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.
PAX Gold (PAXG)
Paxos provides an innovative solution to these fundamental tradeoffs with PAX Gold (PAXG). It is a digitized version of real, physical gold of the highest quality: London Bullion Market Association-accredited London Good Delivery gold bars held in the most secure vaults in the world. These investment-grade gold bars are typically about 400 fine troy ounces, each worth over $600,000 (according to today’s market prices in August 2019), and therefore typically only accessible to the largest of institutions. By tokenizing this gold and putting it on a blockchain, Paxos is making it possible for anyone to own fractions of this highly desirable and secure gold. PAX Gold solves the fundamental challenges of the gold market and democratizes access.
Each PAXG token represents one fine troy ounce of physical gold from a specific serialized gold bar. If customers own enough PAXG to represent an entire gold bar, they can redeem their tokens for a bar of gold. On the other hand, ownership can be divided into units up to 18 decimal points, making it possible to own miniscule amounts of top-quality gold for the first time. PAXG is built as an Ethereum-based ERC-20 token so that it has portability across the Ethereum blockchain’s extensive network of wallets, exchanges, lenders and other platforms.
Nexo (NEXO)
Nexo is a token of the eponymous lending platform, which will allow each participant to receive a loan at a minimal interest rate, while the other part of users will be able to provide it. In this case, the risk of losing your money is reduced to zero.
The Nexo token is SEC compliant as well as meets legal requirements and has several other benefits, such as receiving dividends. Nexo offers monthly discounts on loan repayments to users just by using NEXO’s digital asset. These tokens are based on the ERC-20 standard of the Ethereum blockchain.
Given the fact that the NEXO token is an ERC-20-based asset, it can be stored in wallets such as MyEtherWallet and MetaMask, as well as Ledger or Trezor hardware cold wallets.
Ecomi (OMI)
ECOMI cryptocurrency (OMI) is a utility token that is used as a medium of exchange whenever a user buys, sells or trades their digital collectibles on the VeVe platform. OMI also ensures the immutable record of ownership for the digital collectibles.
ECOMI itself is a technology company based in Singapore which aims to lead the way in the emerging digital collectibles space, as well as protection of digital assets. The company created VeVe, a blockchain-based marketplace for digital collectibles, for users to buy and share their collectibles through a social networking platform.
ECOMI offers a one-stop-shop for digital collectibles through the VeVe app bringing pop culture and entertainment into the 21st century. Ecomi sees digital collectibles as a new asset class which offers intellectual property owners the opportunity for new revenue streams in the digital landscape.
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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