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. In this overview, RevenueBot highlights a few coins to keep track of.
Arweave (AR)
AR is a native token of the Arweave platform designed for data storage. It is based on a new consensus mechanism, Proof-of-Access (PoA), which aims to simplify persistent and inexpensive storage. Arweave seeks to become an essential storage layer capable of providing lightning-speed service and scalability to other systems.
The token is used to pay storage fees and to reward miners who volunteer to take part in supporting the network and storing information in Arweave. Arweave itself is a protocol for keeping data in a blockchain-like structure called Blockweave. It’s built on the abovementioned PoA that puts a truly low-cost data repository at your fingertips.
Technically, the Arweave is a collective-property hard drive, allowing you to maintain information to stay forever. It is also capable of providing foolproof protection and continuous support for access to data, while being relatively inexpensive and decentralized by nature. The goal of the developers is to create a trustworthy, affordable and genuinely decentralized storage facility.
Orchid (OXT)
OXT is a utility token used in the Orchid platform to pay transaction fees and incentivize you for staking. Orchid Protocol offers a revolutionary approach to digital privacy through a P2P network where participants are free to buy and sell capacity using the token in question. It facilitates access to information regardless of your geographical location thanks to Orchid’s decentralized structure, multi-layer architecture and open-source code. The project provides a never-before-seen level of digital privacy without sacrificing security.
Orchid was developed by Orchid Labs back in 2017 that utilizes an overlay network built upon the existing internet, which is driven by a peer-to-peer tokenized bandwidth exchange, creating a more inclusive, liberated virtual space.
Celo (CELO)
CELO is a utility token of the Celo community that has a fixed-supply variable value. With this cryptocurrency, you can help shape the destination of the platform and participate in its governance.
The Celo platform markets itself as an open, decentralized project “that makes financial Dapps and crypto payments accessible to anyone with a cell phone”. It aims to create a robust ecosystem of organizations, validators and developers to build an inclusive financial system that keeps their communities growing and thriving.
There are other cryptocurrencies being developed based on the platform, such as Celo Gold (CGLD) and Celo Dollar (CUSD), the latter of which is backed by reserve assets. Additionally, the company is working on its native wallet, one that will allow you to transfer and receive crypto using your mobile.
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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