DeFi, Gaming, And Digital I.D.

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We see a lot of progress in the world of cryptocurrency. The biggest story of 2020 is obviously DeFi. Gaming is also on tap to become very popular when intertwined with crypto.

In this video I discuss those advancements along with the future of blockchain, Digital IDs.

Here is the article cited in the video.

https://decrypt.co/36468/defi-growth-is-fuelled-by-oracles-says-chainlink-founder


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Summary:
In this video, the speaker discusses the explosive growth of DeFi (Decentralized Finance) in 2020, highlighting the significant increase in funds locked into DeFi contracts. He mentions the founder of Chainlink discussing the impact of oracles on the DeFi ecosystem, with Ethereum and Cosmos benefiting the most. The speaker also emphasizes the rise of gaming as a significant use case for cryptocurrency, particularly NFTs, which are well-suited for in-game purchases. Additionally, he explores the concept of digital identity, envisioning a future where individuals can monetize their online presence through avatars and virtual worlds, aided by AI technology.

Detailed Analysis:
The video delves into the rapid expansion of DeFi, noting the substantial growth from the beginning of the year with four billion dollars now locked into DeFi contracts. The speaker highlights Chainlink's role in providing oracles to the DeFi ecosystem, benefitting blockchains like Ethereum and Cosmos, where most activities are concentrated. He underscores the importance of smart contract capabilities in fueling this explosive market growth, indicating a significant shift in how people view and interact with cryptocurrencies.

Moreover, the speaker touches upon the increasing prominence of gaming as a key use case for cryptocurrency, with a specific focus on NFTs. He discusses how gamers are accustomed to investing in virtual assets within games and how cryptocurrencies now offer a new avenue for these transactions. The emergence of tokens tied to gaming projects like Exode's space colonization game showcases the growing trend of using various cryptocurrencies within gaming ecosystems.

A notable aspect the speaker delves into is the concept of digital identity and its potential monetization in virtual settings. He envisions a future where individuals can leverage their digital identities through avatars, holograms, and involvement in virtual worlds to generate income. The integration of AI into these digital ecosystems allows for the automation of activities, potentially leading to new opportunities for individuals to earn from virtual engagements.

Overall, the video provides insights into the evolving landscape of decentralized finance, gaming, and digital identities within the cryptocurrency space. It encourages viewers to adopt a futuristic viewpoint when considering the potential developments in blockchain technology and how it may shape various industries in the coming years. The speaker emphasizes the need for individuals to stay informed about digital identity trends and the fusion of AI with blockchain technology to anticipate and leverage future opportunities effectively.

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