What are Industry-Specific Cryptocurrencies
By Marianne White
What are Industry-Specific Cryptocurrencies?
One of the best features of cryptocurrencies is their versatility. Free from the restraints of government and big bank regulations, cryptocurrency configurations can fit any specific industry or need. With this freedom, hundreds of industry-specific cryptocurrencies began emerging online. This vast scope of cryptocurrencies cultivates crypto communities and appeals to everyone based on their individual needs.
Industry-specific cryptocurrencies allow businesses to set their own price for goods and services regardless of the country. Users benefit from the lower global costs and easy to understand competitor pricing. Businesses can cut out any mediators and dictate the pricing they find fair but reasonably competitive without being limited by the ever-fluctuating markets and taxes. Industries would also be able to foster connections with their customer base. The customers would have the abilities to share reviews, refer friends, and interact directly with their favorite brands in return for coins or tokens. Thus, the business that uses these cryptocurrencies separates itself from others with the promise of quality, modernization, and speedy customer support.
Examples of Industry-Specific Cryptocurrencies
With the increased popularity of these altcoins, both practical and fairly offbeat variations have been introduced into the crypto community.
- Potcoin: Potcoin was created to provide a safe platform where merchants and customers could buy and sell marijuana products. Recently, Potcoin made the news when they sponsored Dennis Rodman’s trip to Singapore for the June 2018 North Korea-United States Summit.
- Sexcoin: Self-explanatory in name, Sexcoin is the “first industry-specific cryptocurrency targeting the Adult Entertainment Industry” where customers can purchase different kinds of adult products.
- Steem: This coin is used to power Steemit: an incentivized blockchain social media platform. Users can create content on Steemit and are then rewarded with Steem for their work. Anyone can read the content posted without an account and users can choose to be anonymous.
- FirstBlood: A platform on Ethereum that allows players to bet on eSports games. The FirstBlood team includes Joey Krug, a core developer for Augur.
- GrowChain: Self-titled “the future of agriculture,” this coin provides opportunities for a full cycle agricultural system with the promise of verifiable and fair-market transactions.
- Dentacoin: This is the first Blockchain-based dental industry platform. They provide a transparent way for dentists and patients to communicate, transact, and access potential insurance models in the future.
- bitJob: Called “the students’ marketplace,” bitJob directly connects employers with students for short-term jobs online. The students are able to maintain their schooling schedule as it is all online while potentially making a decent living. The token then is used to recruit different national student associations and rewards for using bitJob.
- PreSearch: According to its website, PreSearch is “an open decentralized search engine that rewards community members with Presearch Tokens for their usage, contribution to, and promotion of the platform.” This platform ensures that everyone’s interests are being reflected and only the best content is surfaced. Presearch believes that launching a decentralized search engine is vital to the future of the open internet.
Boosted by the rise of initial coin offerings (ICOs) which allows a business to raise money by creating their own cryptocurrency, the amount of altcoins in the market today has ballooned. According to Coinmarketcap.com, there are 1,633 different altcoins with a market cap of $244,611,410,036. Future integration will be necessary for the rising popularity of industry-specific cryptocurrencies. Following the current trend, cryptocurrencies will all be industry-specific: one for electricity, one for gas, one for insurance, one for gaming, one for restaurants, one for social media, and so on. These altcoins are the next step in the redefinition of digital transactions and commerce working to provide intrinsic benefits that traditional currencies cannot offer.