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.
TRON (TRX)
Tron is a decentralized blockchain-based platform that provides services associated with entertainment. It seems to be something in between Steam and Google Play, but based on blockchain technology.
The project’s users enjoy access to games and other entertainment applications, artworks, and videos. You can communicate, create your own tokens, games, and apps. To put it otherwise, this is a distributed environment suitable for both consumers and entertainment content developers alike.
Apart from its native TRX currency, the project supports BitTorrent (BTT), USDT (TRC-20), Just (JST). The former are needed to participate in voting and gain rights in the TRON ecosystem. As for the latter, they are aimed at content developers because they offer a way for them to create their own currencies.
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.
What’s more, 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.
Hedera Hashgraph (HBAR)
HBAR is a utility token of the eponymous platform allowing users to perform thousands of transactions per second without compromising security. Holding HBAR token gives you access to dApps built on the Hedera platform. It can also be used to fix a share, to make passive income, as well as to stake to network nodes.
Although Hashgraph is a patented algorithm that, like blockchain, is decentralized at its core and features strong security achieved through hashing, it lacks the disadvantage of low transaction speeds.
What distinguishes blockchain technology from HashGraph most significantly is that Hashgraph represents a private, authorized chain, while blockchain is public and unauthorized. An authorized private network means that the identity and number of nodes in the network is known in advance, while a public network has no fixed number of nodes.
It is quite a large difference and far too intricate if you delve into it, yet it is essential to be aware of it. That said, this concept does not make Hashgraph a centralized platform. In this sense, it is a bit like the Bitcoin blockchain.
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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