The way the market is going, Bitcoin is going to go down in history as a one-hit wonder but it isn’t the only cryptocurrency out there. Of course, you will have heard of Ethereum, Litecoin, Cardano and so on but today, let’s take a look at a few other unknown cryptocurrencies outside of the top ten (at the current time of writing anyway).
These digital assets have clearly defined foals and have potential ‘break the internet’ so to speak. To start with, let’s take a look at Zcash.
No, it’s not the SEC instead it’s ZEC (terrible joke, sorry about that). For those that don’t know, Zcash is an open-source, decentralised cryptocurrency and it is, without a doubt, one of the most underrated cryptocurrencies in the industry. Zcash offers maximum security for users and provides transparency of the transaction. Furthermore, Zcash surprised a lot of us in the fourth quarter of 2016, the digital asset was traded above $4,000. It is actually believed that Zcash will surprise us once again when the market recovers from its current state.
Aimed at using cryptography, this decentralised project provides enhanced user privacy to other cryptocurrencies on the market.
So Zcash transactions try to be as transparent as possible. In fact, they are similar to Bitcoin transactions where they are controlled by a t-addr, or can be a zero-knowledge proof called zk-SNARKs. The transactions are then shielded and controlled by z-addr with coins in either a transparent state or a shielded pool.
In December 2017, around four percent of all Zcash coins were in the shielded pool.
Zcash offers those who wish to transact privately the option of selective disclosure, which allows a user to prove payments for auditing purposes. One reason for this is to allow private transactors the choice of compliance on anti-money laundering or tax regulations. “Transactions are auditable but disclosure is under the participant’s control.” The firm has hosted several meetings with law enforcement institutions around the United States in order to explain these and has gone on to state that they “did not develop the currency to facilitate illegal activity.”
Monero is another open-source cryptocurrency that was created in 2014 by Nicolas van Saberhagen.
Here’s a fun fact you may not have known about the cryptocurrency but it was originally called BitMonero (just pointing that out for you). This cryptocurrency mainly focuses fungibility, privacy and decentralisation. Mondero uses an obfuscated public ledger, so that anybody can broadcast or send transactions, but no one outside of the transaction will know the source, amount or destination. A big part of the untraceable nature of the project is thanks to the community surrounding it. Monero is a community-driven currency, fully developed through donation.
There is so much we can say about Monero but in a nutshell, is was designed to be resilient to application specific integrated circuit mining. This is commonly used to mine other cryptocurrencies like Bitcoin. For those tech savvy individuals, the coin can be mined on consumer grade hard like x86, x86064, ARM and GPUs.
The TRON Foundation launched TRX is order to create an effective cost reduction in digital content sharing. Now we like to write and talk about TRON and TRX quite often at Crypto Daily which is why you might be thinking that it isn’t an underrated cryptocurrency, but in reality it kind of is.
In case you don’t know, TRON is a decentralised, blockchain-based platform and the foundation behind it introduced a global digital content entertainment platform that encourages sharing of digital contents by banning intermediaries in 2017.
When it was launched, TRON aimed to connect content consumers and content producers whilst simultaneously reducing cost on the consumer side of things. Users pay using TRX and this exchange is received by the producer. Due to this, the producer can decide whether or not to withdraw by exchanging to another currency.
The founder and CEO of TRON is the infamous Justin Sun who established the project in late 2017 with the aim of TRON being “the construction of a global and free entertainment content ecosystem, in which creators have the power to freely publish, store, and own their content, interacting directly with consumers thanks to the decentralised issuance, circulation, and trading of digital assets.” This can be found on their main page, the TRON Protocol also offering “scalable, high-availability and high-throughput support that underlies all the decentralised applications in the TRON ecosystem.”
In the end, the TRON network has built a consensus mechanisms which use minimal cost to solve personal credit issues and identification in online transaction. So by utilising point-to-point transactions, TRON will avoid traditional centralized settlement structure. The TRON network can play the host role between users and developers in order to ensure authenticity and compliance of info credit.
So there you have it. Three projects that are criminally underrated. You may have heard of some of these before but if you hadn’t, now you know! Make sure you keep an eye out for Zcash, Monero and TRON for whatever future endeavours they get up to.