Five blockchain projects growing amid falling national currencies
News channels are full of negativity in relation to national currencies. At the same time, non-blockchain-based currencies continue to grow. The course of some of them has increased by more than 1200% over the past year. To make it easier to imagine the scale of the changes - imagine that silver would reach $ 180 per ounce. There are hundreds of blockchain currencies with strange names and, in principle, everyone can create their own copy of Bitcoin in half a day. How to recognize truly unique and promising projects from a variety of useless and fraudulent? This article will tell about promising cryptocurrencies that stand out against the background of Bitcoin and its copies.
Each of the five projects listed below has something unique that the well-known Bitcoin does not have, which could consider introducing some of their properties that distinguish the 2nd and 3rd generations of cryptocurrencies against the backdrop of the many cryptocurrencies announced on the website www .coinmarketcap.com
Projects are described in decreasing order of their market capitalization.
Ethereum (Ethereum) ethereum.org
This open source blockchain acts as the foundation for other blockchains using their own digital tokens as a functional add-in of a higher level. Ethereum can be compared to the Internet as a foundation platform, on top of which e-mail, voice file transfer and many other functions that use the Internet as a basis are built on. Thus, Ethereum has a cardinally different functionality from Bitcoin and therefore is not considered as its competitor. Ethereum, rather, organically complements Bitcoin, expanding the functionality of the cryptocurrency ecosystem.
Ethereum is unique in that it is primarily intended to act as the “fuel” used in smart contracts that operate without human intervention and can be executed when the programmed conditions have been met. After that, a certain value can be transferred through the network to the recipient. It is a holistic programming language that embodies many of the original ideas of Bitcoin creator Satoshi Nakamoto.
It is important to note that the appearance of Ethereum inspired the enthusiasm of developers and the whole world of cryptocurrencies, creating the necessary network effect, important for the survival and prosperity of the system. It turned out that a new type of computer world was created in which decentralized applications can work autonomously. Imagine a corporation without a board of directors, a CEO, or even without a physical location. Whose laws will govern such a system, if it exists only in the “cloud”, like a bittorrent network? Owners of applications can determine the terms of contracts - this is essentially what ordinary companies do, which makes them self-sufficient. Ethereum attracts users with the ability to use the blockchain to conclude agreements and futures transactions, the terms of which can change in a complex way.
DAS : (DASH) www. dash.org
DASH is digital cash with enhanced confidentiality and anonymity. A key advantage of Bitcoin was a reliable decentralized system for exchanging value between people who had every reason to not trust each other.
This is the nature of the Dark (Darknet) markets. The infamous Silk Road was closed by US authorities for the sale of drugs, fake passports and other illegal goods. The people who used this system in many countries obviously worked outside the law - we can safely assume that most users of this system were criminals. How can two criminals who have every reason to distrust each other reliably complete a transaction over the Internet? Here was the primary “killer” application for Bitcoin (although the actual cases of payment for contract killings through this trading platform are not known). Unfortunately, flashy headlines in the press of those years captured the attention and imagination of the public in such a way that crime and cryptocurrencies are still closely associated with each other. All have forgotten", that criminals were also the first users of mobile communications, pagers, radio communications, cars, email and all other advanced technologies. It seems that the police are always in the role of catching up. Today, with a high degree of probability, we can say that any Bitcoin transaction can be tracked, and several criminals from Darknet have already experienced this in their own hard way. So the apparent privacy of Bitcoin quickly disappears when the authorities really need to find someone. and several Darknet criminals have already experienced this in their own skin. So the apparent privacy of Bitcoin quickly disappears when the authorities really need to find someone. and several Darknet criminals have already experienced this in their own skin. So the apparent privacy of Bitcoin quickly disappears when the authorities really need to find someone.
DASH brings us back to those early days of pristine cash-based privacy. Cash, like any instrument, has no morality in itself - it cannot be “bad” or “good”. It is simply a means to convey value. And it is only natural that people want to keep their finances confidential. Laws in different countries can be very different, and trying to buy a Bible in North Korea could end up in jail ... or something worse ...
DAS provides anonymization of transactions at the network protocol level, which allows you to save the uncertainty of the source and recipient of money transfers. And if governments made claims even in relation to Bitcoin, then they definitely won’t like the possibilities of DASH ... This functionality is quite interesting, and most importantly - in demand in the modern world of total surveillance. In addition, DAS implements a mechanism for instant confirmation of transactions, as well as a unique model of management and self-financing - Bitcoin has a lot to learn here.
Meydseyfkoyn (Maidsafecoin) maidsafe.net
Maidsafecoin probably represents the beginning of a distributed economy of the “blockchain era” - it is AirBnB and Uber of a distributed Internet economy. The participants in this network are encouraged to provide computing power and storage services in a decentralized system, and payment within the system is made in tokens of the same system. User benefit lies in the infrastructure for uncensored applications and websites. They maintain confidentiality, instead of treating users like goods for advertisers and agencies that track every click, like regular sites.
The purpose of the tokens used in the system is to pay for the community’s efforts to provide confidentiality and protection from surveillance of personal data, from the actions of the powerful who continue to restrict freedom of speech, and from self-proclaimed censors. The network is still in the process of formation and is managed by a centralized company. The plans are to create a worldwide decentralized network for applications and communications, operating on the principles of bittorrent.
Bitshares : bitshares.org
Bitshares positions itself as a 3rd generation blockchain.
Its tokens can be used as evidence of ownership of objects. Even property in the physical world can be associated with these tokens for its recognition and identification. This allows you to trade and track the change of ownership in a decentralized network. Bitshares also operates as a decentralized marketplace for the exchange of property. At the same time, their current price can be fixed by expressing it in more stable units, such as dollar or gold.
It is argued that bidding can be conducted on a global scale. Bitshares could very well become a kind of next-generation e-commerce platform for any kind of facility.
Fact (Factom) factom.org
Who should act as the arbiter of a smart contract that determines the “true” fulfillment of the conditions and the correct execution of the contract? Factom can act as an “oracle” of truth. The system can fix the state of ownership or any other evidence of the state of affairs at a certain time - independently and invariably. Work is underway on an open interface to ensure Factom compatibility with other blockchains so that they can use this service to check the status of the “truth”. “Truth” is forever hashed in the blockchain and can be reliably verified at any time. The network has its own token-coin, which is used to pay for internal recording operations and subsequent verification of “truth” states, which are in demand in relations between parties that do not want to rely on anyone.
The fact may become “Google” of the next generation, and the word itself can turn into a common name - to indicate a reliable verification of any records. Perhaps in the future we will hear something like: “Have you already made a fact of it?” :)
There are probably other developing blockchain projects, the technology of which can reach the stage of widespread use and rise above the ocean of “junk” and fraudulent blockchain projects . The search for promising cryptocurrencies today has become a modern kind of “treasure hunt”. It’s always good to have some kind of guidebook in this difficult mission, and here is one of them.
(For fans of “minus”, I remind you that I am not the author, the article is translated. I will be grateful for the support of the efforts to translate into Russian. Thank you!)