Thread by @shivsakhuja

"Is crypto anything more than a loudly popped bubble?"

I got tired of people asking if crypto has any real, PRACTICAL use cases.

So I wrote down a bunch of practical applications for crypto and made an illustrated guide :)

[1/x] 🧵 👇

Some of these are already being used today, and some are just ideas that I believe will eventually materialize through these technologies.

At its core, blockchain technology provides an infrastructure for decentralized trust.

Most crypto projects are just applications of this infrastructure of decentralized trust.

Money is the first application, and the ability to send and receive payments is one of its most important features.

Try sending an international wire transfer on a Sunday, and you'll realize how difficult (and expensive) TradFi payments are.

Foreign currency exchange is also a valuable application that is unlocked through crypto.

It's not easy to access foreign currency in many parts of the world that need it the most.

https://twitter.com/shivsakhuja/status/1492380221630296064

Crypto also facilitates crowdfunding.

You can raise money for your idea just from a blog post.

What's stopping you from starting your own TV show?

https://twitter.com/shivsakhuja/status/1529291751491440640?s=20

Really, anything that requires money to change hands is significantly easier with crypto.

Ex: Betting

Lending & Borrowing

Crypto lending markets are global, and equally accessible by anyone with an internet connection.

TradFi doesn't give everyone equal access.

But with crypto, it doesn't matter who or where you are - you can borrow money in seconds.

Currently, most loans are overcollateralized, but crypto will eventually allow undercollateralized borrowing as well.

Speaking of equal access, not everyone in the world has access to stocks, derivatives, insurance, index funds, etc.

It's much harder to buy $AAPL stock from India than from the US.

But smart contracts are internet native. They do not discriminate. Everyone has equal access.

See this thread about the pros and cons of tokenized stocks vs TradFi stocks 👇

https://twitter.com/shivsakhuja/status/1476527258189778944?s=20

Enough about money.

Decentralized trust unlocks so many more doors.

For example, decentralization of governance or control.

Or ensuring trust in supply chains...

One of the most exciting parts of crypto are NFTs, because of all the use cases they unlock.

An NFT can't be forged like a driver's license.

Like having a trusted, digital identity.

Or more likely, multiple trusted digital identities...

This could include things like memberships.

Having a trusted digital identity could help bring more trust into important processes.

There are MANY antiquated, easily forgeable forms of documentation we use currently, begging to be disrupted by NFTs.

Like... Medical Records

These would likely be non-transferable "Soulbound" Tokens or SBTs.

https://twitter.com/shivsakhuja/status/1527463017465581569?s=20&t=ZTuWuQUf_swz8qJyP4uloQ

As would certificates, degrees, legal documents, invoices, ...

Any proof of achievement also falls into the same bucket.

Your wallet will eventually be full of them.

Could be anything - volunteer hours, course certifications, etc.

Tradeable NFTs can also be used for things like concert tickets that should be easily verifiable, difficult to forge, and have a secondary market for trading.

With NFTs, it's primarily about proving that you own something.

That could be art or collectibles...

Or even intellectual property.

And someday, real estate too.

Tokenized real estate will also be fractionalized.

https://twitter.com/shivsakhuja/status/1489569464181948417?s=21

Of course, right now, ponzi schemes are one of crypto's most popular use cases.

So beware. :)

I love making illustrated 🧵s like this, but I need some motivation (likes & retweets ❤️) to keep me going.

If you enjoyed this illustrated thread, consider re-tweeting the first tweet below ♻️ 👇

https://twitter.com/shivsakhuja/status/1531504470776983553

And follow me @shivsakhuja for more.

You can check out my past writings on @0x_illuminati at shivsak.0xilluminati.com