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ERC20 Tokens to Look Out for in 2018: EOS, TRX, VEN, IOST and BTM

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ERC20 tokens are instances of smart contracts that operate on the Ethereum blockchain. The abbreviation of Ethereum Request for Comments is ERC and 20 is the unique proposal ID number. The term ERC20 actually defines the rules that Ethereum tokens have to follow, that is, it helps the developers to understand how the new tokens will fare in the larger Ethereum system. As all the ERC20 tokens have to follow a set of rules, the developers do not need to redo their project once a new token is released. In fact, these tokens are designed to accommodate the newly released tokens.

The ERC20 specifies six different functions that include the process by which the tokens are transferred and the way the users can access information regarding a particular token. ERC20 also gives two dissimilar signals to a token and they do not match the signals of other tokens. One advantage is that the wallets that support ETH will also support the ERC20 compatible tokens. The ERC20 tokens like any cryptocurrency can be sent and received and have real value. The difference is that these tokens are hosted by Ethereum addresses and the transactions are done with the help of Ethereum transactions. Therefore, the receiving address for the ERC20 assets is the same as the Ethereum address.

ERC20 Tokens one should hold onto in 2018

  • EOS (EOS)

The developers of EOS are focused on making the ERC20 token more accessible to the traders. The introduction of Dawn 3.0 to solve scalability issues and inter-blockchain communication will make the coin more and more popular among the investors. With inter-blockchain communication now the users do not have to go through the whole block when processing transactions. EOS getting listed on ZebPay and the partnership with WAX (Worldwide Asset Exchange) are interesting developments that have helped EOS to progress on the green line. The recent adventures of EOS have successfully raised the rank of EOS on coinmarketcap.com to the 5th position. At the time of writing, the price of EOS is $14.23 USD (4.53%) and the market cap has crossed $11 billion USD. (As of 25th April 2018. It seems that EOS is on a bullish run in the second quarter of this year.

  • Tron (TRX)

Tron has gained immense popularity among the investors with its partnerships, collaborations, and eagerness to find a solution to internet censorship, and security issues in the entertainment ecosystem. The Tron network eliminates the intermediaries by allowing the users to have the fundamental ownership of data and content related to the entertainment industry. Also, Tron is going to launch its own Mainnet and will stop being an ERC20 token. According to the founder of Tron, Justin Sun, the Tron network will focus on solving the challenges faced by the Ethereum blockchain. Other factors for holding onto Tron (TRX) include its partnership with the gaming giant BitGuild and its well-planned out Roadmap. At the time of writing, according to coinmarketcap.com, the market cap is over $4 billion USD and the price is approximately $0.06 USD (4.25%).

  • VeChain (VEN)

The upcoming launch of VeChain’s own Mainnet and its partnership with AssetLink and Shanghai eGrid Consulting Co. LTD are most likely to draw the attention of the traders/investors. The decision made by the VeChain team to award the users the rights to own Authority Masternodes will also attract investors. VeChainThor, the full node that is supported by Authority Masternodes will generate blocks and will provide an extra layer of security to the produced blocks. According to coinmarketcap.com, VeChain stands at the 16th position and its market cap shows approximately $1,989,248,563 USD. (As of 25th April 2018)

  • IOStoken (IOST)

The developers of IOStoken introduced proof-of-believability that is considered to save more energy than the proof-of-work or proof-of-stake algorithm. The aim of the project is to develop on the scalability front and take blockchain technology to the mass. ‘Hyper Universe Distributed Systems’ and ‘Efficient Distributed Sharding’ along with proof-of-believability enhance the process of online hosting of services. Another unique feature of IOStoken that captures the investors’ attention is the concept of ‘Servi’ that can determine how much a user contributed. The ‘Servi’ tokens are non-tradable, self-destructive and self-issued. IOStoken has already been listed on popular cryptocurrency exchanges like Binance and Bitfinex. Currently, according to coinmarketcap.com, this ERC20 token is ranked at 56 and the market cap is approximately $397,422,480 USD. (As of 25th April 2018)

  • Bytom (BTM)

Bytom was developed with the objective of making atomic assets, dividends and bonds registered and exchangeable through a contract supported operation. Bytom offers the users to separate their transaction signature from the rest of the data to make the process more secure. Bytom’s contribution in China includes cross-chain asset distribution, developing proof of work consensus mechanism that differs from that of Bitcoin, and providing solutions like high-speed algorithm to reduce wastage of resources. The proof of work of Bytom will allow AI to enhance the mining process of Bytom. According to coinmarketcap.com, the market cap of Bytom is approximately $902,870,094 USD and ranks 29. (As of 25th April 2018)

All the above-mentioned ERC20 tokens are considered to have a bright future due to their well-written whitepaper and unique features. At the moment, when most of the cryptocurrencies are struggling to remain green after the drop in the first quarter of 2018, it is best to buy these tokens with a promising future and holding onto them. Trading them in future will probably see higher returns.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Damian Morys via Flickr

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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