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.
Trust Wallet Token (TWT)
TWT is a Trust Wallet’s token backed by Binance. It was first launched on the Ethereum blockchain, then it was switched to Binance Chain (BEP-2 standard). Since early October 2020, Binance Smart Chain (BEP-20 standard) has also been running concurrently. It was the best solution for the further development of the project. On top of that, out of the 90 billion TWT, 89 billion ones were burned – fewer than 1% of them were circulating, but that figure is now 25%.
Trust Wallet pushes forward groundbreaking innovations such as::
- A unified interface so that you can stake all sorts of currencies in the app.
- A cross-platform, open-source library that implements the low-level cryptographic functionality of a mobile wallet and its compatibility with a variety of blockchains.
- DApp browser to interact with decentralized applications running on different chains.
- Connection to nodes or APIs of supported coin providers and mapping of transaction information and overall account balance history using a common JSON format.
- Assets repository, representing a considerable amount of information about crypto, tokens, and protocols, updated daily throughout the years.
Trust Wallet’s core competences lie in its user-friendly interface, support for numerous blockchains and tokens, open-source infrastructure, proficient development team, as well as support from one of today’s most successful cryptocurrency exchanges, Binance.
Synthetix Network Token (SNX)
Synthetix is a decentralized Ethereum-based protocol designed to issue new assets backed by a SNX token. In order to release new assets, the network’s token is blocked in a smart contract, thus enabling customers to perform conversions, avoiding the need for counterparties.
This mechanism solves the liquidity and slippage situations faced by DEXs. Synthetix currently supports fiat currencies, cryptocurrencies (which can be long and short) and commodities as well. SNX holders receive an incentive to stake because they are awarded a pro-rata portion of the fees generated through activity on the platform.
Synthetic assets called Synths are those assets that follow the price of the underlying asset. What they allow holders to do is to profit when exposed to Ethereum in various asset classes without possessing the most underlying assets or to trust a custodian. Synths are backed by the SNX token, which is put up as collateral at a ratio of 800%.
Qtum (QTUM)
QTUM is a token created for the business environment combining the blockchain capabilities of bitcoin and the Ethereum Virtual Machine (EVM). It is a platform that facilitates the process of creating smart contracts on blockchain technology. It can be defined as a robust, powerful modular toolbox.
The currency is listed in Singapore, one of the luckiest countries in economic terms. Therefore, rate fluctuations due to any news would not be devastating. The development team is China-based, with some members coming from Europe.
Qtum Blockchain Foundation claims to be committed to improve blockchain technology, not to make a profit. They have investors, but they still get a certain income from manipulating the market.
QTUM project launch was made possible thanks to influential investors within the virtual currency environment. They are Anthony Di Iorio, Staru Xu, Xiaolai Li and Bo Shen, who collectively invested more than $1 million in the forward-thinking startup.
It is worth mentioning that the evolution of QTUM was very rapid. The project has already outpaced the progress made by the world of digital currencies.
Developers claim to be currently working to eliminate unpleasant bugs inside the largest currencies in the crypto world. For instance, Ethereum is somewhat limited as it does not allow you to modify the chain of contract once the process has been started. In Qtum this problem is resolved by creating two types of contracts – off-chain and on-chain. It means that the coin holder can modify the procedure right after it has been started.
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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