The internet has evolved from a distributed digital ledger that enabled peer-to-peer networks to a new dimension. Blockchain has seen a lot of development over the past 10 years. Bitcoin was its first use case. It is recognized today as a global network of monetary networks with an established supply, which many countries accept as legal tender.
Yet, blockchain’s functionality doesn’t end with Bitcoin. Many prominent uses of blockchain technology have contributed to the cryptocurrency market achieving a market value exceeding $1.8 trillion. Even though there was little to no participation or attention in the initial stages of growth, this is still impressive.
Blockchain-Powered Disruption
The disruptive power of blockchain technology is expected to impact all industries. Blockchain technology can revolutionize the venture capital sector by changing the ways companies raise capital. This, in turn, will enable companies to improve capital efficiency exponentially and decentralize. STOs, Security Token Offerings, are an example of this. STOs allow startups to freely issue tokens as equity or raise capital in a well-regulated way.
Another prominent industry blockchain will disrupt is gaming. GameFi will be the new era of entertainment and gaming, with its innovative in-game assets. Gaming has unprecedented access to revenue streams. This is evident by the popularity of Play-to-Earn, or P2E games. Blockchain gaming, however, allows players to own assets and gain value on open markets, which is a significant advantage over traditional video games.
GameFi relies on NFTs. NFTs are essential to GameFi. Additionally, NFTs are used by DAOs (or exclusive communities) to establish whitelists and access control. The NFTs are also used by emerging creators and artists to reach their fan base and generate substantial revenue. This is in contrast to the Web2 platform.
However, it serves a larger purpose. Blockchain solves problems associated with fragmented financial systems by using digital assets. Stablecoin, which is a prominent example of this type of asset, also addresses volatility in ordinary cryptocurrency. Since stablecoins are pegged to the value of some underlying fiat or cryptocurrency, they maintain a ‘stable’ price and become relevant for day-to-day transactions. This also makes stablecoins key to blockchain’s mass adoption, especially for cheaper and faster cross-border payments.
Unlocking Blockchain’s Full Potential
Many industries are being disrupted by blockchain. But for the technology to achieve its full potential, there’s a need for solutions that boost interoperability and cross-chain functionalities. Platforms like Konstellation Network are already making progress on this front.
Konstellation, built with the Cosmos SDK and its cross-chain infrastructure, caters for the growing decentralized capital market. Users can manage their assets more easily by operating under one umbrella.
Konstellation also integrated VegaX an ASM that is known for crypto investment products. The index strategies offered by VegaX can help improve DeFi’s overall returns. Moreover, the platform has a separate set of portfolio management tools, available on Taebit—a South Korean DeFi platform simplifying crypto investing and staking.
Konstellation offers investors exposure to metaverses through the Solana based NFT game Squid Squad OG as well as an integrated marketplace Kambrian. A part of the collection is available for purchase and can be redeemed by simply playing rock, paper, or scissors.
Konstellation launched an incentive pool, in partnership with Osmosis Zone. This was to help promote blockchain-oriented innovations. The pool Initial held 10 million $DARC — Konstellation’s native token — and has two equal sub-pools paired with $ATOM and $OSMO. This partnership highlights the importance of Cosmos in general, as it relates to shaping the future for blockchain.
Towards Mass Adoption
Besides strengthening decentralized capital markets, projects like Konstellation significantly enhance blockchain’s value proposition for individuals and institutions alike. This unlocks cross-chain liquidity which means that they prepare the groundwork for scaling and sustainability markets.
In turn, this initiates a positive feedback loop—innovation boosts adoption and adoption encourages innovation. The closer we get to Web3, the more blockchain-enabled sectors will be.