Bitcoin has acquired the same status in the world of cryptocurrency as AOL has acquired on the Internet.
However, similar to AOL, Bitcoin is also slow and it is difficult to expand its usage after a point. The old technology and the fees required to carry out the operation are other factors that discourage Bitcoin usage on an extensive scale. There are plenty of other digital coins that have not become mainstream. These coins can help you explore many exiting applications of the blockchain technology.
The Top 5 Cryptocurrencies to Keep on Radar
Cryptocurrency No. 1 — Ethereum (ETH)
Ethereum, for example, is a public and open-source computing platform, that works on the blockchain technology. It ‘s embedded with the feature of smart contract.
In addition, it’s often used to build decentralized applications.
The Ethereum Enterprise Alliance is a consortium of over 300 companies, who have come together to launch the most prominent initiative for open-source blockchain. Many of these companies feature in the list of Fortune 500 companies, like the Microsoft, Accenture, and JP Morgan. Ethereum can be further upgraded, and technological advancements can be made to it regarding its scalability and privacy. Its latest upgrade, Casper will change the coin’s consensus calculation to Proof of Stake, from the current Proof of Work. Such action will make Ethereum more valuable because of the reduction in the environmental impact that mining has, and the growth in Ether circulation.
Cryptocurrency No. 2 — Stellar Lumens (XLM)
Stellar is a distributed payments infrastructure that acquaints people with their payment systems and connects them to the banking system through an open-source system. It can be explained merely as an easy means of moving money quickly in a reliable fashion, and at negligible costs.
One of the key catalysts for XLM is Coinbase.com. Just as we saw prior to the listing of Ethereum Classic (ETC) on its platform, Coinbase could do the same for XLM. Remember, just months ago, Coinbase announced XLM was one of the coins under consideration for listing. While there are no set dates for a listing, there is speculation it could happen before year-end.
Two, Goldman Sachs-backed Circle announced it was adding four new assets. These include EOS, Stellar, Ox, and Qtum. All four were chosen based on their potential to contribute infrastructure to the broader cryptocurrency system. Three, the group announced it hit the one million active account milestone. It also achieved more than 3,000 assets, 25 million payments, and eight million trades with it. And four, it has a strong relationship with IBM. According to Crypto Recorder, “The collaboration will make the XLM coin the transaction vehicle and given the IBM global market penetration, the coin will be the biggest gainer. As more investors join the BWW project, XLM usability will increase busting its market liquidity with increased value being the end game. Transaction costs and speeds have always limited growth potentials for many coins but for Stellar, the story is different.”
Cryptocurrency No. 3 — Request Network (REQ)
The Request Network is a decentralized network which facilitates the payment requests, by operating on the fundamentals of the Ethereum Network. It is similar to Paypal, except that it focuses on real-time accounting. Request Network enjoys backing from Y Combinator, which has also funded companies like Coinbase and Dropbox. The blockchain technology that is employed in this digital coin is such that it guarantees real-time accounting and complete identity protection. The absence of any third party looking for commissions makes it a lucrative crypto coin.
Cryptocurrency No. 4 — VeChain (VET)
VeChain is another cryptocurrency which uses the blockchain technology to enhance transparency and create a trustworthy business ecosystem. VeChain provides many applications to businesses. It prevents the counterfeit luxury items and simplifies the access of records of items in the retail sector. Backed by a strong team, VeChain has strong partnerships. According to their new ties with China, which goes by the name of National Partnership, VeChain works closely with the Administrative Examination and Approval Bureau of Gui’an New Area. Such an association will lead to the establishment of an information system that is based on the blockchain. Its purpose will be to collect and scrutinize the administrative information and come up with ways to protect the privacy of data and deploy the blockchain technology to bring reformations in the business registration and mitigate red tape.
Cryptocurrency No. 5 — Quantstamp (QSP)
Quantstamp is the first security-audit protocol which runs on Ethereum. It detects the vulnerabilities in smart contracts before the deployment of blockchain technology. Hence, Quantstamp ensures that there are no flaws in the code of the companies running on Ethereum before public launch. Quantstamp shields users from any possible bugs in the code that could breach one’s privacy. The formalization of a security-audit protocol as Quantstamp envisages is very crucial. It would ensure that no bugs before a launch can violate the privacy resulting in loss of funds.
Like the Request Network, Quantstamp also gets its backing from the Y Combinator. Coinbase also is backed by Y Combinator. Therefore, it wouldn’t be surprising to see Quantstamp audit the tokens that Coinbase intends to list on their 2018 exchange. Quantstamp has over 18,000 members in its Telegram group. Therefore, it can boast of one of the most significant online communities of investors. Hence, it is worthwhile to keep an eye on this crypto coin.
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