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Crypto swirling around in a pot

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by COINS NEWS 75 Views

I know more about crypto than most people around me, but there is still one fundamental thing I am not sure about.

I know BTC and a few other crypto are used for real world stuff but I am not so sure about others. Take for example, Flare and Songbird- I received them from snapshot quite some time back and I take them and dutifully stake them (or whatever word is used there) and it stirs them in a big pot and I make small amounts of Flare and Songbird. But what do crypto like this do in the actual world; what do they power in the actual financial world (or elsewhere) around us? Many white papers etc have these lofty aims but are they actually doing what they are supposed to do? Maybe I just don't know where to look but I would love to see more layman explanations for how cryptos/tokens are actually being used to do anything concrete beyond making more of themselves that may or my not go up in value.

Please don't hit me with staking allows you to vote your delegator etc etc. What I want to know is more about exactly what they can do in the real world, and what some are doing if some cryptos are succeeding in this endeavour.

Please be kind with any answers. I have always been told that one of my strengths is not being afraid to ask obvious/stupid questions, so here goes.

submitted by /u/fanau
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