There are many cryptocurrencies out there, but not all of them will be around in 2022. Almost anyone can create a cryptocurrency and this means you shouldn’t blindly buy into the next ‘big’ thing. For example, following the international success of Netflix Squid Game, the SQUID coin managed to steal $3.3m from punters.
With so much competition, it’s tough to keep up with the latest trends. Luckily for you, this article takes a look at eight cryptocurrencies that have the best chance of surviving long term and provide excellent investment opportunities.
#1 – NEM (XEM)
Despite being involved in the biggest digital currency theft (source), NEM is the world’s first Smart Asset blockchain. Built from the ground up for enterprise-grade performance, Nem delivers a world class platform for management of almost any kind of asset: currencies, supply chains, notarizations, ownership records and more. NEM’s breakthrough consensus mechanism and the supernode program ensure that NEM’s open, public blockchain can grow without ever compromising throughput or stability. NEM is built with source code that is open and available for review, enhancement and implementation in private/consortium blockchains.
Why should NEM be on your watchlist?
For starters, it uses an improved consensus protocol called proof-of-importance (PoI). With proof-of-stake (PoS), you receive more coins as your existing coins grow in value. Conversely, with PoI you receive more coins as the community trusts your account to become an active member. Your trustworthiness is determined by how much you transact with other accounts and other features that are still being developed.
The second important feature NEM has is mosaics which are basically colored custom assets that can be traded on NEM’s blockchain. They can be used for a variety of purposes from representing coins or shares to being physical assets like diamonds or gold that you own.
#2 – Stellar (XLM)
Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost.
Stellar offers unique features such as path payments which allows for payment of any asset on the network using an email address or account information, this reduces the time and cost of international remittance. XLM is an extremely fast cryptocurrency which boasts confirmation times within 2-5 seconds. The network was built with scalability in mind to be able to deal with exponential growth over the next few years.
Why should you keep a watchful eye on this cryptocurrency?
Stellar is a cryptocurrency to watch because it has received recent support from the Co-Founder of OKCoin, one of China’s largest exchanges. The combination of this support and Stellar’s “move fast” mantra will allow their roadmap to be implemented quickly, which could lead to substantial growth for XLM value and popularity.
Stellar has recently partnered with IBM to create a low-cost universal cross-border payment system. This partnership could lead to a substantial increase in the number of transactions on the Stellar network, thus leading to an increase in demand for Stellar tokens.
The XLM token is already being traded on OKCoin and Huobi, which are two of China’s largest cryptocurrency exchanges. Since both exchanges have been subject to recent scrutiny by Chinese regulators, it is reasonable to expect new cryptocurrency exchanges will seek to work with Stellar, in order to increase their volume of trades.
This increased demand for the XLM token in China would also lead to an influx of capital into other markets that traditionally have not traded Stellar tokens. This would be a welcomed change as XLM has historically only been traded in a few low volume exchanges.
#3 – IOTA (MIOTA)
IOTA is an open-source distributed ledger protocol that goes ‘beyond blockchain’ through its core invention of the blockless ‘Tangle’. The IOTA Tangle is a quantum-proof Directed Acyclic Graph, with no fees on transactions & no fixed limit on how many transactions can be confirmed per second in the network. Instead, throughput grows in conjunction with activity in the network; the more activity, the faster the network. Unlike blockchain architecture, IOTA has no separation between users and validators (miners/stakers); rather, validation of transactions is an intrinsic property of using the ledger, thus avoiding centralization.
#4 – Bitcoin (BTC)
As the most well-known cryptocurrency, this digital currency should definitely be on your radar.
Bitcoin is a decentralized peer-to-peer payment network which is powered by it’s users with no central authority or middlemen. The network is designed to work without a reserve bank or single administrator, so nobody can take the network down and there are no arbitrary limits on how much Bitcoin should be worth. Besides the operational aspects, the bitcoin blockchain has become well known for its use in recording notarized data on the blockchain, such as property titles, making bitcoin a digital bearer instrument and eliminating counterparty risk.
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#5 – EOS (EOS)
EOS is a decentralized operating system that provides databases, account permissions, scheduling, authentication, and internet-application communication to app developers. By building these features into the EOS software, this allows users to build applications without reliance on a centralized computer-hosting facility. Developers who build apps that run on the platform can purchase bandwidth and computational power from other network participants, as opposed to using local resources such as Google Cloud or AWS (Amazon Web Services).
Why should you watch EOS?
Punters predict that this cryptocurrency will rise to $12.42 by the end of November 2022 (at the time of writing, EOS is $5.133).
#6 – NANO (XRB)
Nano is a low-latency payment platform that requires minimal resources, making Nano ideal for peer-to-peer transactions. The design of the network allows for unlimited scalability and can process high transaction throughput.
Nano is lightweight and easy to use because it requires no software or drivers for simple, everyday transactions. This is what makes it an exciting cryptocurrency. Furthermore, Nano can be sent or received by anyone in the world at any time due to its decentralized nature; allowing anyone to transact with zero lag.
#7 – Cardano (ADA)
Cardano is a decentralized public blockchain and cryptocurrency project that is fully open source. The platform was created by Charles Hopkinson, Jeremy Wood and Ethereum co-founder, Hoskinson, with an academic approach and peer-reviewed research. The project is built by a global collaboration of engineers and researchers, with headquarters in Switzerland. Cardano was designed to run on its own layer that sits on top of another blockchain, enabling the ability to send Ada through various interoperable layers which will be implemented over time.
What makes Cardano exciting?
Well, for starters, it’s the world’s first cryptocurrency right out of a science and mathematics-driven project. While bitcoin uses proof-of-work (PoW) protocol, which is theoretically fine but has some issues when scaled/mined by an extensive number of computers. Cardano decided to take the path less traveled.
It uses the proof-of-stake protocol (PoS) for its mining, which increases its efficiency and saves energy. It’s also right down to earth with how it’s built, unlike other projects that are trying to be all things to all people; they’re taking a foot-in-the-door approach, starting out with something small and then expanding.
The fact that they’re being so slow about it means that they have to be extremely thorough when choosing what’s the best way to go. This makes it a great project simply because of their devotion to research-based projects, rather than just making waves for the sake of making waves. And when you add in the fact that this isn’t a fly-by-night project, they’ve been in development since 2015 and have a huge community of supporters behind them.
Their team is absolutely stacked with research scientists and engineers from all over the world. It’s easy to see how much work goes into making sure everything works well and makes sense. It’s almost like that they’re putting together a puzzle, except not only is every piece connected to the next, but it all has to fit perfectly in order for the final product to be a masterpiece.
#8 – Ethereum (ETH)
Ethereum is a decentralized platform that runs smart contracts which allow for the creation of new cryptocurrencies that adhere to strict standards of functionality and security. These tokens are called ERC-20 tokenized securities, or simply, tokens. Additionally, Ethereum has plans to introduce Casper, a proof of stake (PoS) consensus algorithm that will reduce the need for energy-intensive mining operations.
Ethereum is worth watching because it has diverse applications. That is, Ethereum is not just for speculation or investment purposes – it has been continuously used as a means of payment and transaction. And with its use cases multiplying by the day, ethereum is quickly becoming a mainstream currency.
As you can see, there are a variety of cryptocurrencies that offer different benefits and drawbacks. Keep these in mind if investing or keeping them on your radar for the future!
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