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6 Altcoin Holdings To Keep On Your Radar

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EDITOR'S NOTE: “Altcoin,” which is short for alternative coins — basically any crypto outside of Bitcoin — provide investors with new options to profit in the crypto space. Coinmonks, a non-profit Crypto educational publication, lists six different altcoins they are looking at to store long-term value as inflation eats away at people’s savings and everyone is looking at value stores (like gold) to get through these tough economic times. Coinmonks have different reasons for each, but the six they are holding right now are VeChain, Solana, Matic, Algorand, AAVE, and Polkadot. 

Here is My 6 Altcoin which I will be holding for long time.

VeChain

1. When And Who Founded?

VET started its work in 2015 but was launched in 2016. One of the developers and co-founders of the project is Sunny Lu, the IT executive and CIO of Louis Vouitton China, and the other is Jay Zhang, a finance and risk expert at Deloitte.

2. VET infrastructure

VET is built on the open blockchain-based VeChain network.

3. What does it promise to its users?

VET is a network in which services such as procurement, retail, logistics are integrated with blockchain technology.

It is a BaaS-oriented service promising platform that covers infrastructure, custody and payment services for institutions and business world.

4. VET mining?

VET is not a mining cryptocurrency. It has a staking feature.

5. Total supply, lowest price, and highest price.

altcoin chart

Photo: Medium

VET saw its lowest price so far at $0.1484 on March 13, 2020, and the highest price on April 17, 2021, with $2.46. The total supply of the cryptocurrency, whose circulating supply is 64,315,576,989 VET, is 86,712,634,466 VET.

Solana

1. When And Who Founded?

Work on the Solana project was initiated in 2017 by the Geneva-based Solana Foundation, Switzerland.

The names at the beginning of the project are Anatoly Yakovenko and Greg Fitzgerald. It was officially opened in March 2020, and SOL was launched.

2. SOL’s infrastructure

SOL is a De-Fi-based project.

3. What does it promise to its users?

SOL was established to develop the DApp, that is, the central application in the De-Fi ecosystem. It has an innovative approach that combines Proof of Stake and Proof of History algorithms.

In this way, it increases the scalability and usability factors in the ecosystem. It also promises low transaction fees.

4. SOL mining?

SOL is a mined cryptocurrency.

5. Total supply, lowest price, and highest price

altcoin chart

Photo: Medium

SOL saw its lowest price so far at $0.5052 on May 11, 2020, and the highest price on September 9, 2021, with $214.96. The total supply of the cryptocurrency, whose circulating supply is 292,839,861 SOL, is 503,684,489 SOL.

Matic

1. When And Who Founded?

Polygon, formerly MATIC, was created by a team of contributors to the Ethereum blockchain network and was launched in October 2017. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun are the founding leaders of the Polygon team.

2. MATIC’s infrastructure

MATIC is a platform with Ethereum infrastructure. It has a plasma framework developed for the scalable and autonomous management of smart contracts.

In addition,It has a mechanism that aims to improve the order built on Proof of Stake and Plasma.

3. What does it promise to its users?

MATIC is a platform described as a “layer 2 scaling solution” in the Ethereum ecosystem.

Innovations such as scaling to a larger ecosystem, shortening the block approval time of on-chain transactions, and hosting an unlimited number of decentralized applications have brought innovations to the Ethereum network.

4. Is MATIC mining?

MATIC is not a mined coin.

5. Total supply, lowest price, and highest price

altcoin chart

Photo: Medium

MATIC saw its highest price on May 18, 2021, with $2.68, and its lowest price on May 9, 2019, with $0.003012. The total supply of money, whose circulating supply is 6,303,422,325 MATIC, is 10,000,000,000 MATIC.

Algorand

  1. When And Who Founded?

Algorand is a project created by the Algorand Foundation team, founded under the leadership of Silvio Micali.

The cryptocurrency of this Singapore-based project was launched in June 2019.

2. ALGO’s infrastructure

ALGO has similar features to Ethereum. However, it differs from it with one distinctive feature: It works with an infrastructure called Pure Proof of Stake.

Mining is done with the Pure Proof of Stake method, an improved version of proof of stake, which requires less energy than other blockchain networks.

3. What does it promise to its users?

In addition to its scalable, secure, and decentralized structure, ALGO; aims to provide a solution to the transactional integrity problem experienced in other blockchains.

Before branches occur in the block network, transactions are quickly identified, and all problems are resolved. With this solution, Algorand contributes to the overall blockchain technology.

4. Is ALGO mining done?

ALGO is a mined cryptocurrency.

5. Total supply, lowest price, and highest price

altcoin chart

Photo: Medium

ALGO saw its lowest price so far with $0.1024 on March 13, 2020; It saw its highest price on June 21, 2019, with $3.28. The total supply of the cryptocurrency, whose circulating supply is 3,069,027,345 ALGOs, is 5,551,208,340 ALGOs.

The cryptocurrency of Aave, a decentralized finance (DeFi) project, also bears the same name.

AAVE

It was created in 2017 by Stani Kulichov. The name of the token, which was previously LEND, was later changed to Aave. Aave means “ghost” in Finnish.

2. Aave’s infrastructure

Aave has an open-source infrastructure based on ERC-20 on the Ethereum blockchain. Like all DeFi projects; It works without the need for an intermediary, supported by smart contracts and protocols.

3. What does it promise to its users?

Aave is the enhanced version of the project created to issue Ether loans on the Ethereum blockchain. It provides the necessary infrastructure for transactions such as borrowing and lending in all ERC-20-based cryptocurrencies.

Lenders put their digital assets in specially created liquidity pools and earn interest; There is a system in question in which borrowers pledge their assets as collateral in return for using this liquidity.

4. Is Aave mining done?

Aave is not a mined cryptocurrency. Instead, it is supplied by system developers at certain intervals.

5. Total supply with lowest price and highest price

altcoin chart

Photo: Medium

While Aave saw its highest price on May 18, 2021, with $ 632.12; It saw its lowest price on November 5, 2020, with $ 25.97. The circulating supply of the cryptocurrency, whose total supply is 16.000.000 AAVE, is 12,368,893 Aave.

Polkadot

1) When and by whom was it founded?

It was created by the Web3 Foundation, a Swiss-based foundation, and took its place in the markets on August 19, 2020.

2) Polkadot’s infrastructure

Polkadot uses a consensus mechanism called Nominated Proof of Stake (NPoS).

To take part in the validation activity and take consensus roles in Polkadot, it is necessary to “stack” the “governance token” called DOT. This situation, which is constant in all “proof of stake” consensus mechanisms, is a method used to ensure the network’s security based on game theory.

Polkadot works in a three-layer structure. First, the “Relay chain,” which organizes security, consensus, and cross-chain communication, is known as the heart of Polkadot. “Relay chain” is the main layer of the Polkadot network that organizes security, consensus, and communication of chains.

“Parachain,” which represents chains operating in parallel, and “Bridge,” which connects with other blockchains, and the other two layers that work together with the “Relay chain.” With “Parachain,” different projects in many chains working in parallel with each other have the opportunity to perform their transactions on their chains.

“This component is at the core of Polkadot’s promise of high scaling. Bridge” is the component of Polkadot that allows it to interact with other blockchains such as Bitcoin, Ethereum, Tezos. It is thanks to these three layers that the Polkadot network has a functional infrastructure.

Polkadot aims to ensure the sustainability of the system with four types of consensus roles. These roles, called validator, nominator, collator, and fisherman, essentially begin with “staking” the DOT.

Then, each undertakes the functions of validating, securing the network, collecting transactions from shards, and eliminating validators that harm the system’s function.

3) What does it promise to its users?

Polkadot can host many blockchain projects at the same time with its technical features; leverage developers from a fast, scalable, and secure network; It aims to be able to run different projects working in parallel chains together.

Furthermore, it allows bringing together the structures of different blockchains that work independently and are unaware of each other in their own world. With these features, Polkadot aims to offer a highly interoperable alternative for both internal and external actors.

4) Is Polkadot mining?

Polkadot is not a mined cryptocurrency.

5) Total supply with lowest price and highest price

altcoin chart

Photo: Medium

Polkadot’s historical low was $2.69 on August 20, 2020; the highest value was observed on May 14, 2021, at $ 47.95. The circulating supply of the cryptocurrency, whose total supply is 1,020,546.682 DOT, is 886,523,575 DOT.

Originally posted on Medium by Coinmonks.

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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