At Somanews, we will focus on the top 10 altcoins and their real-world applications. Many altcoins have real world applications and they are becoming disruptive technologies. These projects can solve or promise to solve real problems in Fintech, DeFi, and even the entertainment industry. Part of investing in crypto is understanding the types of solutions an altcoin project depends on. Now we are scrutinizing 10 altcoins.
Top 10 altcoins
Left (LEFT). The popular altcoin calls itself the world’s fastest blockchain and fastest growing ecosystem in crypto. It currently supports over 400 projects across DeFi, NFTs, gaming and Web3. It is based on consensus, proof-of-stake and a unique proof-of-history process. Solana’s blockchain is similar to Ethereum but is more scalable, has lower fees, and can be combined. According to crypto exchange Gemini, it can process up to 50,000 transactions per second, or a theoretical peak capacity of 65,000. According to the top estimate, this is around 4,000 times faster than Ethereum. CryptoWendyO, a well-known influencer, chose Solana as its top utility choice.
Uniswap (UNI). Currently, Uniswap is the most popular decentralized exchange by token market cap, according to CoinMarketCap.com. It allows traders to trade cryptocurrencies directly between two parties without using an intermediary to complete the transaction. David Siemer, CEO of Wave Financial, said, “I think many DeFi coins, such as SushiSwap and Aave, are still undervalued despite their massive upswing. “I think Uniswap is still undervalued,” he said. The revenue on these platforms, effectively flowing to token holders, is now huge. “Uniswap alone makes about $6 million a day – $2.2 billion a year and is growing really fast,” he added.
Polkadot (DOT). Like Solana, Polkadot’s transactions are faster and more efficient than those on Ethereum, but they’ve become less popular with crypto enthusiasts lately. This is largely due to the rising number of NFTs on competing blockchains like Ethereum and Solana. Thanks to Parachain technology (private blockchains made for specific projects), it can transfer any type of data between any blockchain with security guaranteed. This means that other blockchains can easily connect to its own network. It can also go through upgrades without requiring a hard fork.
Ripple (XRP). It was built by Ripple Labs, a US-based technology company. Unfortunately, it was withdrawn from some exchanges after entering a lawsuit with the SEC over whether crypto should be considered a security asset. The lawsuit is ongoing. Crypto investors and influencers like Mason Versluis, who has almost 500,000 followers on TikTok and is popularly known as Crypto Masun, is a heavy proponent of XRP. He believes he will be at the forefront of global digital currency transformation. Versluis invested in XRP because it solved a problem he often faced when trying to run a business that accepted payments from other countries: receiving payments from overseas customers was a slow and expensive process.
Cardano (ADA). What makes the popular altcoin Cardano unique is that it is a community-based project built on peer-reviewed research – even the whitepaper is made up of community input. It has the same capabilities as Ethereum and Solana in supporting smart contracts and works on proof-of-stake consensus. Cardano surged around 182% between July and September, but its popularity has been in the background lately as other blockchains that already support NFTs take the lead. In early September, the blockchain finally made an upgrade known as alonzo.
Tether de lite
Tether (USDT). It is the world’s largest stablecoin with a market capitalization of approximately $68 billion. Tether initially claimed that every cryptocurrency is fully backed by US dollars in bank accounts. But as demand for Tether grew, market participants began to question whether this was really the case. To counter such inquiries, Tether has received confirmations of reserves in its financial statements. However, these often raise more questions than answers. Tether has solid support from multiple cryptocurrencies, including 29-year-old crypto billionaire Sam-Bankman Fried.
Helium (HNT). The purpose of the Helium network is to create a blockchain-powered network for Internet of Things (IoT) devices to connect. An IoT device can be anything from a TV to a refrigerator, as long as it connects and communicates with the internet. For an IoT future to happen, many places need 24/7 internet. Currently, this is challenging because connections to the internet are offered by multiple providers and require many different authentication credentials. This is where Helium comes into play. Helium aims to create a global decentralized network that supports IoT devices by enabling the community to run internet access points.
Elrond (EGLD). Elrond’s strengths include scalability, speed, security and flexibility, which encourages a multitude of protocols to connect to its ecosystem. One reason crypto investors and influencers like Mack Lorden say they own ELGD is because they prefer to earn risk-free interest and stake. The protocol offers unattended authorization, allowing the shareholder to easily transfer their EGLD to a validator without the danger of losing the investment.
Polygon (MATIC). It is a second layer protocol used to connect Ethereum compatible blockchains. Polygon’s native token MATIC is used for maintenance and management of the Polygon network and can be used to pay staking fees as well as transactions in applications on the Polygon network. This protocol was launched to help overcome some of the scaling issues faced by the Ethereum blockchain, such as high gas fees and slow speeds, but without compromising the security of Ethereum. US billionaire Mark Cuban invested in the network. David Siemer, CEO of crypto asset manager Wave Financial, said in an interview that he invested in Polygon because it was a powerful second-tier scaling solution, but they paid a lot of money to encourage usage.
Vechain (VET). The main purpose of VeChain is to enable better collaboration with businesses by providing tools for efficient data transfer and supply chain management. VeChain initially focused solely on supply chain management, but has since expanded the scope of blockchain to focus on more general data solutions. H&M and Walmart China are using VeChain technology to track goods. The VET token is for voting on changes in the protocol, while the VTHO token executes the transactions.