With bitcoin and other major crypto currencies having reached literally millions of percent in gains. it
s no secret that we wont see those gains again. Instead, to see gains of thousands of percent we have to look at newer smaller crypto currencies. The crypto giants such as Bitcoin Etherium and Litecoin remain good investments, however diversifying into the smaller cryptos out there could prove advantageous.
I will give us a rundown of crypto currencies to watch in the future.
But before I do that allow me to explain briefly what a “smart contract” is. As the smaller crypto currencies will be used mainly in the smart contact industry. Which will become a huge industry as the block chain revolution unfolds. A smart contract is a self-executing digital contact that reduces the need for lawyers and litigation. The Smart contract industry is still in its infancy stage and is currently dominated by the Etherium block chain and currency. Here I give an example of how a smart contract can be used.
Suppose you want to sell your car and you find a buyer in Nigeria and the buyer and seller agree on price. The buyer wants the car shipped prior to payment as he is concerned that the vehicle does not get delivered, should he pay up front. You the seller are left with the question “What if I ship the vehicle and payment is never received. Now, there is a lack of trust by both parties. This is where the smart contract comes in. A digital contract then is written up between buyer and seller. The buyer pays the money into the smart contract. The seller then ships the vehicle while the money remains tied up in the smart contract. When the buyer receives the vehicle, funds are then released to the seller via the smart contract.
Here is a rundown of the highest potential crypto currencies we should watch.
Similar in platform design to Etherium with many of the advantages of Etherium, Neo it is a good contender for being the currency of the future Smart contact industry. The problem with Etherium, is that Etherium is not compliant with Chinese regulations. As it stands at the moment Etherium won`t be accepted in china. NEO on other hand has been working with the Chinese government and is very much compliant with the Chinese regulations. Therefore NEO could be the currency most used for smart contracts that involve china.
The ontology crypto currency is written on a platform which is unique. The ontology platform is able to perform a transaction on a private block chain and only share parts of the transaction on a public block chain. This brings smart contracts closer to being self-executing. Using the above example of a car to be sold in Nigeria. In most cases the buyer would notify the smart contract that product has been received in order for funds to release. But in the case of a smart contract on the ontology network a smart contract can check on the Nigerian police data base to see if the port authorities have registered the vehicle thus proving its arrival in Nigeria. And now the smart contract can self-execute. However for this to be possible the police data base to do with vehicle ownership must be available in the block chain. Baring in mind certain particulars such as the residential addresses of vehicle owners can`t be public information and must be kept confidential. On the Ontology network it is possible to store confidential information on a private block chain and other information on a public block chain, thus making smart contacts more automated. The more automated a smart contract is, the less the need for human trust. Which is the purpose of smart contracts.
I found this video on youtube: What is Ontology? Breaking Down The Tech | Will $ONT Keep Mooning?
The Walton aims to integrate blockchain with the internet of things. Physical products can have RFID chips attached to them. These chips give a signal which can then be scanned and tracked. These chips can also be used to authenticate merchandise on the block chain. Thus giving consumers the ability to detect fraudulent counterfeit products. Companies will find these block chain records useful as it gives them a history of product movement and costs and trends and the like. The Waltonchain coin will be used in smart contracts that relate to objects that have a RFID chip that is recorded on the Waltonchain block chain. As there is a limited amount of these coins there value should multiply as the use for them grows.
I found this video on YouTube: WaltonChain Explained In 7 Minutes
Using the Elastos platform you can access games, music, movies, articles, art, photos and any other copy write material without a media player. The Elastos blockchain network records ownership of copy write material. And because material is accessed without media player you cannot make pirate copies if you are not the owner of the said material. Elastos makes digital assets a lot more secure and makes buying and selling more viable. The Elastos blockchain will increase demand for Elastos tokens and Bitcoin therefore increasing the value for both.
I found these videos on YouTube:
Elastos Blockchain | Secure and Scalable
ELASTOS SMART WEB SIMPLY EXPLAINED
A major concern about using crypto currency as a day to day payment method is transaction time. With Master card capable of 9000 transactions per second and Visa 56000 transactions per second that makes crypto currency seems haplessly slow for real world use. Bitcoin with only 9 transactions per second is completely inadequate. Even a fast crypto currency like Ripple at 800 transactions per second lags far behind the likes of Visa or MasterCard. Granted the lightning network will greatly increase transaction speeds, but it still remains to be seen if Bitcoin processed on the lightning network will actually be fast enough. Zilliqa is a coin with a processing speed of between 2500 tps and 15000 tps (transactions per second). A not well known coin at the moment, but worth holding a small amount of this coin in case it takes off. Another advantage of this coin is that the more nodes join the network the faster its tps will be. So the more people mine it, the transaction speed will keep getting faster and faster.
I found these videos on YouTube: 10 Facts About Zilliqa EXPLAINED!
Matrix A.I. (MAN)
This is the coin that uses Artificial intelligence to detect errors in smart contracts. I once read of an example of a smart contract written in such a way, that the smart contract had $14000 000 trapped in it. The participants of the smart contract could not get the contract to release the funds because of the way the smart contract was written. The Matrix A.I. blockchain network can solve this by doing a security audit on each smart contract in order to remove errors that may cause major problems later. The technology may also help in fraud detection.
I found these video on YouTube:
Matrix AI Network MAN - The AI Enabled Blockchain for One Belt One Road
Matrix AI Network Simply Explained! $MAN
The token known as the Thekey is a blockchain network that will offer Identity services that can be used for applications such as digital voting, confirming identity before shopping online, unlocking your electronic front door for a friend from a remote location. Consumers will be able to store their identity on the blockchain where it can be protected from identity fraud. You can deploy your identity when you need to identify yourself and the blockchain network will verify the authenticity of your identity. The company has approached several governments including china in order to use the government data bases. You will be able to verify your identity globally. If you see a doctor in a foreign country, the doctor and your medical aid insurer in your own country can both verify your identity on this global I.D. data base protected by blockchain technology.
I found this video on YouTube:
THEKEY (TKY) COMPLETE REVIEW!
There are a number of coins and tokens out there that are backed by physical assets such as gold, silver, diamonds and oil. Karatgold is one suck token. At this stage owning this crypto currency is perhaps not wise as it has not been around long enough to prove that it can actually track the price of gold. In any event gold is going through a long dormant phase at the moment. But asset backed currencies are worth keeping an eye on. KARATGOLD will be on my watch list to see if the token rises and falls in conjunction with the actual gold price. If it can do that, then it is an excellent proxy for holding gold. It removes the risk of theft and is easily convertible to cash or bitcoin should you wish to spend it. Off course it is wise to hold some physical gold too.
More news in this field is that the Israeli government will soon launch an I.C.O for a new diamond backed cryptocurrency called (CDC) that will be backed by diamonds available on the Israeli diamond exchange. Unlike other diamond backed cryptos, this one will be exchangeable for actual diamonds at the Israeli exchange.
See this link
Also the Venezuelan government has created an oil backed currency called PETRO. Currently not available outside of Venezuela. But one has to consider weather the Venezuelans can be trusted to actually set aside the oil reserves necessary to back the PETRO given their financial woes. This brings me back to my point. These crypto currencies that are backed by hard assets are not to be owned yet. One has to see if they can actually track the market price of the assets that they represent. If they prove to do so, then we can use asset backed currencies as proxy investments in gold, silver, diamonds and oil.
The high tech based cryptos that I mentioned earlier are worth owning a small amount of each. The technology is incredible and too good to ignore. Owning the coins is like owning shares in these high tech networks.
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