With thousands of cryptocurrencies out there, there are all sorts of wonderful and strange names that people choose as a title for their projects. However, several key cryptocurrency projects have food-based titles, the reasons are varied, and some are unclear. Today we will examine why so many projects within the digital asset space have such a strong food element in their names.
Everyday Crypto Use Cases
A key element for many cryptocurrency project founders and developers is to plant a subliminal seed that these food-based projects are the fuel that the whole cryptocurrency ecosystem requires. Many of these food-based names are synonymous with cryptocurrency traders and investors, and many of them lay the foundation for people to trade and swap tokens throughout the crypto ecosystem.
Although many people aren’t aware of the benefits of cryptocurrency, and some people are under the impression that there are no actual use cases for digital assets, this couldn’t be further from the truth. Twenty or thirty years from now, we could see a technological boom that has taken place, which results in cryptocurrency becoming adopted on a mass scale and underpinning the entire financial system as we know it. Blockchain technology is one of the greatest single inventions in finance, and the disruptive change it will enact will be staggering. We have already seen several notable advances due to Bitcoin, where you can use it for all your transactions in El Salvador and use it online to gamble.
Gambling With Cryptocurrency
Many gamblers are starting to make the move to digital assets to play their casino games. Whether you want to play roulette, poker, or slot machine gaming doesn’t matter. Everything about the games remains the same; it is solely your payment method that changes. Gamblers who use Bitcoin and other cryptocurrencies often comment on how seamless, anonymized transactions are a much more convenient way to gamble than standard currency casinos. This is just one of many crypto betting fun facts to explore, as it appears as though the dawn of a new gambling age is fast approaching, and cryptocurrency casinos are at the forefront of this movement.
The ease at which gamblers can use their cryptocurrency to place a bet creates organic visibility and excellent word-of-mouth advertising for the cryptocurrency sector as a whole. It can be challenging to understand how cryptocurrency works. Still, for people who might not be able to understand it straightaway or are looking to wrap their heads around it, practical use cases like gambling or legal tender in El Salvador are two of the best examples.
Crypto Projects With Food Names
If you want to trade cryptocurrency, you usually do so on a decentralized exchange. The essence of cryptocurrencies like Bitcoin is that blockchain technology validates and verifies transactions, creating a public ledger that can’t be changed. Anybody can access the proof of the transaction, so it’s immediately validated, but nobody can change the amount or access that block.
Cryptocurrency and blockchain technology remove the need for banking to provide a secure foundation in the middle because cryptography and sophisticated blockchain security can do that without human oversight. As there is no central authority, the term decentralization derives from this, a clear distinction from centralized exchanges like Binance, a company that provides an order book and invests in other companies, using the fees earned from their exchange.
It’s no surprise that Larry Fink, CEO of the world’s biggest asset management company, BlackRock, is discussing the possibility of offering digital asset investment to a broader range of investors. A decentralized exchange is simply an exchange that uses a binding range of cryptocurrency contracts and programs to provide a facility where people can buy and sell cryptocurrencies without an overseeing body involved. Some of the top projects, all with food-based names, are:
- PancakeSwap
- SushiSwap
- Pasta Finance
- BurgerSwap
While some more notable projects might not have a food-based moniker, they have a combined 24-hour volume of tens of millions of dollars. Many smaller-cap projects will use decentralized exchanges like PancakeSwap, as they can upload their contract code directly onto the exchange, and people can begin trading it immediately.
Conclusion
While the idea of a sushi swap might get the taste buds going and have you pining for some world-class sushi cuisine, in the cryptocurrency sector, food is closely linked with decentralized exchanges and the tokens that run as the digital gas to power transactions on their platforms. Maybe one day, you can sit in a restaurant and order food with your cryptocurrency, like in El Salvador.
However, it looks as though centralized currencies, for now, are still the overwhelmingly popular favorite amongst diners. But if legislation around cryptocurrencies were to change and make it more favorable and acceptable for businesses to use them, we could see a seismic shift toward cryptocurrencies and a complete change to the world we know.
