The belief is based in part on Ethereum’s long-term scaling solutions, which include a transition from mining based on the proof-of-work algorithm to proof-of-stake mining . That transition will result in Ethereum having a drastically lower environmental footprint compared to Bitcoin and other work test systems.
However, ultimately, it is the ability to create applications on the Ethereum blockchain that makes it so promising. Although Ethereum has been in existence for less than 3 years, some successful applications have already been developed. In fact, 43 of the 100 main cryptocurrencies per market limit are Tokens based on Ethereum.
This article will talk about 10 of the most successful Ethereum-based tokens, classified by their current market capitalization. We will try to keep this list updated and add information about the coins that go up in the ranking, but the top 10 move almost daily! So if you want to stay up-to-date, go to coinmarketcap.com/tokens to get the top current tokens and their prices.
Tokens ERC20 What are they?
If you are reading this page, you have probably heard the term ‘Token ERC20’, especially as a result of the recent boom in start-ups funded by ICOs.
Ethereum, the popular cryptocurrency and blockchain system, is based on the use of tokens that can be bought, sold or traded. There are several different tokens that can be used together with Ethereum, and these differ from the ether, which is the native currency of the Ethereum blockchain. Tokens, in this case, represent digital assets that can have a variety of attached values. They can represent assets as diverse as coupons, promissory notes or even objects in the real world. In this way, tokens are essentially smart contracts that make use of the Ethereum blockchain. One of the most important symbolic standards of Ethereum is called ERC-20, which was developed about a year and a half ago.
“ERC” means “Request for comments from Ethereum” ( Ethereum Request for Comments). This is an official protocol to propose improvements to the Ethereum network. “20” is the unique identification number of the proposal. ERC20 is actually a standard that the tokens in the Ethereum network can fulfill, and therefore, the tokens that meet all the necessary requirements are considered ‘ERC20 Tokens’. These tokens are blockchain assets that have value and can be sent and received like any other cryptocurrency.
1. EOS (EOS)
With a market capitalization of more than $ 2 billion, EOS is the largest token based on Ethereum that exists today.
However, it is important to clarify that although the token is based on Ethereum, EOS has its own chain of blocks, instead of using the existing block chain of Ethereum. The EOS tokens are tokens compatible with ERC-20 distributed in the blockchain of Ethereum in accordance with an intelligent contract ERC-20.
EOS has much in common with Ethereum. Both are mainly smart platforms enabled by contract to host decentralized applications (dApps). The great technological difference that makes EOS unique is its operating system structure that scales both horizontally and vertically.
The horizontal scale is the key phrase here, because it allows smart contracts and transactions to run in parallel rather than sequentially. This difference makes EOS more efficient than Ethereum, which leads to faster transactions and lower rates for dApps.
Some people have come to describe EOS as a potential “Ethereum Killer”. However, if you are looking to invest in EOS, you should be cautious. The project is not well considered by a significant part of the blockchain community, and some have even speculated that it is a scam. On the other hand, if they successfully develop the technology as set out in the technical document, EOS will become a legitimate Ethereum challenger as the main Turing-Complete block chain .
You can get more information about EOS by reading its website and the technical document .
2. Tron (TRX)
Tron is a decentralized content protocol that aims to establish an entertainment ecosystem of free content through blockchain technology. It allows each user to publish, store and own data freely. The creators of content will be empowered through the free creation, circulation and commercialization of digital assets under decentralized self-government.
Currently, social media platforms implement algorithms designed to keep users on the platform as long as possible in order to generate more revenue from the ads. These advertising-based benefits models are not optimal for end users or content creators.
Tron’s decentralized ecosystem is designed to take control of the Internet away from corporations such as Facebook, Google, Apple, Alibaba and Tencent and redistribute it among content creators and common users. It is safe to say that it is one of the most ambitious projects in the field of cryptography.
The CEO and founder of Tron, Justin Sun, is a young successful and protected entrepreneur of Alibaba founder Jack Ma. Sun has successfully built an application called Peiwo, which currently has more than 10 million users. In one of Sun’s latest tweets, it is seen that he already has an integrated audience of 10 million for Tron: “All 10 million Peiwo users will be able to use TRX. Peiwo will be the first live broadcast application that will receive cryptos ”
Tron is developed by a non-profit foundation based in Singapore. You can get more information about the project on your website or by reading the technical documentlinked in the previous paragraph.
3. Icon (ICX)
The Icon project aims to connect all the activities in a country through its own chain of blocks. It is creating an open source ecosystem that allows organizations such as government departments, universities, hospitals and financial institutions to interact without third-party networks that charge transaction fees or delay the process.
In summary, Icon wants to decentralize the various current services, such as transportation, finance, real estate and verification of digital signatures. Icon will build the infrastructure and platform for these services through the use of its new “loop chain”, a technology designed to create “nexuses” where the separate block chains that run on ICON can communicate with each other.
Icon can also join public block chains such as Bitcoin, Ethereum, Qtum and NEO. It is a completely different blockchain at the protocol level, which means that it will not be based on an existing protocol like Ethereum.
Icon is backed by a technology company called ‘theloop’, a blockchain-focused company that has already received several rounds of private funding. Icon also has a great team made up of more than 35 experts, advisors, managers and blockchain financial professionals who work on the project. The team has already started collaborating with several Korean organizations, including major hospitals, insurance companies and other government-backed agencies.
ICX is currently an ERC20 token, so it can be stored in most Ethereum wallets.
4. OmiseGo (OMG)
OmiseGO (OMG) is a smart contract platform and ERC-20 token (the Ethereum code standard). OmiseGo will provide fully decentralized and affordable financial services, without needing a bank account to access them.
Its services will include payments, remittances, payroll deposit, B2B commerce, supply chain financing, loyalty programs, asset management and negotiation. In addition, OmiseGO intends to interrupt the current method of buying and selling cryptocurrencies from exchanges by connecting existing cryptocurrency wallets to a central OmiseGO block chain, over which users can exchange cryptocurrencies quickly and easily.
OmiseGO’s core development team is made up of highly respected figures within the blockchain community. OmiseGo has a distinguished team of advisors, including Vitalik Buterin and other members of the Ethereum Foundation. The Omise group has also worked on numerous projects, including Hydrachain, Golem, Tendermint and Cosmos.
Omise, the company behind OmiseGO, currently operates in Thailand, Japan, Singapore and Indonesia, with plans to expand throughout the Asia-Pacific region. They have developed significant partnerships in Southeast Asia since then, including McDonald’s and Credit Saison.
Here is your technical document if you want to take a deeper look.
5. Binance Coin (BNB)
Binance Coin is the currency used to facilitate operations on the Binance platform , a cryptocurrency exchange that is capable of processing 1.4 million orders per second. The name “Binance” is derived from the combination of the terms “binary” and “finance”, which refers to the integration of digital technology and finance.
The BNB currency is used in the platform to pay the exchange rates, withdrawal charges, contribution rates and all other possible transaction costs. In order to encourage new users to carry out their trading operations in Binance, the team offers discounts when using Binance Coins to pay fees. The discount will be 50% in the first year, 25% in the second year, 12.5% in the third year and 6.25% in the fourth year before the end of the discount.
Binance is one of the newest exchanges in the industry. The Hong Kong-based company raised about $ 15 million in the ICO of the month of July 2017 and immediately acquired 20,000 registered users as part of the collection. The platform has achieved enormous success in a very short time and focuses on the global market, with an emphasis on China.
Changpeng Zhao, CEO of Binance, has an impressive resume with years of experience in cryptocurrencies. He was Director of Development at Blockchain, Cofounder and Director of Technology at OKCoin, and Founder and CEO of BijieTech before working at Binance.
From its ICO to date, Binance has grown enormously and is now in the top 10 cryptocurrency exchanges in the world. Currently it has more than 140 altcoins listed on it, and the number increases as the days go by.
For a deeper look at Binance, you can read the technical document or consult the trading platform here .
6. Populous (PPT)
With our existing financial infrastructure, the process of obtaining a loan is very inefficient for small and medium enterprises. Populous offers a new means to facilitate these loans, using a decentralized peer-to-peer platform .
When companies experience “lazy” periods when cash flow is too low to pay salaries, supplier fees and other operating costs, they can turn to Populous to receive loans quickly. Companies simply load their invoices into the platform, and buyers can then bid for the opportunity to lend the business money and then collect the principal plus interest.
By building the platform in blockchain technology, Populous eliminates the need for banks and other financial institutions to act as intermediaries in these transactions. This means that companies can get loans faster and at better rates, while people with excess capital can lend their funds and earn more interest than they would when they left the money in a savings account.
Populous started the month of December with an explosion, doubling its market capitalization in less than two weeks and rising to its current position as the 17th largest cryptocurrency by stock market capitalization.
You can get more information about Populous by reading its technical documentationand visiting its website .
7. Status (SNT)
Status is one of the best known dApps (decentralized applications) among the Ethereum community, in large part because its purpose is really to improve Ethereum. In fact, the ICO of Status, held last summer was so popular that momentarily it overwhelmed the entire Ethereum network.
Status runs the go-ethereum (geth) thin client on mobile devices, allowing users to convert their phones or tablets into Ethereum nodes. This allows users to participate in the mining process and strengthen the Ethereum network.
In addition to that, Status is also an Ethereum browser and a decentralized messaging application. This service makes it easier for people to access other Ethereum dApps and easily communicate with people around the world about smart transactions and contracts.
The Status financing round raised more than $ 100 million through the sale of its SNT tokens. After the closure of its sale of tokens, the Status team announced the appointment of former Google product manager, Nabil Naghdy as the new COO ( Chief Operating Officer ), the launch of the Hardwallet Status for wireless wallet transactions and the launch of a $ 1 million rewards fund for open source projects.
The Status application is currently in alpha tests for iOS and Android. You can get more information about Status by reading its technical documentation .
8. Augur (REP)
Augur is a decentralized prediction market built on the chain of blocks of Ethereum. Prediction markets have been around for a long time. What makes Augur different from the existing prediction markets is that it is a decentralized platform. That gives you several advantages over traditional prediction markets.
Essentially, a prediction market is a tool to forecast the results of future events. Prediction markets allow people to trade based on their expectations of how a real-world event will unfold, such as who will win the next presidential election, the next World Cup or any other event that comes to mind.
The basic idea is that when you combine the ideas of game theory and the wisdom of the crowd, you will generally get more accurate predictions than you would expect from even a panel of experts in any field.
Augur is an exciting project that plans to create the first decentralized prediction market. Instead of having a bookmaker who places bets, reports on the results of events and redistributes funds accordingly, this can now be done in a decentralized manner.
Augur accomplishes this by using Reputation , a currency used to incentivize incumbents to report honestly on the results of events. When Reputation holders report honestly, they gain more reputation. When they report dishonestly, they lose their reputation.
Augur is currently in the beta phase, but recent development updates indicate that they are making significant progress towards a release. You can check the beta platform on the Augur website and read its technical documentation to get more information about the project.
As you may have guessed by the name, Dentacoin is a digital currency aimed at the world of dentistry. The currency was created specifically to meet the needs of the global dental industry.
Dentacoin’s economy will consist of several different parts, including a review platform, an insurance system and a health care database, all built on Blockchain.
Initially, however, Dentacoin’s economy will focus on revisions. Specifically, users access the Dentacoin Trusted Reviews Platform, which is the world’s first blockchain-based platform dedicated to reliable reviews of dental services.
Patients can use this review system to provide honest reviews of their dental experience in exchange for Dentacoins. Dentists, on the other hand, can access up-to-date and accurate market research data on patient comments.
Dentacoin uses an intelligent contract system to guarantee autonomy, confidence, speed and security. Like other blockchain platforms, it is impossible to manipulate or change data on the Dentacoin Trusted Opinion Platform.
Patients can use their Dentacoins to pay for services at clinics and associated dentists. Or, patients may choose to keep Dentacoins as an investment.
The ultimate goal of the system is to improve dental care throughout the world. Dentists can access the Dentacoins platform to see where they can improve, or what they are doing well.
0x is an open protocol that allows the decentralized exchange of tokens and assets based on Ethereum. Developers can use 0x (ZRX) to create their own modified exchange applications with a variety of user-oriented applications. The team behind 0x firmly believes that in the future, you will find thousands of Ethereum tokens and that 0x can provide an efficient and reliable way to exchange them.
The 0x protocol allows ERC20 tokens transactions between users in a secure manner, without fees, without ties and quickly through the use of Ethereum smart contracts. Ultimately, all assets, including fiat money, commodities, stocks, etc. can potentially be represented as a token. The goal of 0x is to allow any Ethereum token to be traded efficiently.
A large number of projects are being built using the 0x protocol, which is an excellent sign that, as an investment over time, the value of each ZRX will increase significantly once these plans have been fully developed.
The 0x project advisors are well known in the industry and even include the co-founder of the well-known Coinbase exchange.
The 0x project team is based in Silicon Valley, where state-of-the-art technology is continually being developed.
Bonus: Golem (GNT)
Golem is an innovative piece of technology that works for the decentralization of computing power. Golem’s plan is to create a decentralized open-source supercomputer that can be used by anyone with access to the Internet. It is currently under development by a dedicated team of programmers and engineers, all of whom have extensive knowledge of P2P software and blockchain engineering.
Golem does not really provide the computational power itself. Instead, they allow people who have unused computing power to “lend” it to users who need it for a fee. Encouraged by the financial reward, the contributors donate their CPU cycles to Golem carrying out tasks delegated by the users of the network. Computers around the world can benefit financially by using downtime to perform calculations for the Golem network. In that sense, you can think of Golem as the AirBnb of computing.
Practically any situation in which a great power of calculation is necessary (medical research, AI development, computer graphics, cryptography, etc.) is a good case of potential use for Golem. All the calculation is done in virtual machines, so the hosts do not have to sacrifice security to offer their computing power.
Golem is currently in the alpha test phase. You can check the subreddit of GolemProjectto see several examples of images that are represented using the network of Golem. And here you can consult the white paper for those interested in taking a deeper look at technology.
Bonus: Salt (SALT)
Salt (SALT) is an Ethereum token used to obtain membership to the Salt Loan platform. This platform allows for ‘Loans backed by Blockchain’, where blockchain asset holders can put their blockchain assets as collateral for a cash loan. This means that they can access part of the value of their holdings without having to sell any of their tokens, so that their future growth is not lost.
Because users are depositing their assets as collateral, it is not necessary to perform credit checks. Anyone who owns digital assets can access cash through Salt, provided they have Salt tokens to get service membership. Meanwhile, the risk to which the lenders are exposed is reduced due to this guarantee. If the borrower does not make the payments or tries to escape with the cash, the lender can liquidate the holdings to recover their money.
You do not need to report a credit score or go through a long approval process. Borrowers simply place their blockchain-based assets as collateral in an intelligent contract and quickly combine with capital from a broad network of qualified lenders.
Salt’s team is considerable, and they have been adding new members since its inception. Most notably, Erik Voorhees, CEO and founder of ShapeShift. It is a well-known name in the field of cryptocurrencies, and it is very possible that you recognize it in the Banking on Bitcoin documentary .
Salt was launched just a few months ago (October 2017), so its high rank among tokens based on Ethereum indicates that the project has received a lot of positive attention. You can get more information about Salt on its website and by reading its technical document .
How to invest in cryptoactives?
Investing in cryptoactives can be a risky enterprise. If you have decided to invest in a certain cryptocurrency, and have reviewed both your technical documentation and the project roadmap, and you are confident about the development team, then this is what you should do:
Buy something from Bitcoin or Ether
Many of the potentially successful cryptoactives do not have a payment mechanism that allows direct exchange for fiat money, in fact, a large percentage of tokens must be exchanged initially by Bitcoin or Ether. Therefore, your first step will be to acquire one of these 2 cryptocurrencies through an online broker. Coinbase is one of the best sites to buy your first Bitcoins, have a solid reputation in the market, advanced security measures to protect your funds, and allow you to make payments by credit card and bank transfer. In addition, the site has other popular buying options, such as Ethereum, Litecoin and Bitcoin Cash .
Open an account on an exchange platform
Once you have purchased your first Bitcoins, you must open an account in a cryptocurrency exchange platform such as Bittrex, Poloniex or Binance. Binance is our favorite exchange, since it allows us to exchange BTC and Ether for promising cryptoactives such as Ripple, Stellar Lumens or Cardano , among others. Binance is currently one of the most successful exchanges on the market, with advanced security measures, a large number of cryptoactives to choose from, and its transaction rates are quite low.
Transfer Bitcoin or Ether to Binance
To start trading in Binance, you must transfer some balance in Bitcoin or Ether from your Coinbase wallet to the address to receive deposits from your Binance account. Once this is done, you can start trading in the exchange, for which you are offered 2 options: a basic mode that is ideal for beginners, and an advanced mode that has more negotiation tools.
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