As we see today in the cryptocurrency market, a plethora of different cryptocurrencies are floating around. Most of them are providing the same services more or less. But as we move into the future, will all of these cryptocurrencies be able survive the trials of time? How will the crypto-related projects be able to withstand the market saturation that is present with a very high magnitude right now?
The answer, strong use-cases and partnerships.
Different crypto-related projects are booming on the scene with each passing day. But as suggested by some, only those which present a viable solution to a specific problem and present a strong real world use-case will be able to survive the trials of time and flourish.
Talking to BlockPublisher, the Head of Marketing and Communications of Crypterium, Siranush Sharoyan stated:
As for crypto-related projects, it will be no longer possible for them to survive on promises alone. To stay afloat, they’ll have to show an actual product backed with some strong use cases. Crypto companies that have those cases definitely have the potential for becoming next Amazon or Apple.
Siranush even suggested that projects with strong use-cases have the potential to become the next Amazon or Apple. This strongly projects light on the prospects offered by the crypto market as a whole. If used and handled properly, cryptos can completely revamp the digital payment framework across the globe.
Similarly, the blockchain advisor of Linda Coin, David Gokhshtein, suggested that cryptos which are able to form strong partnerships are more likely to survive. Talking to BlockPublisher, David stated:
I truly believe that cryptocurrency will be accepted on a larger scale in the future, but I also know that 85% of the current digital currencies won’t exist two to three years from now. Now, those who form partnership with existing companies will survive. An example would be Stellar forming a partnership with IBM. I also stated this multiple times. Competition is great and leads to better products, but we don’t need 1500 cryptos doing the same thing.
The views shared by the experts cannot be denied at all. Market saturation and redundancy are two of the major factors that will most likely become the reason for the end of many cryptos currently present, until and unless a strong use-case is presented by them.
A crypto providing the same service as everyone else has no reason to float around in the market. As suggested by some, it most likely seems that in the future, the major cryptos will move on to rule the market while the remaining ones will not see the light of the day. Only those with a well-defined and well-founded use case or a partnership will be able to continue on with the race.