The craze surrounding cryptocurrencies has exploded over the last couple of decades. Crypto fanatics are launching new coins and NFTs every day. That means thousands of new and unknown cryptocurrencies are now in existence. While most of these cryptocurrencies were launched solely for fun, others are gaining traction.
Theta
Theta is a cryptocurrency that uses the Proof of Stake consensus model. This deflationary asset also features a multi-level blockchain that contains multiple nodes. These nodes validate blocks. In addition, the platform has strategic partnerships with Google and Binance. These partnerships are expected to increase the value of the coin in the future.
This cryptocurrency has huge names on its advisory board, but it has not yet held a public ICO. As a result, it does not have any direct competitors in the crypto scene. However, it is competing for viewers with Youtube and Twitch, two websites that have already incorporated cryptocurrency.
Solana
Solana is a cryptocurrency that is aimed at reducing the cost of transactions. It can even be used to pay for motorcycle accident no-fault insurance. It uses proof of stake technology and a decentralized network for its transaction processing. Its maximum supply is 489 million tokens. The currency is able to move at 7 TPS and has a deflationary mechanism. Its network can support a number of uses and is relatively fast.
The currency was developed using Rust, a programming language known for its high level of security. However, it faces problems in the U.S. under the current laws and regulations. This is due to the fact that cryptocurrencies are highly volatile and can be a risky investment vehicle. Hence, investors should be sure that they can afford to lose the money they invest in them.
Binance Coin
Binance Coin is a cryptocurrency that processes hundreds of billions of dollars every month. However, its use in laundering money has prompted concern from policymakers. Recently, the European Central Bank’s President Christine Lagarde spoke about how the cryptocurrency industry is being used by criminals to launder dirty money. According to Reuters, the company has received complaints from law enforcement agencies, researchers, and crime victims. The company has also imposed a few measures to combat money laundering, including requiring users to provide their identity details.
Binance Coin has a deflationary feature. The company uses 20% of its profits from trading to buy BNB coins back. Once the supply of BNB coins reaches 50 percent, Binance will burn them. During the last burn, Binance removed $3,619,888 BNB worth $165,791,000 from circulation. Another feature of Binance Coin is its dual chain structure, which allows developers to use it for different purposes. However, it is important to note that there is not a large developer community on Binance, as Ethereum has.
Shiba Inu
The Shiba Inu cryptocurrency is a decentralized digital token. It was created by an anonymous person or group known as ‘Ryoshi’. The idea behind the Shiba Inu cryptocurrency is that it will allow users to easily send and receive money. It will also allow users to share information between users. The Shiba Inu is a comparatively new type of cryptocurrency, and many investors are skeptical of its potential.
The Shiba Inu cryptocurrency is based on Ethereum. Its drawbacks include the high fees and slow processing times. In addition, its price has dropped almost as fast as it has risen, which makes it an unsuitable investment. As with any new investment, it is important to do your research and study current trends.
