Follow On Google News

Which altcoins can actually be 1000x in the next 10 years?

05 May 2022 By : Divya Behl
Southeast Asia’s Lar


There are many Altcoins to look for to see the prospects of the next ten years, looking up to the next generation coin in the revolution of a utility token that is primarily used to trade and pay fees on the company's cryptocurrency exchange. When trading on the platform, the token holder utilizes it as a form of payment at a reduced rate.

Investing in these altcoins will be profitable. The price of cryptocurrencies was fantastic, the bulls are not eternal. Nonetheless, we couldn't deny the reality that more institutions and ordinary traders are getting on the cryptocurrency bandwagon. In reality, the emergence of decentralized finance (Defi) and the application of smart contracts are responsible for some of the value of cryptocurrencies.

1)    Binance Coin-BNB is a utility token primarily used to trade and pay fees on its cryptocurrency exchange. The token holder uses it as a form of payment at a discounted rate when trading on the platform. Although BNB was initially launched as an ERC-20token but was then launched on the main net using the Proof-of-Stake consensus algorithm. The max supply for BNB is capped at 170,532,785. However, BNB has entered its 15th time of coin“burn” where the token is permanently removed from circulation to slow down the inflation rates referring to the process of permanently removing a crypto token from circulation.

 With the advent of cryptocurrency exchanges, BNB is expected to become increasingly popular in the next years. It is being accepted by a rising number of merchants, and this number is expected to grow even more in the coming years. With lower gas rates than the Ethereum blockchain, the Binance Smart Chain is considered an alternate outlet for Defi project development.

2)    Cardano-Cardano, which was launched in September 2017 by Charles Hoskinson, provides a platform for DApps and smart contracts as well as significant technological advancements over Ethereum and other blockchains. Cardano is yet another DApps-creation platform with its own currency, ADA. It focuses on three of the most serious concerns confronting first and second-generation blockchain projects: scalability, interoperability, and sustainability.

Cardano is one of the most well-known blockchains that has successfully implemented a Proof-of-Stake consensus method. Cardano held a Shelley upgrade in 2020, making its blockchain 50 to 100times more decentralized than other big blockchains. These projections at the time would open the way for hundreds of assets to run on its network.

3)    Chainlink-Chainlinkcollaborates on a wide range of initiatives, but its oracle network is at the center of most of the recent buzz. Consequently, the cryptocurrency Chainlink's initiative is well-positioned to meet the continuous Defi demand increases. Chainlinkjust became the oracle supplier for significant emerging blue-chip Defi plays like Synthetix and Aave. Through hybrid smart contracts that provide simple access to off-chain data, the Chainlink 2.0 updates will address further security and scalability challenges.

4)    Ethereum-The blockchain is Ethereum, and the token is Ether (ETH). Although Ether was the first cryptocurrency to include smart contracts, its major focus is on executing the computer code of any decentralized apps (DApps). WithEthereum 2.0 on the verge of being released, as well as the imminent EIP-1559protocol release, only time will tell how swiftly Ether's value will rise. Furthermore, the well-recognized Ethereum standard for utility tokens, ERC-20, has become the most favored among firms wanting to conduct Initial coin offerings (ICOs).

5)    Litecoin (LTC)-Litecoin is one of the oldest altcoins but yet still one of the top ones. It was created in 2011 by an ex-Google employee, Charlie Lee. Like Bitcoin, Litecoin is just another peer-to-peer digital asset. Despite the similarities, especially the core code, Litecoin distinguishes itself from the little to near-zero payments worldwide and its fully decentralized network features. Ultimately, Litecoin aims to overcome Bitcoin’s shortcomings, primarily its slow transaction speed.

Litecoin has received a lot of attention from crypto aficionados after multiple development upgrades, including the Segregated Witness (SegWit) protocol upgrade and the lightning Network. However, its founder, Charlie Lee, allegedly informed frankly Richards, the head of the Litecoin Foundation, in 2018, that "no one is interested in working on Litecoin protocol development work."

As many financial institutions jump into the crypto world and blockchain technology, cryptocurrencies, in general, can be seen to be an alternative to traditional fiat currencies. That could only mean the future is bright for these digital assets. But the sustainability is still down to the network participants and how investors perceive the ideas of these digital financial products.

 

As more financial institutions enter the crypto realm and blockchain technology, cryptocurrencies generally can be viewed as a viable alternative to traditional fiat currencies. That can only suggest that these digital assets have a promising future. However, the long-term viability of these digital financial products is still dependent on network members and how investors view the concepts of these digital financial products.

Disclaimer

Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.


WHAT'S YOUR OPINION?