Last week, Coinbase announced that they are looking at a list of 17 digital assets to add to their ever-growing selection of altcoins. However, this list is surprisingly comprised of very much unknown quantities. We have looked into all of these projects for you to give you a better understanding of what they are:
“These new assets include, in alphabetical order: Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, NEAR, Nervos, Oasis, Orchid, Polkadot, Solana, Spacemesh, and Telegram.”
While there is no guarantee that Coinbase will list any of these projects, it is likely that we will see more than a few named. With a new batch of Altcoins available, and investors always looking out for another 2017/18 like Bullrun, we suggest having a good look at the list to see if you can spot any potential hidden gems.
Avalanche ($AVA) is looking to shake up the finance industry with its revolutionary platform that is aiming to build an “Internet of Active Assets”. AVA has a modular and composable decentralised platform looking to reduce costs associated with distributing capital. In addition to this, the project is looking to ease the creation, research and trading of new and existing financial assets.
Some of the secondary features of the platform include the issuance of reactive micro services, taking benefits from compounding networks, full interaction between token issuers and its clients, reduction of the cost of listing and trading and swapping active assets.
A platform that makes financial tools accessible to anyone with a phone. Celo is a company focused on building an open-source ecosystem looking forward to facilitate cash transfer programmes, lending and insurance. The PoE blockchain uses mobiles phones to verify transfers with the help of a number-based identity system with address-based encryption.
According to its creators, Chia is the first ever enterprise-grade digital money created. The team’s goal is to improve the global payment system by using an innovating algorithm called “Proof Of Space and Time”. The algorithm was made by the creator of BitTorrent, Bram Cohen. Enabling richer smart transaction features with the help of advanced cryptography will allow them to deliver the vision of transforming the financial system. The company is now looking to take the project public on the US market before an official network launch.
Coda looks to solve the problem of non-inclusive and little sustainable consensus by developing user friendly crypto apps. These apps are also able to swap traditional chain of blocks for cryptographic proof, allowing the digital coin to be as accessible as a simple website.
The substitution of traditional blockchains for a portable cryptographic proof will allow clients to get a higher level of security with a fraction of the usual requirements. On its website, the team confirms that “Coda stays inclusive and decentralized even at millions of users, thousands of transactions per second, and with decades of history”.
Also known as “The Internet Computer”, the project is working hard on reinventing what we know as a computer to allow them to run ultra secure software with never-seen before capabilities. Systems that are hack proof and unstoppable? An autonomous software used to create a new type of online services? Those are the questions that the creators of DFINITY asked themselves at the beginning and now they have transformed their ideas into a reality. On their website, the team has stated the following: “we want the public Internet to be the computer and OS you build on. In DFINITY we are developing the ICP protocol (Internet Computer Protocol) that makes it possible for independent data centers to combine the capacity of millions of standardized computers”
Filecoin is a project focused on the market of online and decentralized storage.The company business model rewards with Filecoins when they provide storage to users. Therefore, miners compete to mine blocks with the mining power measure being the amount of storage they have. With Filecoin, miners can earn by giving away its unused storage and that storage is automatically given to clients that needed it. As a plus, the decentralized storage network (DSN) is using proof-of-storage schemes called proof-of-replication to replicate and secure the data in physical storage.
According to its team: “Handshake is a decentralized, permissionless naming protocol compatible with DNS where every peer is validating and in charge of managing the root zone with the goal of creating an alternative to existing Certificate Authorities.”. The project is providing a viable solution to improve auction processes with top-level registration and guaranteed security. The system for name registration has been created with the help of the Handshake Coin (HNS) that also allows users to transfer, register and update their internet names. The whole mechanism will be tremendously useful to prevent scams and to build digital spaces for clients to place bids on transparent auctions.
The enterprise scale project is targeting professionals who want to jump into blockchain solutions may not have theprogramming knowledge to do so. The ecosystem built by Kadena, is the worlds first human readable smart contract language. This enables anyone to create their own automated contracts that can adapt to their business models. The high-performing solution also tackles connectivity among those enterprise subnetworks by building bridges between them. The PoW Kadena Blockchain will easily integrate different business ecosystems by using a public chain.
The main objective of this project is focused on simplifying private payments with the help of a user-friendly and fast-response platform. Privacy, security and distributed trust are the main pillars of MobileCoin. The vision of the team relies on deploying a mechanism that can be used anywhere anytime. Extra features of the wallet includes: easy but securely recovery, fast transactions, full privacy, security on a large scale without the need to significant electrical waste.
Self-described as the “most developer-friendly blockchain”, NEAR is a sharded blockchain that aims to be accessible for any developers. regardless of their level of expertise. Their aim is to provide an accessible platform that developers can build DApps upon, without concerns of the blockchain becoming clogged. Due to sharing, scalability should be a much smoother experience. Additional features of the platform include royalties to developers that create smart-contracts used by another project, free initial testing of created DApps and protocol-based permissions, whereby the app has pre-set permissions so the users don’t have to.
Nervos is a slightly different project to the rest. Created by the team behind imToken and Spark Pool, Nervos is essentially a universal crypto wallet. The project is looking to build a wallet that “allows any crypto-asset to be stored with the security, immutability and permissionless nature of Bitcoin while enabling smart contracts, layer 2 scaling and captures the total network value through its “store of value” crypto-economic design and native token, the CKByte.”
Oasis is a decentralised cloud-based platform which again looks to emphasise the ease of accessibility to anyone to build upon. They are placing large emphasis on security and privacy as the major aspects of the project. Built on an entirely new blockchain architecture that “separates computation from consensus” enables the platform to be faster than traditional systems. This also makes it more robust to hacks and other types of malicious interference. All in all, the team at Oasis Labs are looking to deliver a simple to use but highly secure decentralised platform.
As the name suggests, Orchid takes its inspiration very much from nature. The team want to mirror mankind’s tendency to explore nature to the internet. The project uses a range of open source tools and cryptographic protocols to create an open marketplace. Built upon the Ethereum blockchain the Orchid team are using a VPN client to extend the connections that users can experience without a central authority in control.
Once again, we can see the emphasis of user security, this time with Polkadot. The team are building a decentralised platform that enables blockchains to work with each other, with the added beneficiary of “shared security umbrella”. With many first generation crypto projects lacking interoperability, Polkadot looks to address this first and foremost. In a similar manner as Chainlink, the project says it “enables cross-blockchain transfers of any type of data or asset, not just tokens.“. In a quite revelational property, the project is described as “futureproof”, in a way that it will adapt and update itself automatically and it is essentially “forkless”. In one of it’s strongest features, Polkadot’s “pooled security” enables a multitude of chains to be secured by its validators. This means that blockchains can become secure from day one, increasing incentives to join the network.
Solana describes itself as a “web scale blockchain” network. With a reported 50,000 transactions per second. In a very ambitious move the team have said to not compromise on security, and by working with existing blockchain architecture, improvements have been made to improve scalability, without the need for sharding. With a very strong and progressive roadmap in play, the Mainnet is set to launch once the Smart Contracts Engine and Node Validation processes are complete.
Spacemesh is a project that looks to solve 3 problems:
- Cryptocurrency fair global distribution
Lack of an infrastructure for a global means of payment
Lack of satisfactory blockchain and smart contracts infrastructure for creation of fair communities
By addressing these issues, the team have unquestionably a very ambitious project on their hands. With distribution often reliant on Fiat currency, and issues with ICO’s and IEO’s, Spacemesh are looking to create a solution that will aid global distribution. More importantly, they aim to create a highly useable cryptocurrency that can be exchanged between two parties without the concerns based upon PoW and PoS consensus mechanisms. It is a highly, highly ambitious project, but even if they deliver on half their aims, it could change the scope of many future projects.
Last, but by no means least, Gram – Telegram’s token, is currently on a race against time. The platform needs to launch before October 31st, or risk forfeiting the $1.7bn raised in it’s ICO. Telegram have their own blockchain, named “TON” which enables payments to be sent via the Telegram app.