DIVI SYRUP: Crypto Use Case Example

The emergence of bitcoin created quite a buzz about how to use this new “currency” and extends far beyond the cryptocurrency designation that was originally intended. It all started with a concept of a P2P system. Today, there are many more uses than we can imagine.

The primary function of crypto assets remains debatable. However, it cannot be denied that digital currencies can be used in more ways than simply paying for goods and services.

A very interesting example in cryptocurrency-based use case business development is the one created by Beaver Valley Farms in Ontario, Canada. This experience can be seen from the first source at https://diviproject.org/blog/divi-syrup

For a better understanding, some of the most important types of use cases for crypto assets are compiled here, further demonstrating the scope of the Fintech revolution:

Use Case 1: digital cash
If the title of Satoshi Nakamoto’s original whitepaper is taken at face value, it would be a peer-to-peer electronic cash system. For the first five years, Bitcoin lived up to this billing. Then a fledgling digital economy was created that included gambling and products on a black market. The currency also began to be accepted by hundreds of technology merchants and early adopters as a means of transaction.

Use Case 2: Programmable Money
The concept was conceived by Nick Szabo. Blockchain-centric executable codes that cause a particular result but under certain conditions that must be met are called smart contracts. Although they are almost similar to Ethereum, most crypto networks have a smart contract level of practicality.

Use Case 3: Collateral
Loans are one of the most important applications of decentralized finance. It allows people to use trust loans as collateral against cryptocurrency. Lending services like Maker, Compound, and Instadapp on the Ethereum network have flourished, with hundreds of millions now locked into lending protocols.
Centralized alternatives are also available for crypto enthusiasts. They allow users to obtain fiat loans in exchange for locking their crypto. Hodlers also have the option to earn annualized interest by blocking encryption in loan protocols.

Use case 4: Governance
It may not seem like an exciting use case for cryptocurrencies. However, chain voting is one of the most effective means of confirming verifiable electoral participation. Miners have long used the support signaling method for protocol changes.
Blockchain governance is getting more and more sophisticated. Dash has created a successful budget voting mechanism. Projects like maker, 0x dfinity, and Decred have been emulated. They have made governance their primary function. The only challenge as of now is the low participation in chain governance.

Use Case 5: Collectibles
Non-fungible tokens represent unique digital assets. They are part of collectibles in the game such as skins and characters or digital land in the case of virtual reality. It allows you to exchange assets and players and guarantees full ownership of collectibles. Collectibles are growing within the cryosphere and NFTs are being integrated into virtual reality and esports.

These are just a few of the use cases that have materialized. Cryptocurrencies are still very young and the infrastructure is still being built. As blockchain develops and crypto goes global, more use cases will emerge. For now, we are only at the beginning.