After Satoshi Nakamoto let the genie out of the bottle with the creation of Bitcoin, thousands of altcoins were created in the years after. Some of these altcoins are created in a similar fashion as new Bitcoins, that is through Proof Of Work mining. In this article we will be analyzing some of these proof of work altcoins that we consider to have large potential.
As always, please do your own research and don’t take the content of this article as investment advice.
Proof of work altcoins with high potential
Ravencoin is a blockchain which has been designed to facilitate the creation and transfer of tokenized assets. Ravencoin was launched on Jan 3, 2018 as a fork of bitcoin. It is an open-source project designed to facilitate instant transfer of assets (securities, tokenized commodities, etc) all across the world.
Some of the features of Ravencoin include:
- It uses X16R mining algorithm.
- Block time is 1 minute
- 21 Billion RVN total supply
To create an asset, you need to burn some RVN and provide a token name which must be unique, and then you’ll set the number of token, decimals places and whether or not you’ll issue more in future. Furthe RVN rewards can be distributed to holders of your token. the use-cases for these tokens range vary from customer’s loyalty to the company’s dividend. unique tokens can’t be replicated and are beneficial if you need a proof of ownership. these tokens can be used for car registration, software licensing or any other task which requires ownership prrof. Ravencoin also includes specialized tokens for non-asset functionality.
Haven Protocol (XHV)
Haven Protocol can be defined as a free private decentralized multicurrency offshore bank account, which enables you to transact and store money securely and anonymously while retaining its value in fiat currency.
The aim of haven protocol is to enable you to preserve the value of your coins. It means you can convert each Haven Dollar into $5 worth of Haven within a Haven Wallet anytime.
It’s minting and burning system which serves to bolster up privacy and security aspects. It doesn’t follow traditional metric which involves the risk of figures manipulation.
You can obtain XHV coins either through cryptocurrency exchanges, or by mining them. Haven is based on Monero, which follows entirely a new system as compared to Bitcoin. The former hides your all information when you transact, and the latter follows a completely transparent system, where people can see the exact amount of money transferred from one account to another.
Loki is a privacy project which provides you with tools – Loki Messenger – to interact online in an anonymous, secure and decentralized way. The most significant advantage of Loki is that you can run private decentralized apps on certain coins.
With the help of Loki Messengers, you can send encrypted messages to others. Loki is most appropriate network if you want to enjoy the maximum privacy and security.
Built upon an improved Ethereum codebase, Ubiq is a decentralized platform which enables you to create and implement decentralized apps and smart contracts.
The purpose behind the development of Ubiq is to create decentralized and automated solutions to thousands of tasks which are carried out by third parties.
According to a Ubiq monthly report, it offers an enterprise-stable platform as it’s well established with upgraded EVM code, which diminishes the risk of unintended hard-forks and network instability. If you want to buy Ubiq altcoins, you can use any one of the four exchanges: Bittrex, Upbit, Cryptopia and LiteBit.
Many of you must be wondering why you need to buy Ubiq when you have other alternatives such as Ethereum and NEO. The answer is simple; it is an upgraded version of Ethereum Codebase, providing stability to the core.
ZCoin is a decentralized digital currency based on the zerocoin protocol issued with an ambition to focus on privacy and anonymity. This currency overcomes the privacy issues present in bitcoin transactions.
ZCoin follows zero-knowledge proof, which allows you to mint and spend coin with no transaction history. This protocol enables you to verify without exchanging passwords. iIt makes your communication protected that no one can find out which files you’re sharing with other party.
These coins have been designed for those users who have faced the risk of cryptocurrency which supports transparent system.
Decred is a decentralized digital currency similar to bitcoin. It was launched in February 2016. Features of Decred include cross-platform wallets, cross-chain atomic swaps, and an innovative hybrid proof-of-work voting system.
With LN, Decred competes with existing fiat payment systems. It’s a free and open-source software, which allows privacy and security technology to be implemented on incremental basis.
Decred enables you to secure your funds in exchange for tickets, which enables you to be in for Decred’s governance in three ways; two ways are on-chain and the third one is off-chain. On-chain voting serves two purposes: agenda voting to approve or turn down the proposed change to the consensus rules of protocol and voting to approve the work of PoW miners. Decred’s on-chain governance can be augmented by Politeia Web Platform to facilitate proposal submission, view and discussion.
It is a decentralized cloud storage platform, which has been created to provide more affordable and robust cloud storage platform than traditional ones.
The best part of this platform is it encrypts your files while transferring from one place to another. The encryption feature provides you with full access to your data and keeps outside companies from controlling your files and information.
Since it is impossible to decrypt the encoded files without private keys, nobody will be able to target your files on the network.
CoinDiligent Staff Writer