Winner Ozowara
Analyst
No doubt, 2022 brings up a whole ton of opportunities in the cryptocurrency space. Apropos of this, let’s see 5 top cryptocurrency projects to look out for in the first week of 2022.
It’s a wrap for 2021. The cryptocurrency world has experienced some huge ups and some terrible downs. From Bitcoin moving to an all-time high of about $67,000 in November to falling back to $47,000 in December, a lot of drama has unraveled in the cryptocurrency world. Just last week, we saw Algo get a recent boost rising to $1.7 from $1.4. So many individuals have tied this to the current governance voting period, which is currently running on the Algorand Blockchain and will end soon. The Governance voting allows you to stake your Algo in Governance, and in return, you get rewards and a portion of the voting power in the Algorand system.
The Algorand Blockchain has seen an upsurge in use this past week as more projects continue to spring up in the popular blockchain.
ALGO
Current Price: $1.7
Algorand is a blockchain network that seeks to establish, through open-source software, an open and permissionless blockchain, no forking, no uncertainty! The Algorand team has a unique goal. The goal of the team is to provide a unique decentralised ecosystem that gives everyone an opportunity to utilise the powers of a fully decentralised financial ecosystem.
The Algorand team is led by Turing Award Winner, Silvio Micalli who is well versed in research and cryptography.
Halfway through 2021, till December saw an upsurge in the number of projects built using the Algorand Blockchain. Amazing projects such as Yieldly, Headline, AlgoGems, Algonuts, Choice Coin, and a host of other tokens have seen amazing growth under the Algorand Blockchain.
Following Bitcoin’s fall, Algo fell from $2 to $1.3. However, in the past week, Algo has increased from $1.3 to $1.7. Just the start of something new. 2022 promises to be amazing for this excellent Blockchain platform, and you wouldn’t want to miss it.
SOLANA
Current Price: $172
Another promising cryptocurrency project to look out for is Solana. Just like Algorand, Solana itself is a Blockchain of its own. 2021 saw the Solana Blockchain grow to over a million users. A lot of NFT and cryptocurrency projects have sprung up from the Solana Blockchain. Cryptocurrency pundits have it that the Solana blockchain created the breakthrough for NFTs.
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.
Solana rose to an all-time high of $247 in November before going down to its current price following the Bitcoin dip.
As the Solana Blockchain continues to get popular among cryptocurrency enthusiasts, a whole new world of Blockchain and cryptography is beginning to emerge. No doubt, Solana will experience massive adoption in 2022.
If you’re getting in, this has to be the best time.
WAVES
Current price $15.61
Waves is another exciting cryptocurrency project that has a lot of potential going into the new year.
Since its launch in 2016, Waves has grown to be a globally recognized decentralised platform. Waves operate based on a proof-of-stake mechanism. By aiming to open a whole new world of Blockchain, Waves seeks to be the best platform for decentralised applications, not just any application, but scalable, user-friendly applications.
The Waves technology stack can be applied to any use case which involves decentralisation and security. Generally, anything that has to do with decentralised finance, personal identification, data protection, gaming, decentralised applications, and much more.
Currently, Waves sits at the 94th position in the cryptocurrency global ranking. About $2.0 billion are locked in Defi. Waves boast about 35.4k daily transactions and about 248 million transactions in total. Average cost per transaction is $0.015. Circulating supply is 107m and tokens staked is about 78%.
KAVA
Current price: $4
If you’re in for the crypto biz in 2022, then Kava is undoubtedly one to look out for. Kava Chain is a blockchain network built with Cosmos SDK. This implies that Waves is similar in usage case and technology to other blockchains in the Cosmos ecosystem, and is built to be interoperable between various chains.
The Kava Chain works via the Kava Protocol. The Kava Protocol is a set of programming rules which is integrated into the Kava Chain that enables complex Defi functions to be executed.
The KAVA token is the official asset of the Kava Chain. Kava token serves as a security for Kava Chain. It is used as a store of value for the Kava Chain and as a reward for minting USDX on the KAVA app.
ENS
Current price: $39
Another exciting cryptocurrency project to get your eyes on is the Ethereum Name Service (ENS). The Ethereum Name Service is a decentralised and extensible naming system built on the Ethereum blockchain. The main aim of ENS is to integrate human-readable names such as ‘moses.eth’ to identifiers which machines can easily read, such as metadata, wallet addresses, and decentralised hashes.
ENS is similar to DNS in many ways. They have the same operations and share the same goals. Like DNS, ENS bases its operation on a system of domains (which are dot-separated hierarchical names). Like DNS, the owner of the domains has total control over their domains and subdomains. But unlike DNS, ENS has a different technological build.
Conclusion
In summary, the cryptocurrency world is dynamic. It changes every day, and you should flow with the dynamics. You need to stay in tune with the changing trends in this space. There are various tools to keep you updated in the cryptocurrency world. Some of these are Coingecko, Coinmarketcap, Reddit, and Twitter. These tools can keep you updated with new projects added to the crypto space and the price alerts of various projects.
As you step into the new year, make it a thing to keep up with the latest trends in the crypto space. As said earlier, the opportunities offered by Blockchain technology are endless. Do your research, and you can be the next billionaire.
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