As we entered the new decade, there were an estimated 5,000 altcoins in existence. The fact that we can only estimate speaks volumes about the chaotic nature of the altcoin market. Some – probably most – of these will fall by the wayside and fade off into history.
Others, however, have the potential to do more than cling on to the coattails of Bitcoin, and to actually take cryptocurrency to the next level of evolution. After all, it’s not always the pioneer that has long term success – some say Bitcoin will be remembered as the crypto equivalent of MySpace. The trick is to identify the potential Facebook.
You don’t need to be a master crypto analyst to notice the potential in Ethereum. The opening weeks of 2020 saw Ethereum’s price skyrocket by an incredible 120 percent from $126 to more than $280. Of course, that’s great news for the traders using Crypto Engine and the like who bought at the end of last year, provided they listen to the bots and sell at the right time. But there is more going on with Ethereum than quick short term financial gains, nice though they are.
In some respects, Ethereum has already established itself as the conceptual successor to Bitcoin. It’s moved crypto into the age of smart contracts, and offers more flexibility when it comes to mining and scalability. Also, it benefits from a talented team at the helm, meaning it is well placed to continue that development.
Scaling is a constant concern in the crypto space, and even Vitalik Buterin acknowledges that he doesn’t have the answer yet. Zilliqa, on the other hand, might be the coin that takes crypto on to yet another level beyond Ethereum’’s scope. The platform uses a process called active sharding, which means, at least theoretically, that there is no limit on the number of transactions it can process.
At present, the platform is being held back by slow transaction speeds, but as soon as it can iron out these problems, it is certain to get wider attention.
Here’s an altcoin that has largely flown under the radar in the crypto press. VeChain provides blockchain solutions within the supply chain industry. Essentially, it is leveraging the increasing adoption of blockchain as part of enterprise infrastructure.
VeChain is at an early stage, but has caught the attention of big businesses, especially in China. Blockchain’s continued adoption as an enterprise ecosystem seems a certainty, and VeChain is there on the ground floor.
Tron caused quite a stir in the latter part of 2019, thanks to its lofty third web aspirations and its connection with a certain well-known adult entertainment website. But let’s step back from the hype and look at the facts. Tron is a decentralized platform that’s based on blockchain and used for sharing and distributing entertainment content. It’s conceptually no different to any social media platform, except content creators get transparently rewarded with Tron currency.
The platform has captured the attention of significant players across diverse sectors, ranging from online casinos to bicycle sharing apps, and seems set to grow in profile and significance.