Does the future of cryptocurrencies lie in social applications?
TL;DR Breakdown  The fall and rise of cryptocurrencies have brought up a lot of speculation. There is a huge demand for the application of blockchain on social applications. Wider and more solid development of blockchain technologies is inevitable. For some weeks now, the cryptocurrency market has gone through waves of significant volatility. This has become a matter of speculation inside the crypto market and also the communities related to it. It is of utmost importance that there is an emphasis on developing new social applications based on blockchain technology. There are a number of supports waiting for decentralized and open-for-all software and applications. Years ago, blockchain was not as strong as it is now. There were plenty of hurdles but now, the year 2021 has been relatively positive for cryptocurrencies. People have been improving blockchain technology and have great ways to make use of it. NFTs are a great example of the application of blockchain technology in the right sphere. The basic principle behind the rise of blockchain technology would be the transfer of centralized web, i.e., Web 2.0 to Web 3.0. Although it might take some time, the inclusion of privacy and individuality is the main goal of blockchain and cryptocurrencies. Chat-based applications like Telegram or Discord are a great way to start off in the required direction. There will be difficulties along the way and the recent strictness on the development of cryptocurrencies imposed by governments and banks shows that it would be hard but not impossible to develop social applications based on cryptocurrencies and blockchain. The rise of blockchain also revolves around the demand for NFTs or Non-Fungible Tokens. In the near future, we can see that these non-fungible tokens will involve bigger and stronger online communities with a great social presence. The rise of Decentralized Finance will obviously lead to the development of community spaces wherein the user information will be distributed among all the participants, eliminating the concept of third-party involvement. Therefore, building these social applications makes a lot of sense especially considering how strong the demand for cryptocurrencies is. People will now be able to control their data, money, and even the entire platform that they would be interacting with. Indeed, there is a great future for cryptocurrencies and blockchain. Considering such a future, the current rise and fall of the crypto market seem to be of not much importance.