The cryptocurrency market continues to expand with new and innovative coins emerging all the time. In this post, I’ll provide an overview of six cryptocurrencies that are worth keeping an eye on: Pirate Chain, Chainlink, NEO, Tether, Avalanche, and Polygon.
Pirate Chain (ARRR)
Pirate Chain is a privacy-focused cryptocurrency that allows for anonymous transactions. It uses zk-SNARKs cryptography to enable private and censorship-resistant transfers without a trace.
Pirate Chain runs on a Proof-of-Work consensus algorithm and aims to offer the highest level of anonymity possible. The supply is capped at just over 300 million ARRR coins.
Chainlink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. It serves as a bridge between off-chain data sources like APIs and weather data to on-chain smart contracts.
LINK is the native token used to pay node operators who provide this key connectivity service.
Chainlink has become an essential part of the DeFi ecosystem by enabling the development of decentralized finance applications.
NEO is an open-source blockchain platform for building decentralized applications. It uses a unique delegated Byzantine Fault Tolerance (dBFT) consensus mechanism that enables improved throughput and governance compared to Proof-of-Work blockchains.
The NEO network supports common programming languages like C# and Java for writing smart contracts. The platform has two native tokens – NEO for governance and GAS for covering transaction fees.
Tether is a stablecoin pegged to the value of fiat currencies like the US dollar. It falls into the category of fiat-collateralized stablecoins, meaning each USDT token in circulation is backed by $1 held in reserves by Tether Limited.
Tether aims to combine the price stability of fiat currencies with the operational capabilities of blockchain technology. It is designed to act as a stable digital alternative to cash.
Avalanche is a Layer 1 blockchain that can achieve high transaction throughput while maintaining decentralization and security. It uses three interoperable blockchains optimized for different functions. The native AVAX token is used for paying fees, securing the network via staking, and providing a basic unit of account. Avalanche is EVM-compatible and functions as a platform for deploying decentralized finance apps and enterprise blockchain solutions.
Polygon is a Layer 2 scaling solution for Ethereum aimed at providing faster and cheaper transactions while not sacrificing security. It enables building Ethereum-compatible chains and networks with high throughput. Polygon uses a Proof-of-Stake consensus model in which MATIC token holders can validate transactions and secure the network. MATIC has become a key token for scaling Ethereum projects.
Those are six cryptocurrencies covering privacy coins, oracles, scaling solutions, stablecoins, and more that are making an impact in various areas. The crypto ecosystem continues to grow rapidly, so keeping an eye on innovative projects can pay off as adoption increases.