The crypto community has had a terrible few months, with several incidents increasing the FUD in the space. Confidence in crypto assets is at an all-time low, and the community as a whole may require some time to recover. However, the rate of recovery is slowing significantly as a result of the recent global recession. Inflation, the Ukraine war, and other macroeconomic factors have all had an impact on global economies. It is important to note that Bitcoin has a history that dates back to the 2008 Financial Crisis. Indeed, Satoshi Nakamoto was inspired to create Bitcoin in response to the numerous controversial government bailouts following the failure of firms such as Enron.
Although cryptocurrency’s history began during the Great Recession, the blockchain industry was extremely small at the time. The cryptocurrency market has expanded rapidly since 2008, but it is unclear how the mature blockchain industry will respond to an economic downturn, even though the signals are showing a downward trend. Economists predict that a global recession will have an impact on the adoption and growth rate of the cryptocurrency industry.
However, it is believed that, despite the downward trend the global recession is having on the cryptocurrency industry, there are still some crypto assets that will most likely provide a ray of hope to investors and the global population in the event of an economic recession. It is critical to keep an eye out for BUIDLers who are working on amazing projects that will serve as an “elixir of life” to the tremors of the impending global recession. In this article, we will look at three projects being built that are ahead of the curve in terms of innovation and could provide the shade crypto investors require in the face of the global recession.
Philcoin is a pioneering blockchain project dedicated to charitable causes. Their ecosystem aims to eliminate inequalities in global wealth distribution by leveraging the power of blockchain technology to ensure that the most underprivileged people have access to financial assistance. Their solution aims to improve financial inclusion while also providing crypto investors with the opportunity to earn passive income despite the bearish mood of the crypto market.
Philcoin is a charitable organization that helps people all over the world who cannot afford meaningful internet access. It is difficult to address this growing digital divide because it threatens to exacerbate financial exclusion, unequal access to educational resources, and economic inequality. Coverage, security, and cost are the three most significant barriers to expanding broadband access today. Despite these obstacles, Philcoin has overcome them with its unique approach. Along with creating the world’s largest philanthropic blockchain ecosystem, Philcoin also strives to educate, entertain, and empower people so they can build a stable and secure future for themselves and their families.
“Soulbound Tokens” (SBT) were first proposed as non-transferable digital tokens containing an individual’s social identity in a decentralized society by Ethereum visionary Vitalik Buterin, Puja Ohlhaver, and E. Glen Weyl. The three co-authored a whitepaper titled “Decentralized Society: Finding Web3’s Soul” in May 2022, which describes a self-governing society (DeSoc) where Soulbound tokens (SBTs) are used as credentials. The concept of tokens is being researched, and they are not meant for purchase or sale. A number of applications are possible, including medical records, digital membership cards, and certifications of job histories and educational credentials.
With crypto’s inception, it has been filled with promise, and it will be intriguing to see if SBTs gain traction in 2023.
On the internet, video is becoming an increasingly popular way to share and consume content. However, transcoding it for different devices and bandwidths is a time-consuming and costly process.
With Livepeer, users don’t need a lot of expensive hardware; they can contribute their computer processing power to form a network that transcodes videos, and users can be rewarded for their contributions, while companies can produce video content at a fraction of the cost. Livepeer continues to gain traction, and various analysts predict that it will be a standout project in 2023, regardless of the looming recession.
Recessions are difficult times, but they are a normal part of the economic cycle. The more strategic you are during periods of growth, the easier it will be to navigate during recessions. It is critical to look for long-term projects that can provide solace from the harsh realities of the global recession. Despite the impending economic downturn, the projects listed above are looking to make a name for themselves. It is a common saying in the crypto community that the best projects are those that persevere and keep building even during a downturn. This is the time to conduct your own research and position yourself in innovative projects that will last through these trying times.