- One of the below-mentioned cryptos infuses blockchain tech into gaming, and another aims to inject web speed into the technology.
- Not every crypto asset is the same, despite the blockchain tech underpinning each one of them.
- Researching the right crypto project is key to creating wealth in the space.
If you think crypto investing is as easy as it is lucrative, think again. Do we buy other goods and services without caring for their utility? Why then invest in any crypto asset without knowing its utility?
The argument here is that not all cryptocurrencies are the same. The common thread is blockchain technology, but it is the only similarity.
Bitcoin (BTC) is a digital currency that can be used to cut the cost of transactions by weeding out intermediaries. Ether, on the other hand, is the native token of Ethereum’s blockchain. Ether is used to pay fees for transactions carried out on Ethereum. Axie Infinity’s AXS crypto is the governance token of the game, which gamers can use to change the game’s design.
Every crypto is a distinct initiative, which tries to solve problems by using a distributed ledger system. Let’s look at ten crypto projects before you decide to park money in cryptocurrencies.
1. Axie Infinity (AXS)
How about using blockchain in a game? How about rewarding gamers with cryptocurrency? How about introducing the non-fungible token (NFT) element into that game? That’s what Axie Infinity has done.
The game is owned by no centralized authority but by its users. They play using creatures called ‘Axies’ and each such creature is an NFT with unique features. Gamers can win AXS cryptos that can be used to vote on governance issues of the game.
AXS is trading at nearly US$124 apiece as of now, and the market cap is over US$7.5 billion.
2. Binance Coin (BNB)
Binance Coin is one of the leading crypto projects with a definite utility. Binance is one of the most used cryptocurrency exchanges in the world. It, therefore, solves the problem of trading and liquidity. What is the use of owing a crypto asset if the holder cannot trade or liquidate it? Binance makes it possible.
Its competitor is Coinbase, and new decentralized finance (DeFi) exchanges are also emerging as rivals. BNB, its native token, is trading at nearly US$460 as of now, and the market cap is nearly US$77 billion.
3. Solana (SOL)
When we talk about DeFi, Solana emerges as a key contender. The blockchain uses a proof-of-history (PoH) consensus to record transactions. Solana’s blockchain allows developers to design decentralized apps or DApps.
Solana is a relatively new entrant in the blockchain world, but within just one and a half years of operations, it has gained immense popularity. It features in the top-ten list of cryptos with a multi-billion dollar market cap.
SOL is trading at nearly US$149 as of now, and the market cap is over US$44 billion.
4. Dogecoin (DOGE)
How about rewarding content creators on platforms like Reddit with crypto assets? Dogecoin serves this purpose. This meme cryptocurrency has earned praise from multi-billionaire Elon Musk.
The project uses the ‘Scrypt’ technology, in contrast to consensus mechanisms like proof-of-work or proof-of-stake. DOGE is trading at nearly US$0.22 as of now, and the market cap is nearly US$30 billion.
5. Terra (LUNA)
This project is unique in the sense that it is powered by stablecoins. Stablecoins are pegged to any asset like the US dollar to maintain stability in value. Terra can be an answer to the volatility that has refused to leave the cryptocurrency space.
The project also claims to have collaborated with multiple payments platforms. This will help it to deploy its blockchain in the e-commerce space.
LUNA, the native token of the project, is trading at nearly US$38. The market cap is over US$15 billion.
6. SHIBA INU (SHIB)
If Ethereum’s blockchain is rivaling that of Bitcoin’s, SHIB is competing with DOGE in the meme crypto token space. SHIB was launched in the second half of 2020 as an Ethereum-based platform. The SHIB crypto gained immensely in September 2021 on the back of its listing on Coinbase.
SHIB is trading at nearly US$0.00003 as of now. The market cap is over US$11 billion, making it one of top 20 crypto tokens by market cap.
Image description: Market cap of leading crypto projects
7. BitTorrent (BTT)
How about infusing blockchain tech in the world of peer-to-peer file sharing? The BitTorrent project aims to achieve the same. The project uses the TRON blockchain to decentralize the torrent platform that dates back almost two decades.
This torrent crypto project uses the native token BTT. BTT is trading at nearly US$0.0037 as of now, and the market cap is nearly US$2.4 billion.
8. Polygon (MATIC)
The Polygon project has its own utility, which it claims is making Ethereum’s blockchain a multi-chain system. A few multi-chain platforms like Polkadot have emerged as Ethereum rivals. In this light, Polygon seems to make sense for its ability to ease Ethereum’s scaling.
MATIC, the native token, is trading at nearly US$1.24 as of now. The market cap of this altcoin is nearly US$8 billion.
9. Internet Computer (ICP)
The Internet Computer project aims to improve blockchain tech by infusing in it web speed. The concept uses Chain Key Technology to decentralize infrastructure. A not-for-profit entity, the DFINITY Foundation, is at the helm of the operations at the Internet Computer project.
ICP is the native token and it is trading at nearly US$41 as of now. The market cap is nearly US$7 billion.
10. Chainlink (LINK)
How about allowing a blockchain to interact with off-chain data? The Chainlink project aims to solve this purpose. It enables blockchains to connect with external events and data by allowing participation of all the users on the network.
LINK, the native token, is trading at nearly US$24 as of now. The market cap is nearly US$11 billion.
Cryptocurrencies are not a homogeneous group of crypto assets. Different projects aim to solve a unique set of problems. Investing in a promising crypto project can create wealth for backers. However, it must be remembered that it is a highly volatile space.