Over 1300 “Cryptocurrency Tokens” in the World? 7 Varieties of Note – Lumens, CageCoin, Yellow Token, Among Others
While the fluctuations in Bitcoin and Ethereum continues to raise attention, many cryptocurrency and tokens are born daily. More than 1000 varieties have already been listed on the rankings of the cryptocurrency information site “CoinMarketCap”, and while experiencing a sense of freshness, isn’t “being perplexed as to which one they should choose” the real feelings of the investors?
As of 1st December 2017, the total market capitalization of the 1318 varieties of cryptocurrency tokens listed on the site amounted to 293.4 billion dollars.
From the ones that are already disrupting the market such as Dash and Cardano/Ada, and new sets that just surfaced such as Yellow Token and Aion, to EOS that raised a large amount of funding with “a token without usage application.” Let’s take a look at some of the cryptocurrency tokens of note.
Market capitalization and prices refer to CoinMarketCap data (1st December 2017).
Dash – a unique incentive P2P and dual-layer network
A cryptocurrency (token symbol DASH) being issued from 2014 through an open source project “Dash” was established in 2013. Along with Bitcoin and Ethereum, it is one of the cryptocurrencies whose prices have been rising sharply since it entered the year.
Through an open source payment platform supported by tens of millions of users across the whole world, their aim is to realize a “safe, fast digital payments that can even be used by grandmothers.”
It is based on Bitcoin’s software, but it is characterized by its unique incentive P2P. The miner receives compensation from the maintenance of blockchain, and the owner of the masternode receives compensation for verifying the transaction, storing the data, and providing the service.
A node carries out the role of a connection point in the P2P network, but the masternode becomes the central point for all connection points.
By adopting a dual layer network consisting of regular nodes and masternodes, Dash is realizing safe, prompt, and also highly anonymous digital payments, such as anonymous remittances (PrivateSend), immediate remittances (InstantSend), decentralized governance (Decentralized Governance), and a distributed payment process (Dash Evolution).
Compared to Bitcoin that adopts a single-layer network for remittances, it is easier to understand. Bitcoin payments usually take about 10 minutes, and the entire transaction log is released. There is a strong tendency for the mining to be monopolized by a very few miners.
Apart from Dash payments being completed instantly, it doesn’t release the transaction log directly to boost anonymity. Also, because it circulates incentives within the network by granting the role of governance to masternodes, it can be expected to prevent the concentration of exclusive rights. It is also nice that it can be used from around the world, 24 hours a day (via a Dash masternode).
At present (1st December 2017), its price is 737.97 dollars, and its market capitalization is 5.83 billion dollars. Until the end of last year, it hadn’t even reached 100 dollars, but the rise in its price began around February this year, breaking through the 200-dollar level in November. It reached the 700-dollar level at a stretch.
Cardano/Ada – to proceed with projects that
put the focus on the blockchain
A cryptocurrency issued by blockchain startup IO (Input Output) HK. The reason why it is called “Cardano coin” or “Ada” coin is because it was previously (with gaming as its concept) meant to be used in the cryptocurrency-based game platform “Cardano” as Ada coin.
Cardano is an open-source blockchain platform developed by IOHK. At the time of its inauguration, the purpose of the project was to take a stand against fraudulent programming prevalent in online games – providing a fair game environment to game users, but halfway through the project, its policy changed to put the focus on the extensive possibilities of the Cardano blockchain.
Currently, to apply the Cardano blockchain to an even wider range of industries, the Cardano Gaming Group – which was the major corporation in the Cardano project, is rebranding to Emurgo. IOHK will devote itself to the management and development of both payment and computation layers in the Cardano project and is setting its eyes on the development of their protocols by 2020. Emurgo is bisecting its role into a venture firm, which enables the development of software that applies the Cardano blockchain and investing in innovative startup firms that focus on the construction of decentralized applications and smart contracts.
At the center are Charles Hoskinson, one of the initial founders of Ethereum and the CEO of the Bitcoin Foundation, and Jeremy Wood, who was also in charge of operations at Ethereum, and set up IOHK in 2015.
Through Cardano, one can use a wallet for Ada coin which can even be used for Bitcoin, Ethereum, etc. – Daedalus, and a smart contract that records complex advanced transactions on blockchains – Plutus.
With its release last year being drastically delayed, it was just listed on Bitrex in October this year, and its price has already risen steeply. It broke into the 3-cent level in late November and reached 13 cents on the 29th.
Lumens Coin – developed by the former founder of Mt. Gox
A cryptocurrency issued by Stellar (Stellar Lumens) and handled by Jed McCaleb, a member of the development team for Ripple, and the founder of the Bitcoin clearing house, Mt. Gox, that went bankrupt in 2014.
Although it seems that it is often called “Stellar coin”, but officially, its name is “Lumens (XLM)”.
Stellar uses a protocol SCP that closely resembles Ripple’s Consensus, in contrast to Ripple being oriented towards payment systems of corporations such as financial institutions, Stellar is devoted to payments between individuals.
Also, for Ripple, the upper limit of the number of issues is set to 100 billion, but Stellar is issued with 1% added each year. Its intention is to suppress the price fluctuation from the increase in the volume of Stellar coins.
The price fluctuation is relatively intense, and it had just crossed 5 cents in May 2017 when it depreciated to around 1 cent in September. Currently, it is leaping up to 8 cents. Its market capitalization is 1.42 billion dollars.
Aion – to solve scalability problems
The cryptocurrency Aion (AION) issued by Toronto-based Nuco is based on the “3rd generation blockchain network” developed by the company.
The “Aion network” is a blockchain system consisting of multiple layers, developed with the purpose of tackling scalability problems and the safety and interoperability carried by existing blockchains. Specifically, it is something that constructs a blockchain system which can exchange information by operating multiple blockchains in mutual cooperation.
The person who set up Nuco is Matthew Spokes, who served as the leader of the blockchain project at Deloitte Canada.
Its token symbol is AION. In spite of not even having risen to 1 cent in early November, it first achieved crossing 2 dollars towards the end of the month, which was when its ICO was carried out. It succeeded in raising funds that crossed 23 million dollars in its ICO.
Decision – to be used in the blockchain voting system of the future
Decision (HST) is a token issued by Horizon State.
It provides a blockchain platform with the purpose of improving voting decisions and decision-making processes – tokens can be used on this platform.
With falsification being impossible, its evaluation as a high-security and high-reliability blockchain voting system is high, and it is already being adopted by governments to major companies, municipalities, educational institutions, etc.
Although its price hasn’t stabilized, being something that keeps moving to and fro from around 12-35 cents, it is being taken up by international media such as Forbes Magazine, HuffPost, and Investopedia. Its market capitalization is 125.1 million dollars. Its past 24-hour transaction volume has increased by 64.58%.
Its executive team – apart from Jamie Skella, the former director of Australia’s major gambling group, Tatts Group and Dan Crane, who served as the COO of a company in the Australian Stock Exchange top 100 – consists of smart contract developers, IT consulting executives, entrepreneurs with remarkable ability, etc.
Yellow Token – a community-driven token
Yellow Token (YEL), with “the world’s first community-driven token” as its tagline, is setting its eyes on the realization of fast, low-cost transactions with standard Ethereum “ERC-20” compliance.
“Every decision concerning tokens are made through the community, and the proportion of token ownership has no influence over the right to speak or clout.”
Making “returning to the roots of cryptocurrency” its concept, it is emphasizing the aspect of “a token that can walk alongside the community.”
At present, it has settled at 0.6 cents. In early November, it had temporarily reached 4 cents, and its past 24-hour transaction volume has increased by 351.76%. With this, 21 million tokens have been issued.
CageCoin – a mysterious coin whose trading volume increased
by 31,000% in 24 hours
CageCoin (CAGE), which is steadily raising its popularity, is a unique cryptocurrency that claims to “have been inspired by the actor Nicholas Cage.”
Information on it is extremely scarce, although the impression that one receives even from the website is such that one is unable to judge whether they are being serious or playing. Achieving an entry into the top 10 cryptocurrency rankings by increasing its transaction volume (by 31,000% in 24 hours in February) is becoming topical in the Western cryptocurrency market in one way or another. Its increase in the last 24 hours is also close to 1000%.
It differs from those such as Bitcoin, in such a way that it implements the Scrypt algorithm. Its transaction processing time is 1 minute. Its maximum number of issues is set to 100 billion. Its market capitalization is 304 million dollars.
EOS – raised the largest funds in ICO history,
but the reverse is the case
EOS’s source of the issue is a Cayman Islands-based startup, Block.one. Developing the mainly business-oriented blockchain design software “EOS.IO”, it succeeded in raising the largest funds in ICO history of 186 million dollars in its ICO in July this year.
However, with facts such as “the token having no rights, nor application, function, or purpose,” having been described afterward in a white paper, temporarily dropped investors into confusion (via Cryptocurrency News).
While the viewpoint that it was “a typical example of blunders invited by the ICO bubble” was strong, on the other hand, its price which had slumped to around 50 cents at one time unexpectedly resurfaced gradually and is currently recovering to around 3 dollars.
EOS itself was developed on the assumption that it would be adopted by major companies as “the most powerful platform oriented towards distributed applications.” The token complies with the standard Ethereum “ERC-20”.
As the EOS token example indicates, if the cryptocurrency market heats up, then the more it heats up, the more the necessity to pay attention to obtaining cryptocurrency/tokens strengthens. Even the ones introduced recently will by no means guarantee their price rise or future outlook.
One should (having carefully examined the intentions and sources of the issue of tokens in white papers, websites, and commentaries) have sufficiently grasped the risks along with the advantages.
(Kotoko Allen, a freelance writer living in the UK, FinTech online)
This article was posted on December 5th, 2017 on ZUU online JP.