Numerous cryptocurrencies and tokens appear every day. Some of them are of a practical nature, which means they perform some sort of function. Others, on the contrary, have a purely entertainment purpose and may be in demand only due to the strong buzz around the project. RevenueBot has highlighted a few coins to watch out for.
Filecoin (FIL)
FIL is a utility token of the Filecoin decentralized storage network, designed for intra-system transactions, as well as rewarding the Filecoin miners.
The concept underlying the project is a more efficient and cost-effective solution for decentralized data storage. The developers claim that the cost of services will be several times lower than in existing centralized systems.
In addition, the platform encourages users to earn money by leasing their own free virtual space on hard drives, servers, and high-speed bandwidth resources, while receiving tokens in return. They promise to add the feature of mining with other capacities of the PC, thereby helping to perform crypto-processing.
It was initially a Ethereum-based project, but the core network was launched on October 15, 2020. It is expected to mine tokens in several ways, but for now, the reward is provided when you provide some of the free storage space.
Storj (STORJ)
STORJ is a token of an eponymous decentralized platform aimed at storing data in encrypted form.
The name Storj stands for “storage”. Virtually, the developers offered a decentralized cloud storage solution. Storj, an open-source crypto, represents a reliable file storage service that perfectly combines blockchain technology, end-to-end encryption, and all the benefits of the cloud.
This is a platform where you can become both a lessee and a lessor of disk space all at once. All the information is shared throughout the network and is encrypted so that the key is only available to the owner of the data.
Unlike classic cloud platforms, the key difference is the avoidance of a centralized server, which is replaced by nodes. Any Storj user can provide the space on his hard drive and own a node. All such users basically become a farmer and gain STORJs for their assistance to the project. As the primary coin on the exchange, it is used to settle accounts between users who provide space for decentralized storage and the members of the platform, who use that space to upload their files to it.
Celsius (CEL)
CEL is a utility token for the Celsius Network platform, which claims to be a global crypto platform for lending and borrowing.
Using the Celsius Network you can access multiple services. For instance, this includes depositing digital assets in a Celsius wallet and taking interest, applying for loans with digital assets as collateral, and transferring digital assets to other users through the company’s CelPay feature.
The CEL token lets users use various tools mainly to benefit from more favorable deals and features when using Celsius services, such as higher rates for interest income, lower rates for crypto-backed loans and priority status for customer support.
Founded in 2017, the Celsius platform sees itself as a replacement for traditional banks, which often behave unethically toward customers. It also provides a variety of services that are not available at traditional financial institutions.
The objective of the Celsius Network is to create a platform where traditional financial institutions no longer control the flow of loans to people around the world, and lenders can earn interest regardless of their base currency or local laws.
While being the Ethereum-based, Celsius employs smart contracts to bind the lender/borrower relationship. This NYC’s start-up fintech aspires to become the future of consumer credit on a global scale. The platform functions in the favor of the entire community, rather than just lenders, in contrast to traditional banking institutions.
Conclusion
When investing in new coins, you keep an open mind on all the risks, because the chances of a coin remaining at the same price brackets or depreciating are sky-high.
This material is not a piece of financial advice and is for informational purposes only.
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