3 Cryptocurrencies to Watch Out For
Most traders are familiar with Bitcoin and Ethereum — but did you know the crypto-verse today has over 22,000 coins? Most of these cryptocurrencies barely make it to the media, which has resulted in many people not having faith in them and coining the NGMI meaning for such crypto assets. However, these no-names have long-term potential, despite their lack of popularity.
1. Filecoin (FIL)
Filecoin is a decentralized platform built on the InterPlanetary File System (IPFS) to ensure the integrity of stored data. Filecoin's decentralized storage differs from Cloudflare or Amazon Web Services because it gives you access, control, and supervision rights over the stored data.
Filecoin Main Features
Some of Filecoin's main features include:
- Decentralized Storage. Filecoin's main functionality is decentralized file-sharing and storage. It presents a more convenient (and secure) alternative to centralized digital storage. Users here determine the prices and contract terms for the sale of their storage spaces.
- IPFS Integration. IPFS is the technology underlying Filecoin. It is an open-source and free-to-use integration that doesn’t imply incentives. This means that Filecoin takes on the incentive function, rewarding users through its native FIL token.
- Proof-of-Replication. On the Filecoin network, miners verify their reliability through proofs. One such system is the Proof of Replication, which verifies that a storage miner has the content they claim to be storing.
- Proof-of-Space-Time. This is another proving system, which is a mechanism used to validate continuous storage provision by storage providers. The providers are incentivized to answer a PoSt challenge by receiving block rewards.
2. Theta (THETA)
Theta is a next-gen entertainment-focused blockchain. It allows users to trade bandwidth and video processing resources. The project aims to upgrade the video streaming industry by making quality streams cheaper and more affordable for the majority of users.
Theta’s native token is called THETA and is used for governance rights among the token holders.
The price of THETA is $1.08, while its market capitalization is $1.1 billion.
Key Features of Theta
THETA’s key underlying features driving up its adoption are:
- Decentralized Video Delivery. Theta Labs is leveraging blockchain technology to redefine streaming and distribution of video content. With this network, decentralization makes the cost of video content delivery affordable. This unique feature positions Theta as a transformative force in the media and entertainment sector, setting it apart from other networks.
- Theta Fuel (TFUEL). TFUEL token is the native token of the Theta network, which powers the ecosystem by facilitating payments for video streams and gas fees for DApps and supporting smart contracts.
- Guardian/Edge/Validator Nodes. Guardian and Validator nodes play unique roles on the Theta Blockchain. The latter proposes and creates new blocks, whereas the former seals the blocks while checking for malicious Validator nodes.
- Smart Contracts. Theta Network is compatible with the Ethereum blockchain and launched smart contracts on its platform. Adding smart contracts to Theta allows video platforms integrating this network to access more tools to develop and implement their business models.
3. Polkadot (DOT)
Polkadot is a blockchain ecosystem specializing in scalability and interoperability by connecting blockchains to facilitate cheaper and faster transactions.
Polkadot is a relay chain for consensus and cross-chain communication with layer-one blockchains on top of it. This architecture enables easy transfer of crypto assets between blockchains, thus providing a faultless user experience.
Polkadot Features
The main features of the Polkadot blockchain include:
- Multi-Chain Architecture consists of parachains and relay chains that facilitate cross-chain registries and building Web3 apps on the network mainnet.
- Bridges ensure that parachains and parathreads can interact with external blockchains.
- Nominated Proof-of-Stake (NPoS) is a unique mechanism that enables greater decentralization within the network. This protocol also ensures fair representation by equally distributing stakes so that token holders can participate in staking and even out interests.
The Potential of Overlooked Cryptos
There's a lot of hype in the crypto market, especially for Bitcoin, Ethereum, or any other top-rated cryptocurrency assets. However, underlooked projects such as Filecoin, Theta, and Polkadot could play a large role in the future of cryptocurrency.
Filecoin, Theta, and Polkadot seem to be tapping into a neglected or underserved niche. Their key features have the potential to drive up massive adoption.
