Coinbase, one of the leading exchanges in the cryptocurrency market, has recently announced that it has reviewed 18 coins / tokens. After the announcement, significant increases occurred in the cryptocurrencies involved. Let's take a brief look at the general purposes of these coins / tokens:
(In alphabetical order)
1. Aave
Aave is a Swiss-based technology company focused on empowering people through innovation across all industries.“Aave” is a Finnish word which translates to “ghost” in English. The ghost represents Aave’s focus of creating a transparent and open infrastructure for decentralized finance. Aave is a fintech startup behind ETHLend project. The products offered are a decentralized P2P marketplace and an app allowing to cash out crypto (Aave Pay).
2. Aragon
Aragon is a DApp (decentralized application) that runs on the Ethereum blockchain. The DApp enables users to easily create and properly manage their Decentralized Organizations. The project is led by the Aragon Foundation and runs as an open source platform. To make the entire platform complete, it also features a native token referred to as ANT. The token is used like other cryptocurrencies in the market such as sending value and granting voting rights to users in the network. The ultimate goal of Aragon is to become a completely decentralized application and autonomous organization that all users can easily join and create their organizations in the blockchain.
3. Arweave
Arweave is a new type of storage that backs data with sustainable and perpetual endowments, allowing users and developers to truly store data forever – for the very first time. As a collectively owned hard drive that never forgets, Arweave allows us to remember and preserve valuable information, apps, and history indefinitely. By preserving history, it prevents others from rewriting it. On top of the Arweave network lives the permaweb: a global, community-owned web that anyone can contribute to or get paid to maintain. The permaweb looks just like the normal web, but all of its content – from images to full web apps – is permanent, retrieved quickly, and decentralized – forever. Just as the first web connected people over vast distances, the permaweb connects people over extremely long periods of time. No more 404s. No more stealth edits. No more web apps that decline in quality.
4. Bancor
Bancor is a decentralized protocol network created to increase the liquidity of coins. It gives other cryptocurrencies, especially the not so popular and upcoming coins the alternative of exchanging and transacting their coins without the use of exchange platforms and other counter parties. It is used to convert other digital currencies directly rather than waiting to be listed on exchange platforms. Bancor is an ERC-20 token which implies that it is built on the Ethereum Blockchain Technology. The platform provides a new system that allows individuals to develop what is known as smart coins or tokens that can trade and hold different cryptocurrencies. It employs the use of the smart contract technology by connecting it with other ERC-20 tokens to increase liquidity. Bancor makes use of another kind of trading process that creates a smart token with the smart contract without depending on the existence of another party for a successful exchange.
5. COMP
Compound (COMP) is an ERC-20 asset that empowers community governance of the Compound protocol; COMP token-holders and their delegates debate, propose, and vote on all changes to the protocol. By placing COMP directly into the hands of users and applications, an increasingly large ecosystem will be able to upgrade the protocol, and will be incentivized to collectively steward the protocol into the future with good governance. Each day, approximately 2,880 COMP will be distributed to users of the protocol; the distribution is allocated to each market (ETH, USDC, DAI…), proportional to the interest being accrued in that market. Within each market, 50% of the distribution is earned by suppliers, and 50% by borrowers; these allocations are shown in the Market Distribution table above.
6. DigiByte
DigiByte is fast growing and global blockchain focused on cybersecurity for decentralized applications and digital payments. Its major focus has been on the safest and most secure way to keep data, decentralization and how fast a transaction can be. Being a digital asset, digibytes cannot be counterfeited, hacked or destroyed which makes it the best option to choose to protect valuable items like information, currency, digital data or even properties. It is a cryptocurrency that operates its own blockchain i.e. an open source. Digibytes’ main goal is to develop a cryptocurrency which would get across to a wider community, fully decentralized than the bitcoin. It employs the use of the blockchain technology to achieve its purpose, developing secured apps that can withstand cyber-attacks. DigiByte boasts of a network that is more scalable, faster and secured than almost all other cryptocurrencies. DigiByte has a goal to surpass the operational speed of operators like PayPal, western union etc. These operators have a processing speed capable of producing one million transactions in a day. DigiByte has a block time limit of fifteen seconds which means that transactions are completed, verified and confirmed faster. Despite the scalability issues that come with processing transaction very fast, Digibyte did well by being the first to implement the SegWit protocol.
7. Horizen
Horizen is an inclusive ecosystem where everyone is empowered and rewarded for their contributions. Horizen’s massively scalable platform enables businesses and developers to quickly and affordably create their own public or private blockchains on the largest node network in the industry. Horizen’s Sidechain SDK provides all necessary components for easy and fast deployment of a fully customizable blockchain. ZEN is the native cryptocurrency of Horizen. Its optional privacy feature allows you to control your digital footprint.
8. Livepeer
Livepeer is a platform for video transcoding and distribution. Users will be able to create and broadcast video sessions to its viewers on a global scale by sending their videos to the Livepeer network, which will transcode the data to the formats and bit rates that the viewers can consume. Fees are paid to the transcoders by the broadcasters in a form of the platform token, the LPT. The Livepeer token (LPT) is an Ethereum-based (ERC-20) cryptocurrency. Rather than a medium of exchange value, LPT will act as a bonding mechanism in a delegated proof of stake system in which stake is delegated towards transcoders (or validators) who participate in the protocol to transcode video and validate work.
9. NuCypher
NuCypher is basically a proxy re-encryption network to empower privacy in decentralized systems.The NuCypher network uses the Umbral threshold proxy re-encryption scheme to provide cryptographic access controls for distributed apps and protocols. NuCypher is a data encryption and protection layer for Ethereum (and eventually other networks) and decentralized applications (dApps) that does not rely on a central service provider. The protocol, which the team calls a decentralized key management system (KMS), aims to give developers the ability to store, share, and manage private data on public blockchains. Developers receive this encryption service via a network of NuCypher nodes in exchange for a fee (paid for in ETH). Participants can only spin up a node by staking NyCypher's token, NU, on the network as collateral.
10. Numeraire
Numeraire is a protocol that synthesizes machine learning intelligence to control and effectively manage capital for a hedge fund. Numeraire brings together machine intelligence skills from more than 30,000 data scientists all over the world to push for breakthroughs in the level of prediction accuracy in stock markets.
11. KEEP
The Keep Network is a privacy layer for Ethereum that makes it possible for smart contracts to harness the full power of the public blockchain. The Keep network features off-chain containers for private data called keeps that give smart contracts interactivity with private data without compromising transparency or auditability. Protected by multi-party computation (sMPC), Keeps encrypt private data in a secure manner. Keep is one of the first sMPC systems for distribution on the public Ethereum blockchain. Keeps are protected from Sybil attacks by staking the KEEP token to gain the ability to operate nodes in the network. A KEEP operator can have shares in multiple keeps.
12. Origin Protocol
Origin is a protocol for creating sharing economy marketplaces using the Ethereum blockchain and IPFS. We empower developers and businesses to easily build decentralized marketplaces on the blockchain. The Origin Protocol makes it easy to create and manage listings for the fractional usage of assets and services. Buyers and sellers can discover each other, browse listings, make bookings, leave ratings and reviews, and much more. Origin is an open-source platform that enables the creation of peer-to-peer marketplaces and e-commerce applications. The Origin Platform initially targets the global sharing economy, allowing buyers and sellers of fractional use goods and services (car-sharing, service-based tasks, home-sharing, etc.) to transact on the distributed, open web.
13. Ren
Ren is an ecosystem for building, deploying, and running general purpose, privacy preserving, applications using zkSNARK and our own newly developed secure multiparty computation protocol. It makes it possible for any kind of application to run in a decentralized, trustless, and fault tolerant environment similar to blockchains but with the distinguishing feature that all application inputs, outputs, and state, remain a secret even to the participants running the network.
14. Render Token
The Render Network, through the use of RNDR tokens, is the first network to transform the power of GPU compute into a decentralized economy of connected 3D assets. OTOY’s vision is to distribute the framework of the existing rendering service in OctaneRender using RNDR, a digital token built on the Ethereum blockchain. The Render Network is designed to connect users looking to perform render jobs with people who have idle GPUs to process the renders. Owners would connect their GPUs to the Render Network in order to receive and complete rendering jobs using OctaneRender. Users would send RNDR to the individual performing the render work and OTOY would receive a small percentage of RNDR for facilitating the transaction and running the Render Network.
15. Siacoin
Siacoin (abbrev Sia) is a decentralized platform that uses blockchain technology to help secure and store data safely. It is also a cryptocurrency designed to facilitate payment for data storage in the Sia platform. The system was created by Vorick David and Luke Champine of Nebulous Inc who wanted to disrupt the data storage market. They conceived the idea in 2013 at HackMIT by making a proposition that with the right platform, any person on the globe could lend unused drive space for a pay. Siacoin employs file contracts to facilitate operation and payment between hosts (nodes with drive space to lend) and users (clients). It provides a new way of looking at data-centers so that all people can become part of a huge global ecosystem where data can be stored in a decentralized manner with no risk of loss, abuse, or unauthorized access.
16. SKALE
SKALE is a network of configurable sidechains that exists one layer above the Ethereum blockchain. SKALE Networks's modular protocol is one of the first of its kind to allow developers to easily provision highly configurable blockchains, which provide the benefits of decentralization without compromising on computation, storage, or security. Elastic blockchains are highly performant, decentralized, configurable, Ethereum compatible, and use the latest breakthroughs in modern cryptography to provide provable security.
17. Synthetix
Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets. Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX.
18. VeChain
The VeChain project started in June 2015, focusing on building a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration and high-speed value transfer. Specializing in blockchain and IoT technologies, VeChain has become one of the few blockchain platforms with real world business applications adopted by reputable enterprises across multiple sectors worldwide. By providing robust and secure blockchain infrastructure, enterprise solutions, turnkey packages and development tools in both software and hardware, VeChain aims to enable its business partners and developers to adopt blockchain solutions for business and create a powerful and sustainable ecosystem.
