January 2018 Cryptocurrencies to Explore – Part 3
Stellar Lumens ($XLM)
Stellar Lumens was developed to make monetary transactions quicker, cheaper, and more reliable than under the current systems. It also aims to connect individuals, institutions, and other payment systems to allow more efficient cross-border payment. In essence, it will work something like a decentralized Paypal, without the need to wait for bank transfers, or the need to deal with currency conversions as the Stellar network will do all currency swaps.
Why I believe in it
Money transfer is a huge need in today’s world, and Stellar Lumens is on-track to provide that service at a fraction of the cost of current banking and online methods. Plus it can do it nearly instantaneously, meaning you could shoot $1000 to your backpacker buddy in Thailand and he will receive it within seconds and in Thai baht. Stellar already has partnerships with IBM and KlickEx for cross-border payments. The coin doubled in December, but is now up almost 400% in the first days of January.
XtraBytes ($XBY)
XtraBytes was developed with security at its core. It is extremely scalable, completely decentralized, and has transaction volume capability that most other blockchain projects can only dream of. The XtraBytes network was designed to be built upon by dApps that can be written in any programming language. In order to accomplish its goals, XtraByte has been built on a revolutionary new consensus algorithm (Zolt), based on the concept of Proof-of-Signature. Zolt ensures a block signature rate of 100% system-wide, which confers an unparalleled level of security. Additional benefits include substantially decreased energy consumption as Zolt does not require a network of miners.
Why I believe in it
The project had been relatively unknown until recently, but with complete decentralization, speed and the capability to process up to 10,000 transactions per second I think XtraByte could already be part of cryptocurrency 2.0. The ability to add modules for anything and in any programming language has led lead developer Zoltan Szabo to say, “We are not creating a coin, we are creating a coin factory.” Investors must have caught on in December as the coin shot up by roughly 2,000%, and since the beginning of the year it has doubled from there, meaning you could have picked up $XBY for $0.017557 on December 1 and today it is worth $0.745073 – turning a $1,000 investment into nearly $42,500 in one month.
Bitcoin Cash ($BCH)
Bitcoin Cash was created by a hardfork of Bitcoin on August 1, 2017 to increase the block size, thus increasing transaction speeds and lowering transactions costs. The fork was successful, and Bitcoin Cash transactions are virtually instantaneous, with fees that are 40-50 times lower than the original Bitcoin. Bitcoin Cash has taken criticism as not being the “real” Bitcoin, but it has also gained some staunch supporters, and this has caused a dramatic increase in the value of Bitcoin Cash since its introduction.
Why I believe in it
Whether or not it is the “real” Bitcoin, it is obvious that people believe in Bitcoin Cash. Plus, I do see it as a superior transactional coin when compared with Bitcoin. Given the strong backing it currently receives, and the adoption by businesses of Bitcoin Cash as a payment method (while some are simultaneously getting rid of support for Bitcoin payments), I think Bitcoin Cash could be a superior “safer” choice in 2018.
STEEM ($STEEM)
STEEM is the currency that powers the STEEM network, a blockchain-based rewards platform for publishers to monetize content and grow community. Originally a user-generated content platform similar to Reddit, it has since grown to include other types of content, such as videos on D.Tube and memes on Dmania.lol just to name a couple. The STEEM network has fast transactions and no fees, and users of the platform are rewarded for posting original content with STEEM and the related Steem Backed Dollars ($SBD).
Why I believe in it
Original content creation and curation could be considered the backbone of the internet. Over the years there have been many attempts to bring creators together to monetize content, but all have been based on an advertising based centralized format. Steemit has changed that, and as word spreads about this revolutionary blockchain-based rewards system I believe content creators will come onboard in droves. While this will dilute the rewards pool, it will also provide support, a floor if you will, for the price of STEEM as demand will increase along with the influx of new users.
That brings part 3 of the January 2018 cryptocurrencies report to a close. I hope it has given you some inspiration to have a look at some new and different coins. I’m planning on continuing these reports throughout the month, as there are literally thousands of coins to explore. Please follow @moneyinfant so you don’t miss out on any of the upcoming reports.
Disclaimer: I am stating my opinions, not giving you financial advice and if you invest in these projects it is your sole and full responsibility. You are investing at your own risk. Always invest only what you can afford to lose and try to diversify your investments. Finally, do your own homework and learn about the project use case, roadmap and team.
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January 2018 Cryptocurrencies to Explore – Part 2
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great post #moneyinfant, there is so much technology out there, I am trying to pick it up and go as fast as possible. the age of technology, right?
It's somewhat overwhelming at times, which is why I've decided to profile 4 coins a day. Helps me narrow things down and helps everyone else learn about coins they might not otherwise encounter. Win-win.