Altcoin News Today: Top Five Most Promising Altcoins in 2022
In altcoin news today, we will look at some of the most promising cryptos that could define the future of the industry. There are over 2,000 altcoins found on the internet with a few of them backed by extended concepts of innovations. For the sake of this article, we will focus on Solana, Decentraland, Uniswap, the Sandbox, and Binance (BNB).
Solana
Solana is dubbed the “Ethereum Killer,” and this is largely true. It takes only 400 milliseconds to mine a block. It can process up to 50,000 transactions per second (TPS). On any good day, it can ramp up to 65,000 TPS. This puts it ahead of the second-largest crypto by market cap, Ethereum. Ethereum takes 10 to 15 seconds to process a single transaction. Its network is very congested as it can only handle 15 to 45 TPS. Compared to some of the known cryptos, Solana is much cheaper with an average cost of the transaction of $0.00025.
In addition, Solana uses less bandwidth and is more resilient. It solves bandwidth problems with a protocol called Turbine protocol to break each block into different packets. These packets are then transmitted to a group of computers, and so on. Most importantly, it uses the Proof of (PoS) and Proof of History (PoH) algorithm which is more than 99.9% energy efficient compared to the Proof of Work (PoW).
Decentraland
Decentraland is a virtual reality platform that runs on the Ethereum blockchain. It is run by users and allows them to create, run, and monetize their content and applications. Decentraland was founded in 2017 and has been able to gain a huge adoption rate. Last year, Fashion Street Estate, an area within the Decentraland, was sold for $2.4 million. Regardless of their budgets, all users are capable of buying land for real estate on the virtual reality platform. It is worth noting that all transactions are made in its native token – MANA. It was trading at $5.9 late last year when the project was at its peak. Metaverse is expected to be big in the next couple of years as a report from Grayscale estimates that its revenue could grow as high as $400 billion by 2025.
Uniswap
The next token in our “Altcoin News Today” is Uniswap. It was founded in 2018 and was the first exchange to introduce decentralized trading. It has a huge potential as analysts anticipate that Ethereum-based Defi projects could hit $20,000 in this decade starting from 2022. Its revenue has been very positive which has been predicted to translate into its price. Uniswap’s day trading volume also increased from $1 million to $1 billion by 2021. In the last quarter of 2021, its cumulative trading volume surpassed $500 billion, which is a strong indication of the growing interest among crypto users.
The Sandbox
The Sandbox is another project that focuses on metaverse where users can create and personalize their characters, and use them to play games and earn tokens – SAND. Users can use their accumulated tokens to buy a plot of land and build projects in the virtual reality world. Just recently, a user sold 100 virtual islands for $4.2 million dollars worth of cryptos. With the virtual reality world expected to hit an incredible number in the near future, the Sandbox appears as one of the most promising projects in the ecosystem.
Binance (BNB)
BNB is the last token to be captured in our “Altcoin News Today”. It is the native token of the world’s largest crypto ecosystem, Binance. Binance appears as one of the largest crypto exchanges and the leading blockchain network. BNB also Powers the Binance Smart Chain. Binance houses thousands of tokens and collects fees in BNB when any of these tokens are purchased on the network. Its price movement over the last couple of years from less than $1 to $690 in May 2021 speaks volume of its potential.
