In 2021 it has experienced a boom in cryptographic interest, with more willingness to get involved in this space.
But beyond the interest in earning quickly, cryptocurrency has the potential to shake up the current processes of some industries.
This is due to the underlying blockchain technology and the fact that it can be used to connect multiple functions into one, such as payments, commerce, storage, and application usage.
Let’s take a look at five local companies that are disrupting the video game, cybersecurity and gaming industry with their technology.
TADA is a flagship product of the firm based on blockchain MVL. The TADA ride-hailing app runs on its platform, called the MVL chain.
MVL uses blockchain to connect passengers and drivers through smart contracts with payments potentially made using cryptography or a digital token.
TADA says the MVL chain has the potential to address issues such as false driver identities, as the blockchain records vehicle and driver data, which enforces the law.
The MVL blockchain records all vehicle history, such as maintenance, repairs, previous trips, and driver classification to improve customer service.
In May, MVL said it would list its native currency at the Liquid cryptography exchange with two trading pairs, MVL / USDC and MVL / BTC.
The group that raised US $ 5 million in a Series A funding in 2019, it claims to have one million Southeast Asian users in Singapore, Vietnam and Cambodia.
This car sharing app allows customers pays for travel with Bitcoin. Ryde says users can convert Bitcoin to RydeCoin without transaction costs.
In accordance with Terence Zou, CEO of Ryde, crypto is seen as a “natural step” as the volume of transactions has increased. Ryde says it is the first cryptocurrency in the world that allows users to pay for travel with bitcoins that has its own electronic wallet.
The company worked to integrate cryptography features into its application in 2019 and said Covid-19 has made cashless transactions more desirable.
Acceptance of Bitcoin is just one step in the technology company’s long-term plans. It wants to turn its RydePay portfolio into a decentralized ledger and open it up to more cryptocurrencies.
Cyber security: Sentinel Protocol
Founded in 2018, Sentinel Protocol provides cybersecurity services. It is a decentralized decentralized threat intelligence platform.
The Sentinel ecosystem aims to facilitate universal access to the Internet in a reliable and demonstrable way.
Investigates cybersecurity incidents and collects and analyzes hackers and scams in real time with the goal of improving the security of cryptographic assets.
Developers can use the Sentinel protocol to create applications, using the Sentinel network bandwidth market for dVPN applications.
The UPP Sentinel Protocol digital token is an ERC20-enabled token on the Ethereum network and is used to pay for platform security services.
Singapore-based Enjin’s is created as an ecosystem that offers a range of services to developers who want to use the platform to create their own products. It is mainly used to create games.
The network can be used for the creation, distribution, storage and marketing of tokenized digital assets.
Enjin users can use the platform to create digital resources supported by Enjin Coin, for example, as digital currency for video games.
The blockchain ecosystem allows them to coin scarce items with Ethereum and backed by the Enjin currency. Users pay for games and non-consumable tokens and developers make games.
Because digital assets are in the blockchain, Enjin says the supply of items is demonstrable and generates “real world value”.
Platform games include 9Lives Arena, Age of Rust and Contention Corps. The firm recently raised $ 18.9 million in a funding round led by Crypto.com, DFG Group and Hashed.
Games: digital entertainment resources
Last year, Digital Entertainment Asset (DEA), a gaming specialist set up operations in Singapore to launch regional online games that run on its blockchain platform.
Users can get encryption that can be turned into cash. The company has games like this JobTribes which is a real card battle player game that allows players to earn DEAPcoins.
DEAPcoins can be traded on cryptographic exchanges such as OKEx, Bithumb Global, DigiFinex.
Users can also use cryptography to purchase non-expendable tokens designed by their team of Japanese and international artists in their online marketplace. Assets serve as collectibles and can be used to advance games.
In April, DEA said its blockchain gaming platform “PlayMining” reached one million registered users.
The firm has increased its presence in Southeast Asia. Earlier this year, it formed an alliance with financial lending company JA Mitsui, to develop blockchain entertainment content and expand its operations in Singapore and Southeast Asia.
DEA’s vision is to become the leading company in next-generation “most advanced” technology, combining entertainment and fintech technology through blockchain.
Cryptographic interest continues to grow
The fashion of non-expendable tokens or NFT has caused an explosion of activity in the Ethereum blockchain this year. This is how more people adopt the technology for various uses.
The average number of daily users in Singapore visiting cryptographic storage platforms such as Coinbase has risen more than 110 percent monthly from December last year to February this year, according to data from the firm d ‘Statistical analytics.
The total market value of cryptocurrencies is now more than US $ 1.3 trillion, a jump from last year’s $ 260 billion.
Featured Image Credit: Enjin, Ryde, Sentinel Protocol, TADA, DEA