What is Utility?
Utility is a cryptos ability to solve a real world problem. A cryptos utility would be it’s main purpose and goal of creation. Some cryptocurrencies have multiple utilities which make them very attractive to investors who notice. Utility is the key aspect about a project that gives it longevity and how users can actually use it.
Discussion
The hype over meme coins is a dangerous game. Especially for new comers into the crypto space who have no idea how to tell if a project is overvalued and probably is overdue for a huge correction. Most of these meme cryptos have no real utility and can do nothing for the user unless some sudden bullish buying miracle suddenly happened. There are so many ways bad actors can manipulate the prices of these cryptos by creating a bug in the smart contract that syphons the liquidity. I have nothing against meme coins but I do believe the hype itself has opened the door for many scams and rug pulls that make crypto seem to the overall losers like a scam.
Conclusion
Well I am here to tell you that crypto is not a scam and utility matters. Many cryptocurrencies were created and designed to solve a real world problem. This gives them real world utility. If people can use a product to solve a problem or many problems for groups of people then you can visualize why the creators made it and that real live people find the network to be interesting and are willing to use it.
The number one thing that scares me away from a crypto project is not knowing who the creators are. There is a great chance that when stewards of a crypto network hide their identity they are planning to later rug pull or continue to pump and dump a project until many users on a wide scope deem the project to be a scam. Transparency is the number one and most important utility a crypto network can have. I know many may not consider this a utility, but knowing and seeing the creators actually work towards making the project work is a huge sigh of relief when you have thousands of dollars tied up in the project. Also, good actors know that there is no reason to hide your identity if you plan to abide by laws and coerce with regulators to ensure that their project is not a security.
Intercoin’s Utility
A great example of utility is the Intercoin token. Intercoin is designed to issue any city around the world it’s own utility token. Intercoin doesn’t just sit there with a cute meme attached to it. This token is backed by the 10 year technology of the Qbix platform. A city leader, Mayor or Governor can contact Intercoin to have their own crypto issued with a dynamic app to manage their community and currency.
So many cities in the world are supported with Basic Income for the natives of that city receive city or government managed stipends. Basic Income is only one example of why the mass adoption of Intercoin is approachable. There is so much utility in the Intercoin token that I can go on for hours explaining. The point is that utility matters. Bitcoin has become a global store of value but this utility was not it’s intentions. It was sought out to be the worlds cashless peer to peer payments system but has failed horribly at the job. This is where utility tokens like Bitcoin cash come into play. Bitcoin cash has filled the gap that Bitcoin couldn’t and it still allowed avid investors to keep their value stored in the crypto.
Schools can even create their own currency for campus circulation or major events that require community management.
Massive adoption is on the brinks with the SEC playing cat and mouse in the media. I am sure this all a show in order to keep us distracted form the real utility projects like Xrp. The world has chosen and the market does not lie. Crypto is here to stay and real utility matters. I’m done with sharing projects that don’t have a super high chance of succeeding. Utility is the key component to a crypto project. If you can find a purpose for a crypto that interest you or even think that it may interest others then don’t touch it. That’s why I try to push transparency so hard because that is the number one way to get scammed. Most cryptos networks that are not transparent have a crypto that does absolutely nothing. Some projects will even go as far as to promise Defi capabilities if they see they have fooled enough investors.