Digital assets have become a lot more popular over the past 12 months. We are not talking about regular cryptocurrencies here, but rather new assets which are issued on a blockchain. Several key projects are focusing on the digital asset industry as we speak, although they all seem to offer a slightly different take on things. We have outlined the basic ideas behind three of these projects below and how each differs from the others in its own unique way.
For those who are unfamiliar with WAX, the name stands for Worldwide Asset eXchange. It is a platform and a token designed to let anyone in the world create a marketplace for digital assets of their choosing. This project was created by the OPSkins team, which gives it a bit more credibility than one might otherwise assume. OPSkins is the world’s leading virtual item marketplace at present. WAX will allow different types of digital assets to be traded, including video game virtual items.
Buying or selling digital assets is anything but straightforward. Right now, buyers and sellers must contend with different currencies, chargebacks, and more. With the WAX platform, all of those problems become things of the past. The use of cryptocurrencies, smart contracts, and blockchain-based settlement makes this a project well worth keeping an eye on. That’s especially true when considering that these merchandising capabilities are offered to users free of charge.
One of the older projects focusing on blockchain-based digital assets goes by the name of BitShares. This particular concept is all about the creation of SmartCoins and providing decentralized exchange services. The project offers quite a few other features as well, including the option of banking on a blockchain. With a focus on becoming a decentralized exchange, BitShares aims to provide high performance, security, and convenience. In fact, the team claims their technology can process the same trading volume as NASDAQ.
Using the BitShares platform, it becomes possible to tokenize any asset and trade it in a decentralized manner. Whether it is gold, oil, national currencies, or cryptocurrencies, everything can be traded using Bitshares. Moreover, the technology is capable of tracking stocks, bonds, indexes, and even inflation. In an ideal world, companies would issue their stocks in a tokenized form on BitShares. This project offers plenty of opportunities waiting to be explored.
One of the newer digital asset-related projects to come to market goes by the name of Veritaseum. Ever since its launch, the project has received a lot of attention and some criticism as well. Whether any of that is justified remains to be determined. The Veritaseum project focuses on building blockchain-based peer-to-peer capital markets for the global market. Its team is focusing on putting a wide range of assets and exposures on the blockchain as autonomous software. Anyone in the world can access these capital markets at the time of their choosing without any friction.
It is important to note two key aspects of Veritaseum. Its centralized solution caters to existing institutions not looking to get into distributed capital markets systems just yet. As a result, the client can run these solutions on their own servers. There’s also the distributed solution, which is research and analysis-based. It is good to see this project offering both options, as not every corporation wants to embrace the blockchain immediately.