New Altcoins are rapidly appearing in the cryptocurrency space, and many provide opportunities for savvy investors. Altcoins refers to all the crypto coins except Bitcoin, which was the first cryptocurrency launched. While Bitcoin is the most frequently traded coin, Altcoins occupy more of the crypto space.
Here are a few new Altcoins with strong investment potential:
1. Algorand
The Algorand digital currency platform processes transactions quickly and in much the same way that Visa and MasterCard do. Its native cryptocurrency is ALGO, but, like Ethereum, the platform can host other digital currencies and blockchain projects. It uses a proof-of-stake mechanism, which requires less computational work than the proof-of-work mechanism that Ethereum currently uses. Proof-of-stake tends to be quicker and more secure than proof-of-work.
On the Algorand platform, users pay processing fees for all transactions based on ALGO. ALGO also runs and secures the platform and rewards Algorand’s users.
2. CashFi (CFI)
The CashFi platform’s purpose is to encourage collaborations between the DeFI (decentralized finance industry) and the blockchain ecosystem. It was designed to provide “more cost-effective, faster, and scalable services and options than are available on other ecosystems,” according to The Portugal News.
CashFi has a native ERC-20 token known as CFI, which investors can use to unleash liquidity and earn higher yields. CFI is also used to operate and strengthen this collaboration system. CFI holders can actively participate in the ecosystem’s government. They can submit proposals and vote on proposed developments and changes to the ecosystem.
Another unique aspect of the CashFI ecosystem is its ability to support a variety of different asset classes. Because of its diverse asset classes, it can introduce investors to different asset classes such as non-fungible tokens (NFTs), synthetic assets, and liquid staking. The system also supports an interchained CFI NFT marketplace and a minting area.
3. ZCash
ZCash is a blockchain fork platform, which means the blockchain diverges into two potential paths. It shares many characteristics with Bitcoin while differing from Bitcoin in several ways. For one thing, it uses a different security protocol and hashing algorithm than Bitcoin does. Hashing refers to converting data into a string of alphanumeric characters.
ZCash also offers some additional features to Bitcoin. It allows users to conduct transactions anonymously, encrypting transaction information to prevent tracking. It also provides enhanced user security.
The native token on ZCash is ZCoin or ZEC. ZEC can be mined on different devices using application-specific integrated circuits.
Summing Up
Algorand, CashFi, and ZCash each bring new and exciting changes and enhancements to the cryptocurrency market. However, investments are individual. A great investment for one person isn’t always the best investment for another. The best investment always depends upon the investor’s goals.
All savvy investors should research the Altcoins before deciding to invest to make sure the investment meets their long-term goals.
