Posted On April 12, 2021, 10:06 am by John James
With all the ongoing online discussions regarding penny cryptocurrencies, it is fairly safe to bet that nearly everyone on the internet is aware of these digital assets. That being said, there is still not enough depth to folks’ knowledge regarding the lofty realms of the Cryptosphere.
It’s a whole hyper-universe out there – with, sometimes, elements of virtual reality thrown in! The vast majority of developers and promoters are upright, conscientious professionals looking to develop the Cryptosphere into something even more tangible and palpable.
Ingenious frameworks are proposed every now and then, and there are feelers sent to governments asking for approbation and even regulation. You must cast out bad apples. Let’s make the most of the web by investing in Top Cryptocurrencies in 2021.
By using the identifier ‘penny’, folk only mean to label the most affordable cryptocurrencies. We will be considering cryptocurrencies for under 99 cents. Luckily for us, the biggest chunk of the Cryptosphere is made up of penny cryptocurrencies. And it is rewarding to know the features unique to individual cryptos.
There’s a lot of diversity amongst penny cryptocurrencies themselves. There are those, like Ripple XRP, that have a deluge of a supply and are therefore plentiful enough to warrant their low price. There are those that, consequent upon their very recent entry upon the scene, are very much affordable. In this category, one example is KIN. Some have only reached lows very recently and are, for the moment, well within our reach. Finally, there are those that have never seen the inside of an exchange.
We will ensure the cryptos we consider have a good set of fundamentals and realistically expect to experience a goodly price appreciation in the near future. There should be potential for greater volume, as well.
When a penny cryptocurrency starts to rise, we can check to see if all market parameters are similar to when BTC rose up from 30 cents. It could be that Bitcoin’s success is not going to be replicated. Then again, a penny cryptocurrency may come along and rise to the extent that it can reach a place as high as atop coin on good exchanges.
Whether we want to invest 1% of our savings on penny cryptocurrencies or a relatively larger sum – the onus is on us to do the research. When there is a success, we can hold our bag of (former penny)cryptocurrency that’s now gone blue chip.
A promising penny cryptocurrency ought to have stable community support, the surefire guarantor of legitimacy. Besides this criterion or your selection, there are strong fundamentals, a good team, and, importantly, a credible white paper.
Why should you Invest In Penny Cryptocurrencies?
We can run through the best reasons to put our money in cryptocurrency investing: High Returns Potential, portfolio Diversification, passive income source.
High Returns Potential – When a newly launched coin is a real price low, this is done to attract investors. Sales can rise on the basis of strong fundamentals. After reading up on your fancied coin, it is prudent to take steps that would allow you to stay ahead of other investors. portfolio diversification – The volatility that characterises the cryptocurrency market is one sure reason why you should diversify your portfolio. Granted, your blue-chip investment is generally extremely stable and reliable. However, there should be a buffer of smaller investments to protect you against imponderables. A diversified portfolio helps you most in times of volatility.
Passive income source – you can make money from dividends just by holding on to penny cryptocurrencies. Coins with solid fundamentals can reward you for your foresight.
How should you select the best Cryptocurrencies?
You would do well to be mindful of following factors when you start going about selecting the best cryptocurrencies.
- The supply should be more than ten million units, 25% of it being already mined.
- Market capitalisation ought to be over $20m, while the daily trading volume has to exceed $1m;
- The cryptocurrency should be listed on a credible exchange;
- Percentage gain for the preceding week should be at least 50%.
Such metrics deserve periodic study; the cryptocurrency should be easy to find on social media and be transparent in its dialogue with prospective clients.
Where are Penny Cryptocurrencies Bought?
As a rule, investors trade cryptocurrencies at cryptocurrency exchanges.
Let your investment strategy be in sync with these platforms. Regardless of if these are fiat-to-crypto, crypto-to-crypto, decentralised or centralised, you can factor in all features and still move towards your objective.
Sometimes it happens that your range of obscure tokens is not available on a given exchange. So that you may not have to waste precious time locating reliable exchanges, may we suggest Bittrex and Binance? ROinvesting, TradedWell, InvestLite, Brokereo, ETFinance, Trade ATF, 101 Investing, and T1Markets can give you helpful guidance in the matter of penny cryptocurrencies investments.
Besides a raft of excellent security measures, these are certain to have the same cryptos you wish to trade.
Cryptocurrencies are becoming increasingly mainstream. As interest accumulates on a server, there’s a likelihood it is totalling up to a respectable amount.
A Survey of Top Penny Cryptocurrencies
We will consider several affordable cryptocurrencies, have strong fundamentals, come with a credible white paper, have community support, and have great teams managing them. They are Decentraland/Mana, BAT/Basic Attention Token, Loopring, Harmony, and Wax.
This is among the most efficient platforms developed within the ethereum blockchain matrix. Mana enables clients to purchase, build, and monetise virtual reality applications. In the first week of March 2021, Decentraland/Mana reached an all-time high at approximately 45 cents. It had grown up to 355% the preceding financial year. While Decentraland is basically a virtual world open for exploration by our humanoid avatars, Mana is the currency that makes the digital world turn. MMORPGs or Multiplayer online role-playing games give a good inkling of what a virtual world like Decentraland would look like.
In decentraland, You can burn Mana in LAND transactions, the latter being an NFT taken that stands for virtual real estate.
Clients/users owning LAND can build on their property, with the option to resell the said property on the secondary market. You can exchange Mana for NFTs to embellish either your virtual self or your decentraland property.
A decentralised autonomous organisation governs decentraland.
It is merely a smart contract permitting Decentraland users to voice their opinion on policies, viz new Mana token issuance, and sundry rules about the governance of LAND. in conjunction with the network’s blockchain nature, denoting the impossibility of any single entity ever shutting down Decentraland.
Populating a virtual world with financial ideas – What you can do in Decentraland
Below are a number of things you can do in Decentraland –
- Buy property;
- Landscape composition;
- Open a business;
- Participate in in-world games;
- Control/create your own digital content;
- Real Estate auctions – Mana can employ Smart Contracts for real estate auctions.
- Live auctions – these take place on the online marketplace, where you can purchase/sell Decentraland property.
- Monetising Content – in this virtual world, you can monetise the content you make. An idea of the process: you purchase Decentraland property; then you build a digital casino on it; at every instance of a user laying in the digital casino, you earn Mana tokens; you can cash out Mana tokens into fiat currency.
- Site where decentraland property is stored – Genesis City is the provenance of Decentraland properties. In the online marketplace, there’s a city map of Genesis City. You can then explore every nook and cranny of Genesis City. In all of Decentraland, there are nearly 70,000 plots of land.
The real estate is stored on an IPFS network. all land that is bought is stored on the cryptography-secured public ledger. This denotes the complete immunity of your claim to land bought against any third parties. The decentralised blockchain app denotes the non-ownership of DFecentraland concerning the land there. Rather, every plot is owned by the users.
Immersive and Sovereign –
There is a lot of possibility of finding immersive experiences in decentraland since the virtual world combines many games. PS4 gamers can pit their wits against XBOX players, something that’s inconceivable on the Web. Moreover, you can create and then interact with your own created content in this immersive digital world. There is no precedent as to the extent to which a virtual world can be censorship-free. Given that there’s virtually(!) no censorship in this virtual world, we can just begin to imagine just how much the platform will be. This popularity is bound to be reflected in the virtual currency ‘Mana’, which can therefore only appreciate.
Not long ago, 2,000 Manas bought a piece of Decentraland land, equal in fiat currency to $170,000. That’s something to chew on!
Basic Attention Token
We are fortunate to have BAT to help diversify our portfolios.
Last year, Brave Browser was downloaded more than a hundred million times – an astonishing figure by any reckoning.
Advertisers, publishers and users all benefit from a transparent ecosystem. Incentives are rewarding rational, specific behaviour. The user only gets access to the data she wants to share.
She can get paid for her time or tip the advertiser. The fact that the ads are, over time, expected to be entirely user-centric, and the fact of the three categories of people having been factored in, has made for a great equation. The Washington Post and Vimeo have already started accepting BATs.
Loopring gives institutions and traders a decentralised, automated trade execution system. The latter smartly execute trades across exchanges giving protection and counter-party risk and streamlining trading expenses.
An Ethereum based exchange protocol seeks to enable users to exchange assets across exchanges.
Loopring will permit decentralised exchanging utilising ring-sharing technologies and order matching. Loopring empowers you to build high throughput, order book based, non-custodial exchanges on Ethereum through the agency of zero-knowledge proofs (leveraged).
Instead of standing as just another decentralised exchange, Loopring intends to pool orders from the largest number of exchanges. Then, Loopring will fill these orders by synchronising them with all participating exchanges’ order books.
Loopring has plans to permit decentralised as well as centralised exchanges to participate in its network.
Thereby, Loopring renders access to the best pricing, sans the need to cross-check across exchanges.
Loopring being blockchain agnostic, any smart contracts implemented platform will easily integrate with it. Thus far, Ethereum and NEO have undergone such integration.
For traders, a central benefit is maintaining control over their funds. The latter is secured into a smart contract upon the placing of orders. The system makes it possible for an order to be increased, decreased or cancelled at any instance before execution.
Loopring Order Placing
It is through the loopring.io wallet that users place an order. Users use their private key to sign the order. This is followed by the order’s relaying to the Loopring network smart contracts, besides off-chain relay nodes.
Smart contracts guarantee that wallet funds are exchanged as per process mandates for the coins you are trading. In the meantime, off-chain nodes massage the order book, broadcasting it to ring miners.
What do Lopring Miners do exactly?
Ring miners are responsible for ensuring the filling of orders till the time all of them are filled or several cancelled. Miners charge either a fee in LRC or a split margin in the order amount.
The system makes sure the miners receive fair payment. It also incentivises them by allowing them increased margins for the higher exchange rate. Hypothetically, the system cuts down arbitrage opportunities. The protocol is the repository of the best trade value.
Upon a miner finishing an order ring , the Loopring smart contract makes sure the order is filled. Provided that all entries correspond on either side of the trade, the smart contract sends requisite coins to each trade side. Being an atomic swap, it takes place straight from smart contract to wallet.
The sharing of orders
Ring -matching tech permits the coalescing of several orders into a single one. There’s even provision of filling partial orders in the unusual event of leftover orders left unprocessed.
Loopring has sent nearly all computations off-chain, thereby improving throughput as well as costs. Transaction history, besides account balances, is organised in a Quad Merkle Tree, off-chain. Requests and user transactions are all batched, then processed off-chain with the state root, post each batch processing. Subsequently, the publication takes place on the blockchain. This makes for the verification, apart from the re-construction of the state roots.
Loopring 3.0 settles more than 200 orders per second.
It’s early days yet with regard to DeFi science. It is only to be hoped that Lopring will catch up with its previous momentum. All in all, the fundamentals are all there. Loopring LRC is therefore highly recommended.
Harmony represents an ecosystem end-to-end cryptocurrency transfer. This it does by bringing together present networks. This, in turn, enables users to exchange their cryptocurrency into fiat currency.
Prospects of Harmony (& its token One)
It is on Google UDP that Harmony has based its network stack.
Potential and scalability – for the blockchain industry, scalability has always been a major problem. Different brands have offered varied solutions, be they the project Zilliqa, Hedera Hashgraph, or Algorand. Harmony is on the cusp of a groundbreaking solution, proposing the conjunction of cutting edge tech already tried and tested. This would come with promises of speed attainment, enabling Harmony to process IoT devices and energy grids.
Community – Harmony boasts of a ten thousand-strong community on Telegram and a 400 strong community on Twitter. Thanks to its presence on Binance, their’ additional community members are accruing to Harmony.
Technology -Speed is estimated at 10M tx per second. Core tech components are –
- Transport Network ;
- Consensus Protocol ;
- System Tooling.
Google UDP and Bloom tables are included in the first, while the second involves applying OmniLedger protocol with sharding technology. Finally, the system tooling includes unikernels, zero-copy streaming, as well as multi-core in Rust.
Harmony has credibly claimed to transactions being completed fully in 2 seconds. Users can also bridge assets to Harmony over from Ethereum. These days, they are working on optimising it as a gas-efficient trustless bridge and cross-chain finance. They have a technical whitepaper that’s highly recommended.
Harmony’s currency One is tradable at all better exchanges.
WAX is short for Worldwide Asset Exchange. Virtual goods, in token NFT form, are traded here. WAX also authenticates and certifies the digital goods within its ecosystem. The new exchange has facilitated the uninterrupted transactions of virtual goods.
WAX has managed to garner in the shortest of time a large number of virtual goods pertaining to collectables, besides onboarding celebrity collectors/aficionados. There’s been an explosion of interest in WAX wares.
The currency is WAXG or the Wax Governance token. On average, over 300,000 transitions are taking place on the platform every single day. The WCW or the Wax Cloud Wallet is a distinctive feature of the platform. Signing is markedly easier. The platform is also adaptable to developers seeking to enhance their own Wax experience with ingenious applications of their own making.
The WAXG is highly recommended.
There’s every reason to believe there will be a regulatory framework for cryptocurrencies soon. Penny cryptocurrencies will be significant when that eventuates. You would be ‘in the money. Folks who are investing in crypto ETFs are doing so for excellent scenic reasons. There will come a time when the small investments will result in high returns. For a 100%+ ROI, you just can’t beat penny cryptocurrencies. And ROinvesting will get you there faster than most!