30 Second Altcoin Summaries

With so many new blockchain projects and cryptocurrencies, many great projects and ideas slip through the cracks.

There are a lot of cryptocurrency names we might recognize without knowing anything about the project itself. Similarly, we might be completely unaware of a project with huge potential until there is more commotion in the blockchain world.

Once everyone already knows about a cryptocurrency and starts jumping on the bandwagon, however, it's probably already too late. For that very reason, I'll try to do some research and quickly condense blockchain projects into quick and easy tidbits that can help you decide whether you'd like to jump in with further research.

By all means, I invite you to follow up with your knowledge on a project after its 30-second summary has been posted.

I'll try to post at least one of these each day. Feel free to add on. 🙂

Asch (XAS)

Market Cap: $89 million (#143 on CMC)

A Chinese venture, Asch is an application development platform, like ETH and EOS, that is "based on side chain architecture." The side chain is intended to address scalability issues by running an independent separate ledger linked from the blockchain. Asch supports cross-chain protocols, but might struggle to differentiate itself--as it will likely face heavy competition from other platforms.

ChainLink (LINK)

Market Cap: $123 million (#107 on CMC)

ChainLink describes itself as a "decentralized oracle network," and it aims to allow smart contracts to securely access external data, off-chain payments, and other API capabilities. LINK aims to process data in a secure, encrypted, and decentralized manner, allowing for trustless and tamper-proof translation of data from source to smart contracts and removing the single point of failure represented by other centralized oracle services.

Oyster (PRL)

Market Cap: $44 million (#219 on CMC)

PRL is a token aimed at addressing the current stand-off between advertisers and ad-blockers. To fix the problem, Oyster provides a revenue stream to website owners by utilizing a small portion of their visitor’s computer processing. The “work” done by the visitor’s computers is the back end “proof of work” needed to run Oyster's secure data storage network. They claim to incorporate both the IOTA tangle and Ethereum.

@afridylan yeah... this is nice. The sheer amount of altcoins out there would take would take a significant amount of time to get to know!!

Elastos (ELA)

Market Cap: $191 million (#76 on CMC)

Elastos calls itself the "safe and reliable internet of the future." It aims to provide a fully-scalable, decentralized web environment where dapps are detached from the internet itself. Elastos has three different GitHub repositories that signify the project's three-headed approach. The project is 1) a blockchain-powered internet, 2) an operating system, and 3) a runtime environment for dapps and apps.

Bancor (BNT)

Market Cap: $199 million (#72 on CMC)

Bancor is a "decentralized liquidity network" that is trying to provide a more simple way to convert from one cryptocurrency to another.
By storing coins in the Bancor Wallet, you can convert between any two tokens on the Bancor Network without needing an exchange as a counter-party (and having to transfer your coins from wallet to exchange). Bancor conversions occur at an automatically calculated price that attempts to bring liquidity to smaller, user-generated tokens by removing the need to search for individualized buyers and sellers.

Substratum (SUB)

Market Cap: $151 million (#90 on CMC)

Substratum is an “open-source network that allows anyone to allocate spare computing resources to make the internet a free and fair place for the entire world.” SUB's focus is on eliminating internet censorship, by allowing users to host and view content on its network with few restrictions. All you need to host on Substratum is its token(s), and the cost of web-hosting is intended to be pay-per-click, with web hosts paying those who run nodes on the Substratum Network.

Veritaseum (VERI)

Market Cap: $190 million (#77 on CMC)

Veritaseum is aiming to become the gateway to peer-to-peer capital markets. By allowing individuals to transact directly with one another, the project claims to cut out all intermediaries along the way, though VERI seems very much like an intermediary itself. Its platform allows you to trade the value of almost any listed financial asset, all without a broker, bank, or exchange. VERI has faced several scam allegations since its 2013 inception.

ICON (ICX)

Market Cap: $966 million (#23 on CMC)

Based in South Korea, ICON has been dubbed the "Korean Ethereum" by many people in the blockchain space. Like Ethereum, ICON is working on building a blockchain platform that supports the development of dapps. The ICX Network aims to connect different blockchains and financial systems together in a decentralized manner.

Bitcoin Private (BTCP)

Market Cap: $457 million (#42 on CMC)

BTCP is a Bitcoin hard fork that uses the same privacy technology as ZClassic (ZCL). Thus, BTCP is a unique co-fork of BTC and ZCL, which occurred on Feburary 28, 2018. With BTCP, there is an increased level of privacy compared to BTC; payments are published on a public blockchain, but the sender, recipient, and other transactional metadata remain unidentifiable.

@AfriDylan This is a great initiative and it will help shed some light on what's happening on the altcoin space. I like that in the summary there's the project's ranking on CoinMarketCap. Would it be possible in the short summary to show the cost of the altcoin, accepted modes of payment and whether the project has a bounty /airdrop?

Komodo (KMD)

Market Cap: $266 million (#60 on CMC)

Komodo wants to focus on letting others create independent blockchains through their platform, where users can launch dICOs (decentralized initial coin offerings). Their on-platform, decentralized exchange, BarterDEX, is powered by atomic swaps, which allow you to trade crypto from within your own private wallet. They support swaps between 95% of all coins

All Sports (SOC)

Market Cap: #138 million (#98 on CMC)

All Sports' focus fittingly lies within the sports industry. A new project, they offer a supporting system for various sports information all across the globe, aiding and streamlining the prediction and betting industries while promoting IP asset trading platforms, application open platforms, prediction entertainment platforms, and more.

@cryptoqueen said in 30 Second Altcoin Summaries:

@AfriDylan This is a great initiative and it will help shed some light on what's happening on the altcoin space. I like that in the summary there's the project's ranking on CoinMarketCap. Would it be possible in the short summary to show the cost of the altcoin, accepted modes of payment and whether the project has a bounty /airdrop?

In the name of simplicity, I'm going to leave that information out. If you click on the CMC link or project website, you should be able to see price, exchanges the token is listed on, and any other relevant information.

These summaries are intended to build awareness; I invite you to dive into further research on any projects that are especially interesting.

RChain (RHOC)

Market Cap: $447 million (#37 on CMC)

RChain is a project that began to address blockchain scalability, speed, and safety problems in 2016. It has a multi-chain design and is "sharded" by default. "It plans to launch its platform with the capacity to handle 40,000 transactions per second (tps), eventually improving towards its goal of 100,000 tps. The platform will also come with various developer tools that make for easier dapp development and deployment, and there is an RChain co-op that attempts to give every member the ability to influence the platform's future.

Status (SNT)

Market Cap: $306 million (#53 on CMC)

Status intends to be both an Ethereum dapp browser and a decentralized messenger. It is an Android & iOS mobile client built on Ethereum technology and for Ethereum users. Status is building a user interface where mobile users can access most all dapps in the Ethereum ecosystem (that run on Mist or MetaMask) from a single location. Status will run Go Ethereum from a mobile device, turning it into an Ethereum node, where block validation is done client-side. Current dapps listed on Status include uPort, Gnosis, Oasis Exchange, Ethlance, Aragon, Etherisc, and Ujo. However, Status is completely open source, and anyone can list their dapps on its mobile browser.

Augur (REP)

Market Cap: $459 million (#43 on CMC)

Founded in 2014 as a decentralized oracle and prediction market platform built on the Ethereum blockchain, Augur dubs itself "the future of forecasting." Holders of Auger's token (REP) receive a percentage of the fees from Augur’s platform. REP holders are rewarded for "reporting" on market event outcomes and verifying "truth" over given time intervals. REP tokens are gained and lost depending on the reliability of users' votes with the consensus.

Golem (GNT)

Market Cap: $513 million (#37 on CMC)

Similar to SUB, Golem allows users to share and "rent out" computing resources. However, whereas SUB can be considered decentralized web hosting, GNT caters to developer types who need computing power for rendering and data-intensive tasks. It specializes in decentralized cloud computing.

Centrality (CENNZ)

Market Cap: $154 million (#92 on CMC)

A New Zealand blockchain company that held its ICO in January 2018, Centrality is working on building a P2P application marketplace. Basically, Centrality's marketplace platform allows other ventures/applications to join in and create on their platform. CENNZ users have access to all of these applications in the Centrality ecosystem. Centrality raised a staggering amount of funding in January 2018. Many say that Centrality's market cap is inflated and manipulated. Centrality claims to be a hub for apps, but has few running products in its marketplace.