As of January 3, 2018, the entire cryptocurrency market was worth a staggering $700 billion. Driven by Bitcoin, the highest profile cryptocurrency, after it bounced back from its Christmas 2017 dip and received a $20 million investment from Peter Thiel, more people than ever are pouring money into the market.
But although Bitcoin may be the best-known coin on the block, it is far from the only one. There are several other cryptocurrencies that are quite literally making money moves and for crypto enthusiasts or curious investors, it’s these other coins that are worth watching too.
Ether is the cryptocurrency used to power transactions that take place on the Ethererum network. The Ethereum network is regarded as one of the most compelling use cases for cryptocurrencies and a reason why many are determined to make it work. Ethereum allows dApps (decentralized apps) to conduct business using smart contracts which are programmed to trigger outcomes (e.g release of funds) once set clauses are met, with no additional input needed.
Some existing Ethereum dApps include Ampliative Art which allows artists to make money, exhibit their work, and share or exchange proposals, while WeiFund is a crowdfunding dApp that turns donations into agreements between the pledger and the creator(s) of the campaign. It’s these business examples that make Ether worth taking notice of.
Not to be confused with the science-fiction movie of the same name, Tron is a cryptocurrency that powers the Tron decentralized entertainment platform. The platform was created with the idea of helping to support creators who produce digital entertainment – including gaming, videos, social media content and more.
The thinking behind Tron is that creators will now have a better pay to be supported; they won’t have to rely on trickling ad revenues and it is also a more accessible way for fans to support them. With this accessibility in mind, it’s relatively easy to buy Tron as users need only sign up to Coin Bull, add funds to their account and select the amount that they want to purchase. It’s important that this process remains simple as more fans of more creators will want to buy Tron in a show of support for entertainment providers in future.
Cryptocurrency has already been touted as a major catalyst for change in the financial industry and nowhere is that any clearer than with the Ripple network. Ripple has been designed as an alternative way for banks and other financial institutions to transfer money and assets as the current method of doing so (called SWIFT) is expensive and regarded by many as less secure.
XRP is the cryptocurrency that allows transfers of money between two different fiat currencies to take place, rather than the existing system of using United States dollars which comes with a hefty exchange fee. For the cost-saving potential alone, this is one to watch.
Although the cryptocurrency and blockchain industries are booming, there is still room for great expansion. As more and more use cases are invented and more and more people are able to see the benefits and see coins beyond Bitcoin, it will only keep growing.