There are more than 11,000 cryptocurrencies out there right now, and it is not easy to find which might become successful long term.
Unlike when you put your money into stocks, when you purchase cryptos, it is hard to look at the fundamentals because the market is too new. You also cannot be sure people are being honest because there is little regulation.
Many cryptos will go away as we go into the next phase of this asset. Because of this, the cryptocurrencies that will likely do well are those with stronger leadership, good foundations, and better long-term visions.
Three cryptos with better futures than Dogecoin
1. Ethereum (ETH)
The man behind Ethereum, Vitalik Buterin, is a crypto visionary, and the project has brought in an active community of developers. Ethereum is the second-top crypto by market cap, and was the first one to have smart contract capability. Smart contracts are little pieces of self-executing code that work on top of the blockchain. They elevate it from a system that has individual transactions to a network that can run software. Because of this, almost 3,000 apps and many other cryptos are built on top of the Ethereum platform.
2. Cardano (ADA)
Cardano was created by Charles Hoskinson, one of Ethereum’s co-founders. It is a third-generation crypto. Rather than upgrading to deal with issues of energy consumption, Cardano used the lessons from Ethereum and Bitcoin to create a whole new blockchain. It’s created to be more sustainable and faster from the start.
Cardano has proven real-world capabilities. It has many projects in developing nations, like a partnership with Ethiopia. This pilot scheme will use Cardano’s blockchain to record the academic results of 5 million students, giving them all tamper-resistant educational credentials.
It remains to be known whether Cardano’s slow and steady strategy is too slow, but I do think it has a very good future.
3. Aave (AAVE)
Decentralized finance is a term for software that removes banks from financial processes. For example, you may use crypto as collateral to get a loan without needing a credit check or even doing paperwork.
Aave is such a lender. Investors can bring in interest by giving their crypto to a lending pool. They then get a percentage of the interest that borrowers have to pay on their loans. It has a good reputation and some good partnerships. And this new loan industry might potentially change the way we bank.
Author: Steven Sinclaire