The year is just getting started, but cryptocurrencies are shifting borders and hitting all-time highs. If you are a crypto enthusiast, you can take a look at these 10 altcoin projects that Coinjournal analysts saw and evaluated potential in January. Analysts’ shares cryptocoin.com We have prepared for our readers.
Altcoin projects that have the potential to mark January
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Solana is an open source computing network developed by Anatoly Yakovenko in 2017. It was developed to increase the speed of transactions while ensuring decentralization. It is working on the Proof-of-Stake (PoS) consensus algorithm. It looks like it’s on the Ethereum Blockchain that earned it the nickname ‘Ethereum killer’. Altcoin supports smart contracts and provides access to apps, DeFi, games, DEXs, social media, dApps, etc. can be used to invest.
Compared to the Ethereum Blockchain, it processes more transactions per second with a low transaction fee. SOL is the native token of the Blockchain. It is used to pay transaction fees, place bets and as an administrative token. Altcoin is currently 6th in the cryptocurrency league with a current value of $149.50. Its ATH, which it saw in November 2021, is $259.96.
Cardano (ADA)
Cardano is a third-generation protocol created by Jeremy Wood and Charles Hoskinson in 2017. It uses the PoS algorithm as the consensus algorithm. Its goal is to be secure, scalable, flexible and environmentally friendly. It allows the creation of native tokens that reflect the native cryptocurrency (ADA) of the blockchain. Blockchain operates on two different layers, the settlement layer that oversees the transfer of assets and notes transactions, and the computational layer that executes smart contracts for decentralized applications.
ADA, native token to fuel the platform. It can be used to cover transaction fees and as a management token. It can also be staked for rewards. The altcoin price today is $1.40 after falling 55% from the $3.09 ATH in September.
Phantom (FTM)
A Blockchain for phantom ecosystem, decentralized applications and digital assets launched in 2019. Michael Kong developed it. It is modular, efficient, scalable, secure, open and environmentally friendly. It supports smart contracts. Blockchain runs on Asynchronous Byzantine Fault Tolerant (aBFT) and Lachesis, a PoS consensus algorithm.
Creation of dApps is possible thanks to the Phantom Virtual Machine. FTM is both an ERC-20 token and a BEP-2 token. It is used to reward validators and as a management token. The altcoin is currently trading at $3.26. It peaked at $3.46 in October 2021.
Cosmos (ATOM)
Cosmos is a Blockchain for other Blockchains created to serve as the internet of Blockchains. It has an Inter-Blockchain Communication Protocol (IBC) and a software developer kit that allows easy creation of dApps and interconnection between independent Blockchains.
Cosmos is working on Tendermint Proof-of-Stake Byzantine Fault Tolerance (BFT). It was launched in 2019 by the Interchain Foundation. ATOM is the local currency used to promote network interoperability. It can be staked, held or traded. Its price today is $43.29, very close to its September 2021 high of $44.42.
Audius (AUDIO)
Like Spotify and SoundCloud, Audius is a music streaming platform built on Blockchain. It supports music sharing, streaming and has social media features. The platform is managed by node operators, artists and fans. Audius is working on a PoS. It was founded on the POA Network in 2018, but is now on the Solana Blockchain.
While not the first streaming platform on blockchain, it is backed by Jason Derulo, Katy Perry, Nas, The Chainsmokers, and Pusha T. The native cryptocurrency is AUDIO, an ERC-20 token. Its price today is $1.46, but in March 2021 it hit an all-time high of $4.95.
Chainlink (LINK)
Chainlink is a network of nodes that provide data and information from non-blockchain sources available for smart contracts through an oracle. It provides blockchains and dApps on them with relevant data. It was launched in 2017 as the first protocol to move data and information from off-chain sources to existing smart contracts.
The operation of the network is divided into oracle selection, data reporting and results collection. LINK is the local currency of the network. Node operators are rewarded with LINK for their activities on the network. It can be traded, staked and traded. LINK is currently trading at $25.92. It reached its ATH of $52.70 in May 2021.
Polygon (MATIC)
Polygon was originally developed as Matic Network in India but was rebranded as Polygon in February 2021. It was created as a layer-2 scaling protocol for the Ethereum network. It was created to increase the size, speed, security, interoperability, and use of blockchain. It works with PoS algorithm and supports Ethereum Virtual Machine contract.
Other developments in the network are expected to include Polygon Plasma, zk-Rollups, Optimistic Rollups and Validium Chain. MATIC is the native token used to power the Polygon network. Payment and staking of transaction fees can be done with MATIC. It also functions as a governance token for voting upgrades and policies on the platform. One MATIC token is trading at $2.32 today.
Terra (Luna)
Terra is a Blockchain that supports the creation of stablecoins linked to physical currencies or assets. These stablecoins can be traded and traded on ecosystem or exchange platforms. It was created in 2018 by Terraform Labs using the Cosmos SDK. Tendermint is working on the Delegated-Proof-of-Stake (DPoS) consensus algorithm.
TerraUST, TerraGBY, TerraEUR, TerraJBY, TerraKRW, TerraCNY, and TerraSDR are some of the stablecoins created using Terra. LUNA is its own token to maintain the stability of these stablecoins. LUNA’s total supply is less than a billion. LUNA is used as payment for transaction fees, volatility absorber, betting and management tokens. LUNA, which is 9th in the ranking, is trading at $ 86.74 as of today.
Polkadot (DOT)
Polkadot is a Blockchain of Blockchains created in 2016 and launched in May 2020 by Robert Habermeier, Peter Czaban and Gavin Wood. It aims to solve the blockchain triad – security, scalability and decentralization. Blockchain has two modules: relay-chain and parachain.
Blockchain will also have bridges that allow interoperability with other major blockchains. It is working on a Nominated-Proof-of-Stake (NPoS) consensus mechanism. DOT is the native cryptocurrency and can be traded, staked and used as a governance token. Having reached $54.98 with an ATH in November 2021, the price of DOT is currently $27.83.
Decentraland (MANA)
Decentraland is the first 3D decentralized world fully controlled by its users. Its development was initiated in 2017 by the Decentraland Foundation, founded by Esteban Ordano and Ariel Meilich. It opened to the public in January 2020. A metaverse built on the Ethereum Blockchain. It has two native tokens, LAND and MANA.
The platform supports payments, P2P interaction and interactive apps. MANA is important in executing metaverse operations. It is used to finalize transactions and vote on policy updates, LAND auctions and MANAs, and upgrades to the platform. It is currently trading at $2.97.
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