Are Blockchains more Important than Cryptocurrencies?

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As of today, the majority of the cryptocurrency sector is occupied with crypto-investors. These investors can be considered opportunists who are benefiting from the current market situation of cryptocurrencies in order to generate profits.

This is the reason why in today’s time, people only know about cryptocurrencies being Bitcoin, Dogecoin, and other cryptocurrencies. Unfortunately, the mass majority of the investors in the crypto-sector are unaware of the term “Blockchain”.

It is quite shocking that out of hundreds of millions of people getting into cryptocurrencies, only a handful of people know about blockchains and the role they’ve been playing in the sector.

Just like currencies need a network to flow and economy to have worth and value, similarly, cryptocurrencies need blockchains to operate. It is the blockchain networks that have been responsible for the circulation of cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and many more.

The purpose of a blockchain integration company is to ensure that the primary and fundamental requirement of the crypto-verse is fulfilled, which is decentralization.

It is the blockchains that are responsible for making sure that the personal and financial information of the users is never leaked out.

It does it by turning the information of the users completely anonymous and letting the users carry out transactions without any risks or trouble.

When the cryptocurrency sector was founded for the first time, there was only one blockchain that was responsible for circulating Bitcoin. With the passage of time, more blockchain networks were launched that not only served their fundamental purpose but also offered what Bitcoin blockchain was lacking.

Among all the blockchain networks, the blockchain network considered to be the revolutionary one is the Ethereum blockchain. Ethereum not only launched its blockchain with its native token “ether – ETH”, but it also introduced much more than that.

The Ethereum network offered users not only with Ether but also offered them the ability to create their own cryptocurrencies. In addition to the cryptocurrencies, the developers also have the opportunity of creating and launch their own decentralized applications (DApps).

Over the course of time, the Ethereum network evolved and became home to several cryptocurrencies. As the year 2020 came to a close and the cryptocurrency industry picked up the pace. The Ethereum network started to lag and the transaction fees on the network were also becoming more expensive.

This is when more blockchains made their way to the cryptocurrency sector. Out of all the cryptocurrency blockchains, the most prominent ones include Solana blockchain, Polkadot blockchain, Avalanche blockchain, and many more.

Over the course of time, blockchain technologies have evolved and have started offering what Bitcoin and Ethereum blockchains lacked. The most concerning factors for users when interacting with these blockchains were scalability, latency, and high transaction fees. As time has passed, the newer blockchains have addressed these problems and have tried resolving them.

As of now, blockchain technology has evolved so much that it is being used for more purposes than the circulation of cryptocurrencies. Among the rest of the sectors, it is the gaming and virtual reality sectors that are gaining the most out of blockchain technology.

As blockchain technology is vast, it is the gaming sector that is trying to benefit from it as much as possible. It is due to blockchain technology that metaverse technology has been made possible on a very high level.

The metaverse technology is currently the most adopted technology throughout the crypto-verse. So far, several major game developers have launched their own metaverses and even Ubisoft and Facebook (Meta) have launched their own metaverses.

Through the metaverses, not only do the people get to experience gaming through multiple universes, but they also get to launch their own tokens and nonfungible tokens.

As of now, some of the most prominent nonfungible tokens and cryptocurrencies on the metaverse include Axie Infinity (AXS), Decentraland (MANA), The Sandbox (SAND), and more.