Winner Ozowara
Analyst
Some years ago, the first-ever cryptocurrency was launched, and since then, it’s been a whole new story in the financial ecosystem. All thanks to a proposal by Satoshi Nakatomo who brought Bitcoin into the limelight, we now have a whole new world of decentralised finance, whose methods of exchange are tokens called cryptocurrencies.
Sometimes called crypto-currency or crypto, cryptocurrency is a digital currency that powers transactions in a decentralised manner while utilising high-level security with cryptography.
Unlike traditional currencies, cryptocurrencies don’t have any central controlling power like a Central Bank. No one controls how you use your digital coins, and every transaction is at the owner’s sole discretion.
When you carry out digital transactions with cryptocurrency, the transactions are recorded in a public ledger to decentralise. These public ledgers are called blockchains.
Your cryptocurrencies get stored in your wallet and can be exchanged anytime you want.
As more and more people are beginning to buy the idea of a full-blown digital currency adoption, we have deemed it necessary to give you well-researched information on the top 5 cryptocurrency projects to invest in.
5 top cryptocurrencies to look out for this week: January 10-16. Source: pixabay.com
HEX
Current price: $0.2
HEX was launched by Richard Heart on December 2, 2019. The project was established to serve as a Certificate of Deposit on the ethereum blockchain.
Built and launched on the ethereum network, HEX aims to improve the functionalities of the ethereum network by leveraging off upcoming Defi projects within the ecosystem.
HEX has its census code and staking organised and maintained within the HEX smart contract, while the Ethereum network powers transactions in the HEX ecosystem.
In the HEX ecosystem, there are ways you can earn passively while stocking up your coin bags. You could stake your coins for a share of the HEX coin insurance. The longer you stake, the better your rewards.
COSMOS
Current Price: $39
Another unique cryptocurrency project to look out for is Cosmos. Cosmos (ATOM) is one of the largest and most popular cryptocurrency projects out there. It drives an ecosystem of blockchains that are built to run interoperability. The team aims to build a system of Blockchains to liaise with each other in a decentralised manner.
Cosmos also gives you the opportunity to stake your tokens and earn passively. The aim of staking is to maintain the network while rewarding users with ATOM.
The main objective of ATOM is to power faster and cheaper decentralised projects, allowing them to function on their own blockchains.
These blockchains will then be interoperable and interconnected via a set of protocols called the Inter-Blockchain Communication protocol, or IBC. ATOM removes the huge technicality in building and blockchain by providing developers with modules that have been prebuilt and are easily adjustable and integrable.
SOLANA
Current Price: $152
Solana is another exciting project you should get your eyes on. Anatoly Yakovenko launched Solana in 2017, and since then, it’s been an exciting experience in the Solana ecosystem. Since its inception till now, Solana has seen over a billion projects adopt its network. The Solana network particularly saw a significant uptrend in non-fungible tokens.
Currently, the Solana Blockchain boasts about 1000 transactions per second, 48 billion transactions in total, an average cost of $0.00025 transactions per second, and over 1000 validator nodes.
After rising to an all-time high of $247, Solana dropped to $152. No doubt, this is the best time to get in. A lower price than this doesn’t seem feasible this year as a number of projects are gearing up for an uptrend.
ALGO
Current Price: $1.5
Launched by Silvio Micali and his excellent team of researchers and technology experts, Algorand is one of the top blockchain networks that seek to revolutionise the cryptocurrency world.
The Algorand team seeks to establish a whole new aspect of permissionless blockchain activity. The group aims to achieve this via open-source software. Thus, the team has given its full support for transparency. The team is seeking to establish an ecosystem where everyone has the opportunity to be involved in the activities of the ecosystem. There is no one Lor organised, and there are no subjects.
Recently, the Algorand ecosystem organised a governance Vote session. With the Governance, you get to stake some of your algo tokens and get rewarded with the power to make decisions on the blockchain. Everyone is allowed to participate, and not a single one is exempted irrespective of age or tribe. The first Governance has been concluded, and a new Governance session has opened in the first quarter of 2022.
There have been many projects emerging in the Algorand ecosystem, and 2022 is going to be a lot better. Having reached an all-time high of $2 in November, the price of Algorand fell to $1.5 following the downward trend of Bitcoin. However, with the growth of the ecosystem, there is no doubt Algo will experience a massive uptrend this year.
KAVA
Current price: $3
The KAVA Chain is another top cryptocurrency project not to reckon without. Built with the KAVA Protocol, the KAVA Chain aims to simplify complex Defi protocols in a bid to make it easy for projects to create their own nodes without any technical limitations. The KAVA protocol is a collection of programming codes and set rules which are merged into the KAVA Chain and help achieve the execution of decentralised finance functions.
The official token of the KAVA Chain is the KAVA token.
Conclusion
There has been a lot said about cryptocurrency in recent years. While many misinterpret cryptocurrency as a get-quick-rich scheme, cryptocurrency is never going to make you a millionaire overnight. Yeah, you could make some cool bucks, but the main gain comes with patience and diligent research.
There are many cryptocurrency projects out there, and so many you might fall in love with if you do proper research. The list is always endless. Meanwhile, be careful and look out for spam tokens too. Spam tokens exist, and you wouldn’t want to throw your money in there. It’s 2022, and it’s another year to be intentional about your investments. I leave you these two popular cryptocurrencies saying: DYOR: Do Your Own Research and WAGMI: We’re all Gonna Make It.
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