As Evai moves closer to the launch of its crypto rating system, “the Bridge,” Evai founder and CEO Matt Dixon shares some his thoughts on the most innovative crypto projects on the market. Whether it be due to the use case, problem-solving, or simply decent qualitative and quantitative characteristics, here’s the Evai founder’s crypto watchlist.
Overexposure, however, can present a significant concentration risk. As they say, too much of anything can be a bad thing.
A decentralised smart contract platform pegged as the backbone of the internet 2.0. The Ethereum network powers a host of decentralised apps and nearly the entire decentralised finance (DeFi) sector, but suffers severe congestion and, as a result, can be prohibitively expensive.
Upgrades in the pipeline may or may not solve problems, but the proof-of-stake (PoS) mechanism being rolled out should control costs, eventually.
Led by one of the creators of Ethereum, Cardano also centres around smart contracts, particularly on improving them and making them much more secure. Cardano also addresses the scalability issues inherent in proof-of-work (PoW) blockchains by harnessing PoS from the get-go. In doing so, it has driven decentralisation further than most public blockchains.
A coin that sets itself apart from the rest, concentrating less on blockchain and more on the internet of things—an interconnected web of smart technology.
The protocol itself is built upon Tangle, a network of distributed nodes that feelessly process transactions. Tangle’s big advantage is that there are no miners, a significant factor in scaling and controlling cost, particularly with the kinds of congestion experienced on the Ethereum network.
The silver to bitcoin’s gold. Litecoin was born from a fork of the pioneering cryptocurrency but was built to be much more agile than bitcoin—with a block time of around 2.5 minutes compared to bitcoin’s 10 minuite average.
Its speediness is thanks to a more efficient PoW consensus algorithm, providing Litecoin much faster transaction confirmation times.
XMR Allows anonymous transfers, unlike Bitcoin, which is more akin to pseudonymity rather than full anonymity and therefore more easily traced. Monero, in contrast, is designed to be completely anonymous.
To achieve anonymity, Monero leans on three principal technologies: Ring signature, which obscures the transaction signer; ring confidential transactions, which hide the value of the transactions; and stealth addresses, which change with every transaction.
Stellar Lumens (XLM)
Originally based on Ripple protocol, Stellar is a payment platform focused on use within enterprise and traditional financial institutions to speed up the rate of monetary transfers.
XLM is only semi-decentralized but extremely speedy, with confirmation times of 2-5 seconds and the ability to process up to 1,000 transactions per second.
Compound Finance (COMP)
The DeFi sector has been one of the most talked-about and fastest-growing areas of cryptocurrency this year. COMP is listed on many of the top exchanges and was one of the first yield farming tokens and therefore has a bit more track record. Over $1.6 billion in assets are currently locked into COMP.
Binance Coin (BNB)
The utility token of a burgeoning ecosystem, used primarily to pay for exchange fees. Binance has gone from strength to strength since its launch in 2017, becoming one of the biggest cryptocurrency exchanges in the world.
The exchange-cum-blockchain ecosystem now has its eyes on creating its own DeFi sector and its own range of dapps, not unlike Ethereum. BNB will likely be used to fuel the sector similarly to how Ether is used as gas.
A bit of cheeky inclusion, but we couldn’t leave it out. Independent, unbiased ratings developed by leading economic research analysts. The ability to classify and rate all cryptos renders a universal and critical use case. Watch this space.
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Evai aims to establish the world’s first independent ratings service for evaluating the true worth of cryptocurrencies. The platform combines economic research, machine learning, and AI to pioneer a new approach to crypto ratings.
Disclaimer: Opinions expressed in this article do not constitute investment advice from Evai