively uncomplicated to build. 

DApp- Etheria 

Blockchain technology is adding innovative dimensions to leisure and recreational activities. The existence of the virtual world of Etheria backs this argument. It is a crypto-real estate where players can own tiles, grow them as blocks, and finally construct things with them. All the actions in this space take place through a decentralized blockchain, devoid of any central authority. 

Social Network – Ampliative Art 

Even artists are riding the bandwagon of Ethereum due to the transparency it offers. A web platform called Ampliative Art is contributing to the creative community through its reciprocity-based model and alternative rewards. It provides artists an opportunity to exhibit their work and set up their own galleries. Both artists and users can earn rewards through tips, donations, shares, comments, and reviews. Your engagement within the community determines your rewards and reputation on the website.

Summing It Up! 

As the relevance and use of digital currency expand, Ethereum developers are expected to be in demand worldwide. The Ethereum projects are in huge demand. In this blog, we have covered some of the most amazing ethereum projects that have already been executed while the last two are in the process of execution. These Ethereum projects have a lot to offer and we can definitely say that the upcoming year will be full of new upgrades and more revolutionary ideas. 

Stay updated with everything happening around the crypto world with CoinDCX. Start your crypto journey today with India’s safest and easiest investment app, CoinDCX. Still, confused about a few terms from the blockchain industry? Deep dive with DCXLearn, a complete and free blockchain, and cryptocurrency course.

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