As the most popular cryptocurrency by far, Bitcoin is often assumed to represent the entire ecosystem. So when critics point out the amount of energy that is being used by the Proof of Work network, the market as a whole is affected.
Get The Full Ray Dalio Series in PDF
Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues
Q2 2021 hedge fund letters, conferences and more
In reality, many cryptocurrencies use a different technology to secure and operate their networks called Proof of Stake, which does not require the electrical load of Bitcoin. The comparatively negligible environmental impact of Proof of Stake based cryptos is an important advantage, but the opportunity is much larger than that. These protocols have a number of other positives, most importantly scalability and speed, which facilitate a wide range of new and exciting uses.
Exit Rich with Seiler Tuckers Michelle Seiler Tucker
ValueWalk's Raul Panganiban interviews Michelle Seiler Tucker, Founder and President of Seiler Tucker, and discusses why business owners should think about their exit, the 6 ps, and the ST GPS Exit model. Q1 2021 hedge fund letters, conferences and more The following is a computer generated transcript and may contain some errors. Interview with Seiler Read More
Nowhere is this more evident than in Ethereum, the second largest crypto by market capitalization. Ethereum introduced the most important advancement in crypto use cases: the ability to make them programmable with Smart Contracts, which enable transactions to be both traceable and transparent. As a result, the majority of cryptos are now applications running on the Ethereum network. However, Ethereum is currently a Proof of Work based protocol, and it can no longer remain competitive while dealing with the resulting limitations. The platform is trying to solve this problem by converting to Proof of Stake, but plans are behind schedule.
Although Ethereum is currently the most popular Smart Contract platform, it has a number of competitors that have already solved the big technical challenge of implementing a Proof of Stake consensus mechanism. These five have the potential to drive the future of cryptocurrency, and see significant user adoption and price appreciation along the way:
Cardanois already Proof of Stake. Its research-driven approach utilizes academic resources to create an inclusive blockchain ecosystem that will enable users to build smart contracts.
Ethiopias Ministry of Education recently partnered with Cardano to create a blockchain-based platform for 5 million of the countrys students and teachers, which is being billed as the largest blockchain development in the world. It will perform such tasks as verifying grades and monitoring performance.
TheCardanonetwork also allows users to exchange funds instantly at lower fees than Bitcoin or Ethereum. Investors can gain exposure to Cardano through Coinbase, Gemini, Graph Blockchain, and other Altcoin and DeFi sources.
Launched in 2020, Polkadot is a programmable blockchain that enables cryptocurrencies to be built. Polkadot is widely considered faster and potentially more scalable than Ethereum. The third-generation Altcoin is also designed to work with other networks, making it more inclusive than Bitcoin or Ethereum.
Polkadots stated goal is to enable a completely decentralized web where users are in control, and allow independent blockchains to exchange information and transactions. Polkadot will plug into Ethereum and likely port over its own platform if Ethereum is not converted over to Proof of Stake quickly enough.
Other interoperable platforms competing with Polkadot include Binance Smart Chain and Polygon, a framework for building and connecting Ethereum-compatible blockchain networks.
Solana differentiates itself as a fast, secure, and censorship resistant blockchain. The company recently raised $314 million led by Andreessen HorowitzandPolychain Capital to accelerate its development. Like Cardano and Polkadot, Solana is more environmentally friendly than Bitcoin and Ethereum. It also champions Proof of History (PoH), which provides a permanent record for each transaction, resulting in more transparency and security. The PoH facilitates Solanas Proof of Stake mechanism, which produces a blockchain that can process more than 50,000 transactions per second. However, it still has a long way to go to equal the popularity of Cardano or Polkadot, which have large communities supporting them.
Avalanche is a smart contract platform designed to create custom blockchain networks and decentralized applications (dApps). Essentially, dApps run on a network of computers, making them uncontrollable by a single entity. In existence for less than a year, the open-source platform has already gained a reputation for being fast and highly customizable. Avalanche is compatible with Ethereum.
Another relative newcomer is Algorand, which developed a blockchain infrastructure to serve as a bridge between centralized and decentralized financial systems. Algorand also offers smart contract capabilities and strong transaction speeds. Its technology is being utilized by hundreds of organizations including The Hemp Blockchain, Inc., which recently selected the platform to provide supply chain management solutions for the industrial hemp industry.
Bitcoin is currently the elephant in the cryptocurrency room, but the future is arguably in Proof of Stake and Smart Contracts. Ethereum has not been able to capitalize on that market yet, but a multitude of third generation cryptocurrencies are poised to fill the gap. While the majority may not gain enough traction to succeed, Altcoins such as Cardano, Polkadot, Solana, Avalanche, and Algorand are finding ways to improve energy efficiency, stability, speed, transparency, and security.
About the Author
Paul Haber is CEO of Graph Blockchain, an Altcoin and DeFi company that provides shareholders with exposure to various areas of decentralized finance. Focusing on Altcoins through its wholly owned subsidiaries Babbage Mining Corp. and Beyond the Moon Inc., Graph gives investors exposure to the vast emerging market of cryptocurrencies with the significant technological disruption and potential gains Altcoins represent. Through its recent acquisition of New World Inc., an art-focused non-fungible tokens (NFT) business, Graph gains exposure to one of the fastest growing segments of the art world.
See the original post:
These Altcoins Are The Future Of Cryptocurrency - ValueWalk
- 2 Fascinating Altcoins to Add to Your Watch List - The Motley Fool - October 10th, 2021
- Cardano and Five Altcoins Set To Outperform Bitcoin As New Phase of Market Cycle Begins, Predicts Crypto St... - The Daily Hodl - October 10th, 2021
- Analytics Firm Issues Altcoin Warning, Says Crypto Asset Thats Surged 393,000% Year-to-Date Is Likely Ov... - The Daily Hodl - October 10th, 2021
- Top 3 Price Prediction Bitcoin, Ethereum, XRP: Altcoin lag while BTC marches higher - FXStreet - October 10th, 2021
- 5 Altcoins to Buy in the Bull Run, According to Crypto Investor - Business Insider - October 8th, 2021
- Crypto Analyst Says Fast-Rising Altcoin Will 10x Through This Bull Market - The Daily Hodl - October 8th, 2021
- 2 Undervalued Altcoins to Buy, Per 26-Year Wall Street Veteran Trader - Business Insider - October 8th, 2021
- How high are the chances of Bitcoin sustaining its gains and pushing altcoins higher? - FXStreet - October 8th, 2021
- Bitcoin Pumps Past $55K; Hive, BTCST, Badger Rally Amid Altcoins' Consolidation, Here Are the Predictions! - KryptoMoney - October 8th, 2021
- 15 Altcoins to Buy Based on Developer Interest, Following Ether - BofA - Business Insider - October 6th, 2021
- Altcoin outlook: 6 alternative cryptocurrencies to watch in Q4 - Markets Insider - October 6th, 2021
- Popular Crypto Strategist Predicts Monster Rallies for Solana and Terra, Says One Overlooked Altcoin Ready ... - The Daily Hodl - October 6th, 2021
- Four Emerging Altcoins Surge 101% or More Within Seven Days As Crypto Markets Ignite - The Daily Hodl - October 6th, 2021
- Popular Crypto Trader Compares Bitcoins Chart to Altcoin That Surged 12,000% in a Year - CryptoGlobe - October 6th, 2021
- Top Trader Says Bitcoin Following Price Path of Explosive Altcoin That Rose Over 10,600% in One Year - The Daily Hodl - October 6th, 2021
- Solana, FTT and Two Additional Altcoins Breaking Out of Market Slumps, According to Crypto Analyst Scott Me... - The Daily Hodl - October 6th, 2021
- Altcoin Project Backed by Cardano Rallies 92% in Just Two Weeks, Leaving Crypto Market in the Dust - The Daily Hodl - October 6th, 2021
- Altcoins Surge as Crypto Market Regains Steam - CoinDesk - September 25th, 2021
- Altcoin roundup: Theres more to DeFi than just providing liquidity - Cointelegraph - September 25th, 2021
- Best altcoins to buy: Experts share cryptocurrencies they're buying - Business Insider - September 25th, 2021
- This Magical Altcoin Project Has Soared 116% This Week, Defying Bitcoin and Crypto Markets - The Daily Hodl - September 25th, 2021
- Here Are the Top 5 Altcoins for the Remainder of September, According to Crypto Analyst Michal van de Poppe - The Daily Hodl - September 25th, 2021
- These Five Altcoins Are About To Go Insane, According to Crypto Trader Aaron Arnold - The Daily Hodl - September 25th, 2021
- Analyst Who Called Crypto Crash Updates Bitcoin and Ethereum Outlook, Predicts One Altcoin Likely To Bounce... - The Daily Hodl - September 25th, 2021
- Polkadot, Avalanche, and Two Additional Altcoins Are the Top Crypto Assets To Watch, Says Trader Jason Pizzino - The Daily Hodl - September 25th, 2021
- This Mid-Cap Altcoin Is Surging As Most of the Crypto Market Crashes - The Daily Hodl - September 25th, 2021
- Ethereum, Cardano have 'great use cases,' but this altcoin might lead autumn - AMBCrypto News - September 15th, 2021
- Altcoin Spikes After Fake Press Release That Walmart Is Accepting It Immediately Crashes After Truth Is Discovered - Wonderful Engineering - September 15th, 2021
- Analyst: This Altcoin Has Best Shot at Becoming 2nd Most ... - September 13th, 2021
- This Emerging Altcoin Will Follow the Explosive Price Action of Solana, Predicts Top Crypto Strategist - The Daily Hodl - September 13th, 2021
- Bitcoin Vs Altcoins: How Are They Different? - NDTV Profit - September 13th, 2021
- Its an Altcoin Season: Solana and Others Shoot Up - Yahoo Finance - September 13th, 2021
- This Altcoin Is Skyrocketing Amid the Greater Crypto Market Correction - The Daily Hodl - September 13th, 2021
- These Five Altcoins Are All Up 100% or More in One Week Despite Broad Crypto Correction - The Daily Hodl - September 13th, 2021
- This Altcoin Could Make 1,000x According to Analyst - Somag News - September 13th, 2021
- Altcoin Evolution - Part V: The Closing Recap - NewsBTC - September 4th, 2021
- Trader Who Called Bitcoin Bottom Predicts This Blazing Altcoin Will Overtake Binance Coin - The Daily Hodl - September 4th, 2021
- Time To Be Cautious on Cardano? Analyst Michal Van De Poppe Looks at Whats Next for the Explosive Altcoin - The Daily Hodl - September 4th, 2021
- Is Cardano Correlated With This Altcoin? Analyst Justin Bennett Looks at Under-the-Radar ADA Connection - The Daily Hodl - September 4th, 2021
- This Mid-Cap Altcoin Is Surging After Announcing Massive $318,000,000 Incentive Program - The Daily Hodl - September 4th, 2021
- The altcoin Solana soars 24% in one day and ahead of the Dogecoin in capitalization - Market Research Telecast - September 4th, 2021
- Altcoins 101: Definition, Explanations, Examples - Business Insider - September 3rd, 2021
- Crypto Analyst Says Surging Altcoin Is Easy Set and Forget Play, Flips Bullish on Ethereum, A... - The Daily Hodl - September 3rd, 2021
- It's Time to Plug Into the Altcoin Arrival - InvestorPlace - September 3rd, 2021
- Altcoins are the alternative digital currencies to bitcoin - here's what they are and how they work - Markets Insider - September 3rd, 2021
- These 2 altcoins are leaving Bitcoin in the dust this week - The Motley Fool Australia - September 3rd, 2021
- What Are Altcoins? - Motley Fool - September 1st, 2021
- 3 reasons why Polkadot could be the next altcoin to hit a new all-time high - Cointelegraph - September 1st, 2021
- These 7 Altcoins Are About To Pop, According to Altcoin Daily - The Daily Hodl - September 1st, 2021
- Cardano Price Predictions: How High Can Altcoin Season Take the ADA Crypto? - Investorplace.com - September 1st, 2021
- XRP Price Predictions: How High Can the New Altcoin Season Take the XRP Crypto? - Investorplace.com - September 1st, 2021
- The Altcoin Evolution - Part IV: The Challenges - The Sales Pitch - NewsBTC - September 1st, 2021
- This service is declaring that it's crypto altseason again - Cointelegraph - September 1st, 2021
- Five Red-Hot Altcoins Record Gains of 138% or More Within One Week - The Daily Hodl - August 26th, 2021
- How to Turn Bitcoin Into Altcoins - The African Exponent - August 26th, 2021
- This Surging Altcoin Is Primed to Ascend Higher, Says Crypto Trader Lark Davis - The Daily Hodl - August 26th, 2021
- The next Bitcoin? Why investors are bullish on fast-rising altcoin Cardano - The Motley Fool Australia - August 26th, 2021
- Fetch.ai, Bancor and Two More Altcoins Headline Assets With Heavy Whale Accumulation: Santiment - The Daily Hodl - August 26th, 2021
- Hedera Hashgraph Price: HBAR Could be the Next Hot Altcoin - InvestingCube - August 26th, 2021
- MobilityGuru launches a new altcoin to make blockchain technology more inclusive for people with disabilities - TechBullion - August 26th, 2021
- Coinbase to Invest $500 Million in Bitcoin And Speculative Altcoins - Bitcoin Magazine - August 26th, 2021
- Selecting the best Altcoins, the Gulzar way! - Moneycontrol.com - August 20th, 2021
- Top 5 Altcoins That Will Blow Up in 2021 By CoinQuora - Investing.com - August 20th, 2021
- Here Are the Top 5 Altcoins To Watch Right Now, According to Crypto Analyst Michal van de Poppe - The Daily Hodl - August 20th, 2021
- Heres what Solanas liquidity black hole means for the altcoin market - AMBCrypto News - August 20th, 2021
- Dogecoin, Solana and One More Altcoin Could Ignite Big Rallies While Bitcoin and Ethereum Cool Off: Top Cry... - The Daily Hodl - August 20th, 2021
- Recent Cardano, Solana, DOT rallies mean this for the prospect of an altseason - AMBCrypto News - August 20th, 2021
- Should you stay away from this altcoin that rallied by 326% - AMBCrypto News - August 20th, 2021
- Why Another Wave Up For Altcoins Is Probable According To BTC Dominance - NewsBTC - August 16th, 2021
- Why A Shocking Altcoin Season Could Be On The Horizon - NewsBTC - August 14th, 2021
- Altcoins soar while Bitcoin bulls gather strength to attack $48,000 - Cointelegraph - August 14th, 2021
- These Four Ethereum Competitors Are Set To Explode This Year, According to Altcoin Daily - The Daily Hodl - August 14th, 2021
- These Five Altcoins Have Solid Potential for Q3, According to Coin Bureau - The Daily Hodl - August 14th, 2021
- Top Analyst Predicts Parabolic Rally for One Emerging Altcoin, Says Dogecoin Will Outperform Bitcoin - The Daily Hodl - August 14th, 2021
- Here Are the Top Three Altcoins To Watch This Month, According to Crypto Analyst Jason Pizzino - The Daily Hodl - August 14th, 2021
- Does Cardano (ADA) look stronger than the other altcoins? - FXStreet - August 14th, 2021
- Cardano, Litecoin and Polkadot: What traders need to know - AMBCrypto News - August 14th, 2021
- Every dog has its day: Dogecoin and Shiba Inu fetch 50% gains as altcoins rally - Cointelegraph - August 14th, 2021
- Axie Infinity Hits $62 As The Altcoin Market cap Crosses $1 Trillion - Coinfomania - August 14th, 2021
- Bitcoin, Ethereum and These Three Altcoins Have Huge Potential As Crypto Markets Heat Up: Altcoin Daily - The Daily Hodl - August 8th, 2021