Most Promising Cryptocurrencies
If you’re wondering which are the most promising cryptocurrencies for 2018, the good news is that there are plenty of options to choose from. Cryptocurrencies are appearing and being released virtually every day, so it can be difficult to know which ones are the right ones to invest in.
While Bitcoin is still out in the lead as one of the most promising cryptocurrencies in the marketplace, there are numerous others which are gaining ground, having made improvements and adaptations to Bitcoin’s original protocols so that they are more private, more secure and more scaleable.
After Bitcoin, Ethereum is definitely one of the most promising cryptocurrencies for investors to consider. Created by Vitalike Buterin, a 19-year-old maths genius, Ethereum is hot on the heels of Bitcoin when it comes to cryptocurrency hierarchy. Similar to Bitcoin, it is distributed via a public blockchain network, and while there are a number of technical differences, the main distinction is that Ethereum has a very different capability and purpose.
Ethereum’s blockchain applications focus on running programming codes of dapps, or decentralized applications, and thanks to the EVM (Ethereum Virtual Machine) is adds a layer of cross-communication between the many dapps on its network to ensure that no program or blockchain is able to interfere with others, providing a safe testing environment so that new protocols and dapps can be executed without risk on Ethereum’s Blockchain. The EVM also makes creating dapps efficient and easy and after the announcement of the EEA at the start of last year, it comes as no surprise that corporate giants like Microsoft, Toyota and Samsung are involved with this cryptocurrency.
The second on our list of most promising cryptocurrencies is Cardano, with its smart contract platform which is similar to that offered by Ethereum. As the first project of is type to be built on a basis of academic peer reviewed research and scientific philosophy, Cardano is constructed with both regulators and end-users in mind. One unique feature of this cryptocurrency is that it uses the Haskell programming language which tolerates faults to a very high degree and is exceptionally robust – ideal in the uncertain future of blockchain where flexibility is essential. The purpose of Cardano is primarily to bring banking systems into parts of the world where they have not yet been implemented due to the expense.
With a name that stands for the “Internet of Things Application” IOTA is one of the latest crypto technologies facilitating transactions which take place between the various devices which are on the IoT. Addressing the twin issues of scalability and transaction fees which face blockchain technology, IOTA effectively eradicates the block and the chain, requiring two previous transactions to be verified whenever a transaction is submitted to the ledger. This means there is no centralised leger and no requirement for any miners for the network to be powered.
While IOTA is one of the most promising cryptocurrencies thanks to its brand new technology, it is this very newness that has led to some people doubting its usefulness.
When it comes to the most promising cryptocurrencies on a P2P platform, NEM is right up there. Built using Java, NEM has partnered up with Zaif, one of the biggest cryptocurrency exchanges in Japan as well as Mijin, a private blockchain Japanese powerhouse that aims to cut the expense of financial institutional infrastructure. The collaboration between NEM and Mijin is the first of is kind, unifying private and public blockchains, and work is now ongoing into a rewriting of its code-base so that scalability and performance will both be improved and new features introduced.
Following close behind the original Bitcoin cryptocurrency, Litecoin has earned the title “silver” when compared to the “gold” of Bitcoin. With instantaneous block transactions, a unique algorithm for mining and huge number of tokens, Litecoin has proven to be long-lived and valuable, and it is now one of the most stable-priced digital currencies available today. Litecoin’s blockchain is current a strong experimental playground for implementations of Bitcoin, and although it has no blocksize congestion, this hasn’t stopped Layer 2 protocols and scaling solutions from being tested on this blockchain before being incorporated into Bitcoin.
While most blockchains offer transparency as their main selling point, this feature is not appealing to everybody and this has led to Zcash being a popular alternative. As a fork of Bitcoin’s protocol, Zcash has adapted the classic Bitcoin programming for its own needs and it’s primary selling point is its fungibility. This means that all ZEC are identical and interchangeable with other ZEC, and this is a key difference when compared with Bitcoin, where the data coding changes with each transaction. This means that identifying anyone ZEC from its track record is impossible. It is this anonymity that has led to Zcash being recognised as one of the most promising cryptocurrencies of today.