Although Bitcoin controls the largest market segment in the crypto ecosystem, many rival digital currencies are now coming up at lightning speed. Aside from stores of value, new cryptocurrencies come with more advanced features that have made them more attractive to investors.
While some people are still skeptical about the future of cryptocurrency, the craze to own digital currencies continues to gain traction over the years. With the total number of cryptocurrencies now crossing the 6000 marks in 2021, it is no doubt the crypto ecosystem is likely to snowball even further in 2022,
In this blog post, we highlight the most promising digital currencies that are likely to take the crypto industry by storm in 2022.
Just like the ethereum platform, Cardano comes with smart contracts capability. As it aims at becoming a decentralized system, Cardano is poised to become a force to reckon with the world of crypto. Before launching any updates, Cardano aims at focusing on peer reviews.
Second, on the list is the less known Algorand. The blockchain is touted as better in terms of transaction speed compared to other established digital currencies. So far, Algorand supports up to 1000 transactions per second.
As the platform improves, it will be able to facilitate up to 3000 transactions every second. The efficiency of Algorands protocol structure is what gives it an edge over other competitors. These attributes are likely to attract more investors.
Polkadot mainly facilitates data exchange across various blockchain platforms. This crypto aims to bridge the gap associated with other digital assets which do not have the functionality to transfer coins or functions from one another.
Polkadots ability to connect various blockchains is what makes it outstanding in the world of crypto.
While many would wonder why ethereum has made it third on the list after the other new digital assets,Cardano, Algorand, and Polkadot have introduced advanced features that have made them earn a top spot in the list of the most promising crypto assets to watch in 2022.
Even though new cryptocurrencies have come up with more advanced features,ethereum is set to roll out ethereum 2 which is expected to improve transaction speed a problem that ethereum has been grappling with for a while.
So far ethereum can only process 30 transactions every second. Upon upgrading,the open-source platform may be able to process upto 10,000 transactions every second. This is a departure from the past where transactions on the ethereum network have been slow.
Aside from getting rid of congestions on the network, ethereum plans to introduce shard chain a system that will see the platform operate smoothly.
Last on the list of the most promising digital currencies to watch in 2022 is Aave. Build on ethereum, the decentralized lending platform lets users generate income from lending and borrowing crypto. The platform features over 30 crypto types that lenders and borrowers can trade with
Some of the benefits that come with using the platform Bitcoin Era include a wide range of lending and borrowing opportunities for users. In addition to high-interest rates on borrowing, Aave offers flash loans where users can use to switch from one crypto to another and make some profit.
As ethereum aims to upgrade in a bid to speed up transactions and reduce congestion on the network, this will be great news to Aave which hopes to capitalize on its lending features to attract more users. Therefore if you are wondering why Aave made it to the list, then you now know why.
Although the number of digital currencies in the market continues to grow by double digits over the years, few cryptocurrencies are likely to stand the test of time. It is against this backdrop that we recommend these new cryptocurrencies that are likely to take the crypto industry by storm.
All in all, the crypto industry is evolving at a high speed and new digital currencies with better and advanced features are likely to continue propping up. This is a paradigm shift from earlier when Bitcoin was touted as the dominant factor in the world of crypto.
Today, many new cryptocurrencies are coming up with better features that rival even the most established open-source platforms like ethereum and others. The more advanced features the higher the chances more investors will gravitate to a particular digital currency.