The history of cryptocurrencies goes back decades. However, the first cryptocurrency (Bitcoin) was developed in 2009, after the global economic recession. Since then, the value of BTC has risen from close to nothing to around almost 60,000 USD. Thousands of cryptocurrencies have been developed since 2009, and various innovations surrounding the industry came to light. So, which are the biggest innovations in the crypto universe? And how significant are they in our lives? Read on to find out. 

1. Crypto Cards 

Crypto cards have made it easier for regular people to use crypto in real life. You can think of them just like any other debit card. You simply load money onto the card (using cryptocurrencies), and then you can make payments online and in physical stores. Remember that you’ll also be able to withdraw money from ATMs with these cards. Companies like Mountain Wolf even offer virtual crypto cards. These can be added to mobile wallets or used separately to pay for goods and services. The types of cryptocurrencies supported will vary from one provider to the next. For example, with Mountain Wolf cards, you can load Bitcoin, Tether, or Ethereum, and you can then spend your money in fiat currencies.

2. DAOs

DAOs (decentralised autonomous organisations) have become popular over the past decade. But how exactly do they work? In a DAO, there’s no centralised authority, and members gain voting rights in the organisation by purchasing tokens. As a member of a DAO, you can vote to change the rules of the organisation or how the contracts work. It’s worth noting that the code governing the DAO has to be publicly disclosed. 

The purpose of a DAO is quite simple: to improve the traditional management structure of a company. Instead of relying on a single individual, DAOs give every member a voice. Each member can vote on policies or changes to the rules of the organisation, and they can also propose new initiatives. DAOs raise money by selling the organisation's native token, so they’re centered on crypto. 

3. Smart Contracts

Another major innovation in the crypto world is the smart contract. The purpose of smart contracts is to eliminate the need for a third party. More importantly, they make trust unnecessary in an agreement. Both parties must complete their part, whether they’re reputable or not. 

These contracts are blockchain-based, and the code executes the terms of an agreement automatically. Once the transactions are completed, they will be trackable and can’t be reversed. It’s worth noting that the typical smart contract doesn’t contain any legal requirements, and they also don’t have any terms and conditions. They contain the code that will execute automatically when certain conditions are met.

4. NFTs

Over the past few years, the term ‘NFTs’ has become well known. Short for non-fungible tokens, this technology allows users to tokenise their assets via blockchain. The unique identification codes are associated with actual assets, so the owners can use the NFTs to show ownership of items like paintings, art, and even land. Keep in mind that NFTs can be traded for money. At the moment, lots of crypto exchanges allow users to buy and sell these tokens. 

It's important to distinguish between these tokens and regular cryptocurrencies. First, most cryptocurrencies aren’t associated with real-world assets. Similarly, NFTs are non-fungible, meaning they are unique. On the other hand, most cryptocurrencies are interchangeable. In other words, they’re fungible. 

The popularity of NFTs was at its peak around 2021, and they were marketed as a great way to make money from home. They’ve since largely disappeared from the public eye.

Conclusion

Crypto is probably the most important technology to be created in the past decade. Over the years, however, it has led to the invention of many other essential technologies. The most important ones are prepaid crypto cards, DAOs or decentralised autonomous organisations, smart contracts, and NFTs. Keep in mind that the crypto universe is continuously evolving, and new technologies are always coming to light.

Looking for ways to make money?  Check out these free money offers in the UK and beyond!