Top 5 Cryptocurrencies With The Most Innovative Business Models
Innovation is a key factor to success in the cryptocurrency and blockchain world. There are a few teams of developers that came up with unique business models for their projects. This article describes a few such altcoins that adopted a creative and innovative growth strategy.
#5 Storj
Storj aims to decentralize cloud storage. By using blockchain technology to allow users to make money by renting out hard drive space the cryptocurrency creates an incentive and a demand for its users. Everybody contributes to the network with their hard drive which allows for a decentralized data storage ecosystem.
#4 Maidsafe
While storj aims to decentralize data storage, maidsafe aims to decentralize the internet as we know it. With Maidsafe now only can you rent out hard drive space but you can also rent out data connections, which removes the need for centralized ISPs to facilitate those connections.
#3 Augur
Augur is used to decentralize the prediction based market. Anybody can create a bet on an future event and even profit from it. It is almost like gambling but more decentralized and community based.
#2 Ethereum
Everybody knows about Ethereum and its smart contracts. By allowing users to settle debts on the blockchain and the introduction of decentralized autonomous organization, Ethereum is the front runner in the blockchain 2.0 market.
#1 Steem
It goes without saying that STEEM has one of the most innovative and unique business models. By allowing users to upvote creations on a content called Steemit, content creators can benefit from seeing a revenue for each post. This innovative way of benefiting from posting and curating content is the reason for the Steem network's success.
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Given the headline, I actually don't see what Ethereum and Steem are doing in that list. They are not businesses. There is no business case in Ethereum, nor is there in STEEM.
From an investement point of few, all you get in STEEM is capital gains.
Ethereum pays all the fees to the miners .. no business for investors.
To my knowledge StorJ and MaidSafe may have an actually business for their shareholders by using transaction fees and paying it to 'storage providers'. Not sure if that makes anything for the investors.
Augur, I don't know much about.
The only platform I am aware of that radically implements a business on the blockchain is BitShares. There, transaction fees are profits of a DAC and shareholders collectively own those profits through a reserve pool, that can be used to pay for development. BitShares also has products, such as assets, transactions, the DEX or withdrawal permissions. All those radically follow a business proposition and not just hope for capital appreciation.
maybe "business model" should be replaced in that case with "economy model"?
Title might be a bit misleading, but all those cryptocurrencies do have unique features that help them succeed. While they aren't exactly business models, those features are part of the cryptos whitepapers which detail their plan of action. Unlike Bitcoin which only allows for P2P transactons, these other coins have alternative models setup to facilitate their growth.
I agree. I just have a different interpretation of what a "business model" actually is. Thanks for writing the article anyways!
I think Sia is better than Storj. It has not has a large cash injection and is cheaper. It also has a better user interface
Storj has way better marketing though. The price of storage on Sia and Storj will stabilize to about equal prices because of normal economics. The marketcaps are about the same at the moment.
Are you trying to buy in to steemit community? :P
Of course I am kiding ;)
Obviously :)
But really the idea came when you guys told us to mention steemit in the 4 Cryptocurrencies With Much Faster Block Times Than Bitcoin. Thought mentioning steemit here is a must!
EDIT: Also, I rewrote the article to make sure cheetah bot isn't summoned. Looks like it worked.
One correction probably will need to be made: cryptocurrency is called Steem (http://steem.io/).
Steemit is just one of many platform build on top of this blockchain. There are alternatives like:
and few others for mobile ;)
But of course Steemit was the first one and by many it is considered as the official one.
PS.
Somewhere in the Roadmap for 2017 there was something about creating more distinction between Steem (the blockchain) and Steemit (website) - for example... right now both are using the same logo. That is going to change.
You are right, I was a bit confused about it thanks for the clarification. I've updated both posts to include that fact.
Can't wait till you guys start covering PIVX ;]