Both Dogecoin (DOGE) and Shiba Inu (SHIB) have enjoyed massive returns, although they are currently well off their peak prices. Those lucky and brave enough to buy these tokens early have probably made a lot of fortune. But for those waiting on the sidelines, it may be very tempting to hop aboard in the hopes of another big rally just beyond the horizon. Here are the coins that should be on the radar now, according to analysts of consulting giant The Motley Fool…
Pointing to Ethereum, not DOGE
With a market cap of approximately $228 billion, Ethereum is the second most valuable cryptocurrency in the world. What makes it special is that it is the first Blockchain network to include smart contracts. These are software programs that run automatically when two willing parties fulfill the requirements of a transaction. Many crypto enthusiasts believe that smart contracts can change the game for the crypto industry. Because these contracts have the potential to disrupt a wide variety of industries that rely on expensive intermediaries. In fact, Ethereum already holds the top blockchain position when it comes to decentralized applications ranging from gaming to security to social media.
Ethereum completed the process known as The Merge last year. Thus, the transition from proof-of-work (PoW) mechanism to proof-of-stake (PoS) mechanism. Instead of power-hungry computers to solve complex math puzzles, token holders were relied upon to help verify transactions. The result is a more energy efficient network, which is the basis for scaling better as usage increases and processing more transactions at lower fees in the future. Vitalik Buterin, co-founder of Ethereum, is making five more upgrades. All with the goal of getting Ethereum ready for mass adoption.
Cardano is also on the list
Like Ethereum, Cardano uses smart contract technology. While Cardano has risen 1,000% since its launch in 2017, it is currently down 90% from its all-time high. One of Cardano’s most impressive features is its progressive development approach. Unlike most cryptocurrencies, this network aims to be cautious, thoughtful, and research-oriented and relies on the work of computer scientists and academics from around the world to generate ideas for necessary updates to the system. Cardano is currently focused on improving governance functionality in its final phase, Voltaire.
With the completion of Hydra, a Layer-2 scaling solution, Cardano is expected to be able to process thousands of transactions per second. This number is much more than Ethereum’s 12. Even today, Cardano has made progress in finding enterprise-grade solutions for its technology. In the education sector, it can help validate academic credentials. In financial services, it can streamline the client onboarding process. In the agricultural sector, Cardano can track food from its source throughout the supply chain.
Solana is last on the list.
At the bottom of this list is Solana, which is currently valued at just under $7 billion. It was launched in 2020 by former Qualcomm engineer Anatoly Yakovenko. Its price has since increased by 1,700%. This discussion is focused on Blockchains with smart contracts, and Solana is no different. But while both Ethereum and Cardano operate PoS systems, Solana also runs something called proof of date. This is a feature that can speed up transactions and eliminates the need to timestamp data on blockchains. Solana is able to process 50,000 TPS today, making it a top-tier crypto in terms of speed.
Cryptocurrency opponents believe that the technology will never create any valuable real-world benefit. But Solana thinks differently. Solana Pay was launched early last year. This service uses Solana Blockchain to directly connect traders and consumers. This ensures instant payments and virtually no fees. Payment processing can be a huge cost for small businesses, so Solana Pay can be a valuable solution. The added benefit is that it can increase customer loyalty by bringing great features like NFTs to the transaction process.
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