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.
Polygon
Polygon cryptocurrency, formerly Matic Network (MATIC), stands for a decentralized blockchain ecosystem designed to ensure instant transactions on the Ethereum network with low fees. It is considered to be a protocol and framework for building and connecting Ethereum-compatible blockchain networks.
This coin carries the name Polygon, as Matic Network has announced a rebranding. Polygon itself strives to make it possible for Ethereum to become a full-fledged, powerful multi-chain system.
The coin offers a solution in the form of Plasma sidechains that are placed on top of the Ethereum blockchain for faster and more secure transactions. In addition, the creators believe the user experience is the core aspect. So far they have developed several libraries and tools for browsers and smartphones, such as Dagger and WalletConnect. Hence, users would be able to make payments, transfer or store crypto-assets with no worries about the intricacies of the underlying system.
As the developers of Polygon see it, crypto can become the number one tool for money transfers around the world and in every area of life.
The project solves the issues experienced by blockchains by creating a decentralized platform and using the Plasma framework, which offers a solution for fast and exceptionally low-cost transactions. The project’s testnet and alpha mainnet uses Ethereum as the primary blockchain.
Polygon is also building an ecosystem, including user-friendly mobile apps, desktop wallets and browser extensions that will provide smooth access for all users. Hence, users would be able to make payments, transfer or store crypto-assets with no worries about the intricacies of the underlying system.
Additionally, the problem of low throughput would be addressed by using a system of delegates to create new blocks. With this approach, the network can create new blocks far more quickly. Moreover, the absence of centralization is guaranteed due to the Proof-of-stake (PoS) checkpoints recorded in the Ethereum. The developers point out that this is a solution that will increase the number of simultaneous transactions up to several millions.
What’s being created is a real ecosystem of smartphone apps, browser add-ons, and desktop wallets. In this way, everyone who wants to make money transfers without any experience will be able to do so.
NEXO
Nexo platform is the world’s first blockchain project providing instant short-term loans. The project promotes the idea of secured lending, based on the functioning of cryptocurrency and smart contracts. Users are provided with fiat funds according to the amount they have frozen in digital currency.
The lending process is done in a matter of minutes. What’s more, to get a loan on the platform, the user does not make any secret payments, without paying unnecessary taxes. All activities on the platform are highly secure since they are controlled by algorithms running through the native NEXO Oracle module.
Platform users get more benefits if they collateralize NEXO tokens. To make the received money more accessible, Nexo provides its own card, which can be used to transfer funds to a bank account or for daily transactions.
What makes the project special is that cryptocurrency holders can receive fiat money in exchange for the crypto provided to the NEXO platform. In this way, people get an additional opportunity to use the money they have spent on the purchase of digital assets.
The NEXO platform is super easy to use. First, the user must deposit their funds into the NEXO wallet, after which the operator of the platform will evaluate the cryptocurrency, and then determine the maximum possible amount of loan. If the customer is satisfied with the amount of loan that they are offered, they get the money, and if not – they withdraw the funds.
Users themselves are also able to provide loans on the platform. The structure of blockchain and smart contracts ensures that the terms of the agreement are binding. If the user fails to repay the debt in fiat – their collateral goes to the lender.
This Nexo loan structure does not require a time consuming processing and providing your personal data. You can get a loan in quite a short time with a minimum interest rate, which becomes a significant advantage of the platform.
ApeCoin (APE)
ApeCoin is an ERC-20 token introduced by the creators of the Bored Ape Yacht Club (BAYC) NFT collection. It serves as a governance token within the ApeCoin DAO (a decentralized autonomous organization) and the APE Foundation, designed to support culture, gaming, and commerce. This will be rooted in the culture of the metaverse, with the token being available to buy, sell, and create your own life in the metaverse.
The collection has been at the heart of the whole story around the NFT since it was first minted in the last summer. The BAYC community grew steadily as more and more celebrities chipped in and bought their own “bored primate” to demonstrate their wealth and appreciation of the new “culture.” Among the owners of Bored Ape are Jimmy Fallon, Lil Baby, Paris Hilton, Post Malone, Jermaine Dupri, Eminem and many others.
The creators of the famous NFT collection have kept the momentum going by expanding the universe and monkey narrative with projects like the Mutant Ape Yacht Club and the Bored Ape Kennel Club (featuring dogs rather than monkeys), collaborating with Animoca Brands to explore launching new projects in metaverses, and even producing a series of animated films with Coinbase Pro.
Behind the creation of ApeCoin is a startup called YUGA LABS, which is also responsible for the Bored Ape Yacht Club, which was just launched last April but soon became the most valuable NFT project by market capitalization. However, Yuga Labs is not resting on its laurels and is eyeing the future, talking about a new partnership it has for games built on the ApeCoin token, one that is enjoying a lot of popularity.
Multi-million dollar ape images and ape money are probably not the future you expect, but Yuga Labs expects the new games and token to inspire the mainstream crypto economy built on their framework, which was recently expanded by adding the highly rated CryptoPunks and Meebits NFT collections once Yuga acquired assets from Larva Labs.
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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