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Thinking beyond Bitcoin – 6 most promising altcoins for 2020

The post Thinking beyond Bitcoin – 6 most promising altcoins for 2020 appeared first on Go Cryptowise.

Investing in the Crypto industry does not mean just Bitcoin!  Yes, for those who have been a part of the ecosystem for long have been earning mainly through trading with Bitcoin but after the success of Bitcoin, other altcoins or alternative coins were introduced.  Presently with so many altcoins existing in the industry it is […]

The post Thinking beyond Bitcoin – 6 most promising altcoins for 2020 appeared first on Go Cryptowise.

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Investing in the Crypto industry does not mean just Bitcoin

Yes, for those who have been a part of the ecosystem for long have been earning mainly through trading with Bitcoin but after the success of Bitcoin, other altcoins or alternative coins were introduced. 

Presently with so many altcoins existing in the industry it is important to understand which are the best investments or the most promising altcoins for 2020 and beyond.

Despite the new international protocol of cryptocurrency devaluation in 2019, some coins still have the potential to go beyond the barriers.

In drawing up the list, we have not considered the current indices owing to its volatility but we have considered parameters like liquidity, market cap and the most important – innovation!

Would you like to see our top 6 as much as we are optimistic about showing you?

The top 6 list of promising altcoins

Ethereum(ETH)

Ethereum logo

Ethereum has had an eventful last year with a few technical hiccups in its way but an overflow of innovative ideas.

Unlike Bitcoin, Ethereum is based on smart contracts used by top projects for the digitization of their transactions.

A predominant role in the success or failure of Ethereum depends on its fork updates and longevity of the Proof of Stake algorithm.

The chief principles behind the development are modularity, simplicity, agility, and non-discrimination. Smart Contracts have become a significant aspect of the blockchain ecosystem.

It managed to attract several app developers to the protocol resulting in many DApps (Decentralised Applications) being supported by the protocol.

The platform has already contributed significantly but there is still room for improvement.

After Bitcoin, Ethereum is arguably the second-most widely used cryptocurrency despite issues around ETH 2.0 and the recent FUD.

The year 2019 saw the emergence of Decentralized Finance (DeFi) with almost all projects based on Ethereum technology.

Many financial services offering borrowing and digital assets like Compound Finance or MakerDAO have contributed a lot to the DeFi ecosystem presently showing consistent double-digit growth.

At present, the community is eagerly waiting for ETH2 upgrades that will ensure that Ethereum is the blockbuster crypto of tomorrow’s innovative financial product.

It has a huge potential to rise from its current position, almost cementing its position for being the best altcoin for 2020.

Besides crypto trading

  • Ethereum is also gaining visibility in gambling space as well. Players bet their Ether to earn more of it. 
  • Even future artists are riding on the bandwagon of Ethereum through a web platform called Ampliative Art providing artists with the change to showcase their work. Artists and users can earn rewards through donations, tips, and comments. 
  • WeiFund is yet another venture that is being developed on the Ethereum ecosystem and as a crowdfunding platform, its experience is similar to the best solutions likeGoFundMe, Kickstarter, etc. 

Where to buy ETH: Coinbase, Binance, Kraken, etc

Binance Coin (BNB)

Binance Coin logo

BNB was launched in 2017 ICO as a move to flex the Binance Exchange platform.

Binance is a worthy competitor of the titans offering competitive rates in the market. When it was launched the platform received positive reviews from the community.

Binance has managed to acquire a global presence with users spread in every part of the world. Binance coin is not showing any signs of stopping with tremendous growth figures and statistics to understand its current dominance in the market. 

Besides crypto trading

Looking at the bigger picture, the Binance coin has shown greater worth with use beyond the Binance exchange. Over the course of the year, various uses of BNB has erupted. 

  • One example of a real-world application for BNB is its recent investment in the Australian Start-up TravelbyBit which has equipped more than 150 concerns including the Brisbane Airport with the ability to pay using BNB. The partnerships will unravel the use of BNB on all TravelbyBit-affiliated merchants. 
  • Over the past one year, BNB was used for withdrawing cash on crypto ATMs via Zelaacoin and securing loans through Nexo
  • BNB also can be bought on crypto-based social media network Investfeed through API integration.
  • It has also been used as a gift token on live streaming service Uplive. Social media influencers also have earned BNB by being famous on certain social media platforms.
  • Binance exchange platform has also mushroomed beyond trading with Binance Charity It the world’s first blockchain-powered donation campaign dedicated to transparent philanthropy. At present, it is aggressive in raising funds of COVID-19 pandemic globally.

Where to buy BNB: Binance, Binance US, Bit-Z etc

ChainLink (Link)

Chainlink LINK token

ChainLink’s ICO was held in September 2017, with recorded earnings of $32 million USD with the distribution of 350 million LINK tokens. 

Chainlink has already ruled our hearts by being declared as one of the best performing cryptocurrency in 2019.

What Chainlink does is a bit offbeat because it links smart contracts to external off-chain and real-world data. Most of the blockchain platforms that thrive on external data, make use of this exclusivity offered by ChainLink.

Obviously this is an attractive proposition to several platforms making its MarketCap grow beyond $1 billion!

It has two main architectural components namely on-chain infrastructure and off-chain infrastructure that bridges the gap between on-chain smart contracts and off-chain businesses and data.

Presently ChainLink interfaces with Smart Contracts on the Ethereum blockchain and aims to function with multiple networks in the future.

Besides Crypto trading

  • Its partnership with SWIFT is the most notable of all. It connects 11,000 financial bodies globally as a widely accepted network related to payments and securities. 
  • Its coveted partnership with LinkPal, a decentralized escrow application using smart contracts was done to support P2P trades between ETH, PayPal without counterparty risks.
  • Smart Marketing campaigns use smart contracts for payment automation to marketing agencies through ChainLink oracles. 

Where to buy LINK: Binance, Binance US, Coinbase etc

TomoChain (TOMO)

TomoChain logo

In the period between 2010 – 2013, blockchains suffered from a lack of scalability and interoperability.

But everything changed with TomoChain which was designed to assist platforms like Ethereum to reduce issues arising out of scalability and interoperability.

Scalability and interoperability are extremely crucial to realize blockchain potential.

One of the major functionalities of blockchain is to change the financial systems across the world.

But major blockchains like Ethereum can only process 15 transactions per second. Compare it with Visa and Mastercard which process 6,000 transactions per second!

TomoChain knows it is doable and has introduced sharding and stake voting solutions to overcome these problems. The result would be an execution of 5,000 transactions per second and given its potential, it can reach 20,000 transactions per second also!

TomoChain is promising with the only thing lacking is its efforts to make its presence feel. It has a great idea, but it needs to be promoted well. 

Besides Crypto trading

  • WisePass, a lifestyle membership App provides services from more than 300 restaurants, hotels, and bars. The platform accepts TOMO token as a form of payment. 
  • Constant is a cryptocurrency lending platform that accepts TOMO as collateral.
  • NOIA Network, a distributed content delivery network startup would issue NOIA tokens on TomoChain

Where to buy TOMO: Binance, KuCoin, Hotbit etc

Ripple (XRP)

Ripple logo

Ripple is both a platform and a currency. It is an open-source protocol meant to allow cheaper and faster transactions.

Ripple has every quality to rule the international circuit. The platform has its own currency (XRP) but also allows everybody to use the platform to create their own via RippleNet.

XRP serves as a mediator for both cryptos and fiat exchanges. Unlike Bitcoin or Ethereum, it doesn’t have a blockchain.

For the purpose of running and verifying transactions, it has its patented technology called the Ripple Protocol Consensus Algorithm (RPCA). Ripple surely has the potential to move up notches in 2020. 

Besides Crypto trading

It has launched a formal social impact program called ‘Ripple for Good” which pooled $25 million with about $80 in donations to invest in education and financial inclusion.

Ripple has always looked at focusing their charities on educational programs in the field of science, technology and FinTech.

It has already contributed to blockchain and fintech education by donating $50 million to 17 universities globally as a part of the University Blockchain Research Initiative. 

Where to buy XRP: Binance, Binance US, Coinbase etc

MXC

MXC cryptocurrency logo

MXC’s foremost focus is on data exchange in the decentralized ecosystem.

It has a wonderful team of experts working to become the largest IoT data exchange platform ever! The team has created a unique platform that serves as a ground to collect, store and monetize data in a rapidly efficient manner without sacrificing security.

MXC uses LPWAN technology for executing the data flow protocols. Data innovation gives MXC the strategic edge to remain relevant and popular in 2020 and beyond. 

Besides Crypto trading

MXC has already begun the implementation of Smart Cities, the new standard of data flow for major cities worldwide.

The initiative will see MXC becoming the most valuable cryptocurrency in the exchange market.

MXC has made some encouraging partnerships but it still needs to partner more cities to heighten its presence at a global level.

Where to buy MXC: Huobi, Gate.io, etc

Conclusion

Despite their flaws, these altcoins are arguably the best you will find. In a matter of time, innovation and flow of ideas have helped these platforms and coins to excel and surpass their history.

It is important to put your money where the future is and these altcoins represent great ideas making them sturdy investments for 2020 and after that.

As always this post is meant to be educational and provide insights into this growing market and new exciting projects.

Do you agree with the cryptocurrencies chosen here? Or do you have another favourite? Care to share that with us and let us know why you think it has a lot of potential?

Source: https://gocryptowise.com/blog/6-most-promising-altcoins-for-2020/

Blockchain

XRP Lawsuit: On Ex-SEC Chair Jay Clayton’s Sudden U-Turn After Suing Ripple

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Ex-SEC Chairman Jay Clayton Says Bitcoin's Non-Security Status Still Awaits Regulation

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Ripple’s Boss, Brad Garlinghouse, on Monday, left a few remarks via his Twitter handle on a Wall Street Journal’s post co-written by former US-SEC, chairperson, Jay Clayton.

The post which was co-written by Brent MacIntosh, the former Undersecretary of the US Treasuries for International Affairs, sought to preach the all-to-familiar stance of most crypto companies: ‘Crypto needs regulation, but it doesn’t need new rules.’

Garlinghouse spelled out surprise over Clayton’s turncoat comments that the US government has no concrete and adequate regulatory framework for the crypto industry. He further added:

Cryptos, like nearly any new innovative technology, can be used for good or bad purposes. The problem is that US companies seeking to be compliant and use this tech for good are left in limbo (or for Ripple, worse!) because of a lack of a clear, predictable framework.”

Jay Clayton, in his last days at the SEC, pulled a shocking stunt on the crypto community, suing Ripple for what it believes is the undocumented sales of large-scale XRP digital assets to unidentified customers.

The bane of the case which was first announced in December last year is in determining if XRP – the digital currency of Ripple – is an investment contract or just another type of asset existing in digital forms. Assets bought and sold do not lie under the jurisdiction of the SEC, but investment contracts (also known as securities) are well within their powers to investigate, using the Howley test as a yardstick.

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When compared to Bitcoin and ETH…

ripple xrp premined
Via CoinMarketCap/XRP

XRP, unlike fully decentralized Bitcoin, takes the shape of a centralized digital currency. This is because Bitcoin is still being mined by different people across the world, but Ripple pre-mined billions of XRP coins.

How The Case is turning out

The latest in the seven-month-old lawsuit is a winning streak for Ripple. Judge Sarah Netburn denied the SEC’s plea to examine all records of Ripple’s conversation with lawyers and expert advisers to determine if it knew what class of asset XRP is, and what violations of the SEC’s laws it may have knowingly violated. This signified a sigh of relief for the company which has called the lawsuit a hindrance to its growth and plans to go public.

Clayton further expressed that the foundational frameworks of the US laws suffice to build upon for crypto regulations, but the government has to be careful not to commit under-regulation or over-regulation.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/xrp-lawsuit-on-ex-sec-chair-jay-claytons-sudden-u-turn-after-suing-ripple/

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Ethereum Co-Founder Anthony Di Iorio Bets Big on the Future of Cardano and Polkadot

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Anthony Di Iorio, a Canadian entrepreneur and the co-founder of leading smart contract platform Ethereum, said that he believes in the potential of Cardano (ADA) and Polkadot (DOT).

In an interview with crypto proponent Anthony Pompliano, Di Iorio, who is also the CEO and founder of Canadian blockchain startup Decentral and crypto wallet Jaxx, revealed that he has a diversified investment portfolio featuring several top projects, including Cardano and Polkadot.

A Big Fan of Cardano and Polkadot

He said:

“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”

Di Iorio went on to narrate why he was so sure of the future of these two projects. He had joined the Ethereum development team earlier in 2012 when he met Vitalik Buterin at a Bitcoin conference.

He has formed strong relationships with other co-founders of Ethereum, including Vitalik Buterin, Cardano’s founder Charles Hoskinson, and Polkadot’s current CEO Gavin Wood.


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Di Iorio admitted that while he worked with these men, he knew that they were goal-oriented and would help push these projects further.

He continued:

“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood… Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”

Not Getting Lost in DeFi

Despite all the recent hype about DeFi, Di lorio pointed out that he is keeping his investments simple and investing in larger projects.

“Most of my stuff is in the top few things, Ether, Bitcoin, Cardano, Polkadot. I like Cosmos as well. And there’s a few others, but I’m not getting lost in all the DeFi stuff. I just think there’s not enough time, not enough energy. It’s a full-time gig to be running a lot of that stuff and keeping on top of stuff, so I’ve simplified my life quite a bit over the past few years.”

Featured image courtesy of Business Insider

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethereum-co-founder-anthony-di-iorio-bets-big-on-the-future-of-cardano-and-polkadot/

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What you should know if your bank is exposed to Bitcoin

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On one hand, El Salvador recently became the first nation to officially declare Bitcoin as its legal tender, and on the other, several nations have recently opined that their indigenous banks face a ‘threat’ from the world’s largest crypto-asset. Nevertheless, the rise in the adoption of cryptocurrencies has been accompanied by regulators taking the fast-growing market seriously. 

Banks will now face “the toughest” capital requirements for their holdings in Bitcoin and other crypto-assets under global regulators’ plans to brush off the insecurity offered by the “volatile” crypto-market. 

Using money laundering, reputational challenges, and massive price swings as the base of their proposal, the Basel Committee on Banking and Supervision is in the news after it explicitly stated that the banking industry faced “increased risks” and “financial stability concerns” from crypto-assets.

Accordingly, they have now placed Bitcoin in the “highest risk” category. The aforementioned committee comprises a host of nations and global institutions as its members.

The Basel Committee isn’t alone, however, with a Bank of International Settlements exec recently commenting that El Salvador’s Bitcoin policy is an “interesting experiment.”

What’s more, the panel proposed a 1250% risk weight be applied to a bank’s exposure to Bitcoin and certain other cryptocurrencies. Bloomberg’s estimates highlighted, 

“In practice that means a bank may need to hold a dollar in capital for each dollar worth of Bitcoin, based on an 8% minimum capital requirement.”

However, stablecoins and other tokens tied to real-world assets are set for lower capital requirements. The report further highlighted, 

“The capital will be sufficient to absorb a full write-off of the crypto asset exposures without exposing depositors and other senior creditors of the banks to a loss.”

The proposal did not specify any specific timeline, and hence, the implementation of these rules can take a couple of years. The proposal is, however, open to public comment before it comes into effect. It should also be noted that the committee said that the initial policies were “likely to change” several times as the market “evolves.”

Even though banks like HSBC have been cautious about stepping into crypto-trading, a few big names, like Standard Chartered Plc have announced their entry into the space.

As for Bitcoin, it fell by over 3.7% in the last 24 hours to trade at $35,418 at press time.

Source: Coinstats


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Source: https://ambcrypto.com/what-you-should-know-if-your-bank-is-exposed-to-bitcoin/

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