There’s nothing new about the crypto market going through a boom and bust cycle. The same token that rises exponentially may bite the dust within a matter of a few months. However, regardless of market conditions, fundamentals do not change. Nothing is set in stone, but a strong community with talented developers is a testament to how good the project is. In this post, we will go through some top-rated projects like Uniglo, Bitcoin, and Ethereum.
Uniglo may be the new kid on the block, but the attention it has garnered in the last few weeks is paramount. Given the turbulent market conditions in 2022, there was a need for a cryptocurrency that is immune to volatility. GLO is an asset-backed social currency, the inherent value of which is protected by other stable cryptos, digital assets, and rare NFTs. It has an ultra-burn mechanism in place where profits generated by the protocol are invested in purchasing GLO tokens and burning them all. This ensures constantly reducing supply, which has a direct impact on the price.
The introduction of Bitcoin to the world was a stepping stone toward a revolutionary technology that may become the norm in the future. This decentralized currency was designed to facilitate peer-to-peer payment outside the control of any entity, thus removing the need for third-party involvement. It is based on a proof-of-work mechanism, where miners are rewarded for validating transactions. The popularity of Bitcoin has inspired the development of many other projects that either try to revolutionize the payment system or are used as utility tokens in blockchain platforms. Many cryptos may come and go, but the king of digital assets is here to stay as a store of value.
Ethereum is the next big thing that happened to the crypto industry after Bitcoin. It goes beyond the concept of digital currency, as it facilitates the development of distributed applications and smart contracts. The application of this Layer-1 blockchain is powered by its native asset ETH, which can be used to pay for transactions or as collateral. Ethereum will soon be migrating to a Proof-of-stake consensus in a bid to resolve scalability issues and network congestion. This transition will strengthen the position of Ethereum as a leader in the blockchain space.
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