6 Best Altcoins to Invest in Right Now – Solana, XRP, Chainlink, Cream Finance
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Continuing our previous discussion of the best altcoins to invest in right now, we now present a new compilation of assets for your consideration. Before we look at this list, let’s review some recent financial updates.
6 Best Altcoins to Invest in Right Now
Established and widely recognized cryptocurrencies usually command high prices and are currently going through a bearish trend.
However, this scenario is expected to change, opening up attractive investment possibilities within alternative tokens. Here are the top six alternative tokens worth considering for inclusion in your portfolio.
1. Solana (SOL)
Solana operates as a blockchain platform that combines proof-of-stake (PoS) consensus with proof-of-history (PoH) mechanisms to balance high throughput and strong security. POH, a cryptographic method, timestamps events using time intervals, aiding account status verification before creating new blocks.
Solana’s fast processing capabilities have attracted substantial attention within the cryptocurrency community. This is made possible through a hybrid protocol, which effectively shortens transaction and smart contract verification times. Theoretically, Solana’s architectural design can support 710,000 transactions per second (TPS).
Solana’s primary mission revolves around facilitating the development of decentralized applications (dApps) and increasing scalability by integrating PoH consensus with the underlying PoS consensus.
The native digital currency within the Solana network is the Solana (SOL) token. Additionally, Solana accommodates the creation of additional tokens, provided they follow the guidelines outlined in the Solana Program Library (SPL).
The Hyperdrive Hackathon is heating up, featuring over 4,000 builders from around the world!
Projects are due October 15, with awards and seed funding up to $1 million.
To launch your crypto startup on Solana, sign up and start building.
– Solana (@solana) 20 September 2023
Through the Delegated Proof-of-Stake (DPoS) mechanism, SOL token holders can choose to delegate their tokens to vote for validators involved in processing transactions on the network.
2. XRP
XRP serves as a decentralized payment network whose primary purpose is to potentially replace the traditional SWIFT money transfer system. Unlike some blockchain networks, XRP employs a unique consensus model where all authorized nodes must validate transactions.
This design ensures robust security measures without compromising transaction efficiency, resulting in an average transaction completion time of approximately four to five seconds.
The XRP Ledger (XRPL) operates as an open-source, permissionless, and decentralized technology, which offers several notable benefits. Transactions on XRPL are particularly cost-effective, with fees per transaction as low as $0.0002.
Furthermore, XRPL boasts impressive transaction speeds, typically settling transactions within 3-5 seconds. Scalability is another strong point, with XRPL capable of processing up to 1,500 transactions per second. The main attraction of XRPL is its eco-friendly nature, carbon-neutral and energy-efficient.
💡 24/7/365 availability
🔍 Transparency throughout the journey
👍 low cost
✅ Quick SettlementRipple’s Aaron Sears makes the case for crypto-enabled payments in latest #CryptoInOneMinute. pic.twitter.com/mw4dCOxBfw
– Ripple (@Ripple) 22 September 2023
Additionally, XRPL has introduced innovative features such as the first decentralized exchange (DEX) and built-in custom tokenization capabilities within its protocol. It is important to note that XRPL has a proven track record, operating reliably since 2012, having fired an impressive 70 million ledgers.
3. Chainlink (LINK)
Chainlink is a blockchain abstraction layer designed to address the “oracle problem” faced by smart contract-enabled blockchains such as Ethereum. Its fundamental role is to act as an intermediary between off-chain and on-chain realms, allowing smart contracts to access real-world data and interact with external sources seamlessly.
Basically, Chainlink operates through a decentralized oracle network consisting of various independent nodes following a standardized data collection method.
These nodes facilitate secure and reliable data transfer from external sources and APIs to smart contracts. This mechanism ensures that smart contracts can execute predetermined actions when specific conditions are met.
The LINK token is a key component within the Chainlink ecosystem, serving as an ERC-677 standard token on the Ethereum platform. LINK tokens play an important role while maintaining the core properties of ERC-20 tokens.
With thousands of independent decentralized oracle networks, each dedicated to performing a specific task with maximum reliability, #chain link Secure systems reside at the fifth level of design. pic.twitter.com/VPRwm5UsYV
– Chainlink (@chainlink) 23 September 2023
They compensate node operators, who also use LINK tokens as collateral. In short, node operators are incentivized to provide accurate data, as submitting incorrect information could result in their collateral loss.
In short, Chainlink’s mission revolves around addressing the oracle problem by establishing a decentralized oracle network that facilitates the seamless flow of real-world data into smart contracts. It plays a vital role in enhancing the functionality and reliability of smart contracts, paving the way for their widespread adoption in various applications.
4. Cream Finance (Cream)
CREAM Finance operates as a decentralized DeFi lending protocol within the year.finance ecosystem. It provides financial services to individuals, institutions and protocols in a permissionless and open source manner. Notably, the platform is compatible with multiple blockchains including Ethereum, Binance Smart Chain, Polygon, and Fantom.
One of the notable features of CREAM Finance is its inclusive produce agriculture reward programme. Users can participate by supplying backed assets as collateral, enabling them to borrow and lend assets while earning rewards in CREAM tokens. In return, the platform generates revenue from swapping, borrowing and lending fees.
CREAM Finance also enhances liquidity for key DeFi assets through automated market making (AMM). It supports a wide variety of tokens, including major stablecoins, governance tokens, and other major cryptocurrencies.
As an ERC20 token on the Ethereum network, CREAM harnesses the power of Ethereum Virtual Machines through smart contracts. It empowers users to create decentralized autonomous organizations (DAOs) for their communities, promoting better infrastructure by enabling the integration of different financial services.
Cream loans have been launched on marketplace basis. Users can now supply and borrow $WETH $cbETH $USDbC $DAI But @buildonbase,
All supply/lending activity will be accounted for with the new base cream markets.
– Cream Finance 🍦 (@CreamdotFinance) 24 August 2023
In short, CREAM Finance provides a decentralized lending and borrowing solution while actively contributing to the liquidity of essential DeFi assets. Its multi-chain compatibility, open-source nature, and potential for smart contract-based DAOs make it a versatile player in the DeFi ecosystem.
5. Sweatcoin
SweatCoin is a cryptocurrency initiative that aims to promote physical activity and encourage healthy lifestyles. Users can collect Sweatcoins by walking or running through the Sweatcoin app, which can then be redeemed for rewards within the app.
The SWEAT cryptocurrency is being developed on the NEAR blockchain platform, which is known for its scalability and support for smart contracts. It is worth noting that, upon launch, SWEAT will be available as both a NEP-141 token on NEAR and an ERC-20 token on Ethereum.
A key feature of the Sweatcoin cryptocurrency is the implementation of a “Movement Validator” to verify the authenticity of user-generated activity data.
Sweatcoin emphasizes its commitment to user data privacy, claiming that it will never sell user-generated data. Nevertheless, they intend to launch an alternative data monetization program, which enables users to earn rewards by sharing their data with third parties.
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Additionally, the project plans to launch the Sweat Wallet app, which will give users access to various decentralized finance (DeFi) services. This wallet will provide token conversion, yield generation through sweatcoin staking, liquidity provision and more.
6. Launchpad (XYZ)
Launchpad XYZ is a blockchain startup with ambitions to reshape the landscape of Web 3.0 investing. Within the Web 3.0 investment domain, various products such as utility tokens, NFTs, play-to-earn games, and ICOs co-exist. Launchpad XYZ strives to simplify the Web 3.0 experience for newcomers and experienced investors through its ecosystem.
The cornerstone of Launchpad XYZ’s approach revolves around comprehensive analytics, insights, sentiment analysis and data provisioning. The ultimate objective is to equip crypto investors, regardless of their experience level, with valuable information to facilitate well-informed decision making.
From an investment perspective, Launchpad XYZ employs a stake-to-access mechanism designed to increase demand for the LPX token. Additionally, LPX is required to cover fees when participating in fractional asset investments. Additionally, LPX token holders can enjoy low trading fees on Launchpad DEX.
Individuals interested in acquiring LPX tokens to utilize the platform’s features or as an investment can do so through the Launchpad XYZ presale. The presale consists of 10 stages, with each stage adjusting the price of the token sequentially.
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