EOS has now delivered the first consumer-grade blockchain. Lynx is the first wallet to conclusively demonstrate that it can go mainstream. But how exactly? What are the likely “killer apps” of crypto? What will take it to the next level?
Here’s my list starting at #1 and working my way down to 6.
#1. Sending stable coins peer-peer for private transactions.
The number one killer app of crypto, in my opinion is electronic money. The simple ability to send somebody, somewhere in the world something of value, that they can ultimately exchange for cash is the original use case of Bitcoin. But Bitcoin is highly volatile. Stable coins, pegged to the dollar, that you can exchange for dollars are going to be much, much bigger than BTC ever was.
#2. As a means of paying for games.
People love to play games. An astounding 500 million people have downloaded and played “Candy Crush Saga”. Fortnite, Farmville and HQ Trivia are equally impressive. Yes, you can pay for these games with credit cards. But the ARPUs (average revenue per user) on EOS Knights is 100x what it is on Farmville. The reason: you are one click away from funding these games with “mad money” crypto.
#3. As a means to outright gamble.
Simple casino games are starting to get huge traction on EOS. They may be eventually be regulated, but right now it’s the wild west. Oversees operators are enticing wallet holders to risk their tokens at a roll of the dice.
#4. As a means of collecting in-game tokens
Many games have detachable “skins” that can be purchased outside of the game in marketplaces. Things like swords, armor, and clothing are big business. As more and more games go crypto and mainstream, this will be a killer app.
#5. As a means of payment in marketplaces, and in particular service marketplaces.
Peer-peer is one way of paying people. The other way is via marketplaces that match people together. The ability to have a zero-chargeback token for these marketplaces is key. We’re very bullish on this category, which is the primary motivation for our WorkCoin project.
#6. As a means of speculating in different projects
This was in 2017 the single killer app of Ethereum. With the correction in crypto, buying and selling “alt coins” for speculative purposes dropped from view. It’s still a major use case. DEXs (decentralized exchanges) are one of the key infrastructure elements going forward.