Top Coins From Our Team – Part 3

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Top Coins From Our Team – Part 3

From Bitcoin and Ethereum to Dogecoin and Tether, the crypto landscape encompasses many options. As the market dynamics continue to shape up in 2023, a handful of cryptos are positioning themselves as front-runners. Let’s dive in!

This article is the third part of the Article series: Top Coins From Our Team. Please find the first two parts here. Part 1. Part 2.

1. Avalanche ($AVAX)

First on the list is Avalanche, an open-source platform developed by Ava Labs. It aims to tackle the shortcomings of older blockchain platforms, including:

  • Sluggish transaction speeds
  • Centralization concerns.
  • Scalability issues

Avalanche introduces various pioneering concepts to overcome these challenges, notably its distinctive Avalanche consensus protocol. This protocol boasts capabilities for low-latency transactions, high throughput, and robust defenses against 51% attacks.

Top Coins From Our Team – Part 3

Source: Avalanche

At the core of Avalanche’s ecosystem lies its native utility token, $AVAX. This token serves multiple functions, encompassing network fee payments and staking.

What sets Avalanche apart is its inventive architecture. It pivots from the conventional single-chain model to encompass three distinct blockchains, each serving a unique purpose within the ecosystem:

  • Exchange Chain (X-Chain): It operates as a decentralized platform facilitating the creation and exchange of digital assets.
  • Contracts Chain (C-Chain): It is a smart contract platform that adheres to Ethereum Virtual Machine (EVM) standards, harmoniously integrating with the broader Avalanche platform.
  • Platform Chain (P-Chain): The P-Chain acts as the metadata blockchain within the Avalanche framework. Also, It oversees validators, maintains a comprehensive record of active subnets, and facilitates the deployment of new subnets. Additionally, the P-Chain orchestrates the Snowman consensus protocol, an integral element within the Avalanche ecosystem.
Avalanche Use Cases
  • DeFi: Avalanche emerges as a prime choice for creating and advancing DeFi dApps. Its remarkable scalability and adaptable architecture empower developers to construct robust DeFi protocols with the capacity to handle extensive transaction volumes efficiently.
  • Enterprise Solutions: The exceptional scalability and adaptability inherent in Avalanche position it as an ideal solution for enterprise applications. This technology enables corporations to establish private and permissioned blockchain networks. This ensures customer data’s utmost security and privacy. Notably, the platform offers seamless interoperability, facilitating rapid connections to other networks. Avalanche’s Evergreen Subnets is a prime example.
  • Gaming and NFTs: Avalanche is an optimal solution for gaming and NFT projects, thanks to its rapid transaction finality and cost-effectiveness. It paves the way for swift and efficient development of in-game economies, resulting in a seamless and engaging player experience. Moreover, Avalanche actively encourages the creation and exchange of NFTs, enabling creators and artists to monetize their digital creations.
Developments and Updates in Avalanche

Avalanche debuted its mainnet in September 2020, two months after successfully raising $42 million in a token sale that sold out in less than five hours. Subsequently, the platform garnered substantial attention, with noteworthy funding rounds. In June 2021, Polychain Capital and Three Arrows Capital led a $230 million funding infusion through a private token sale. Also, in April 2022, Avalanche secured an impressive $350 million in funding, bolstering its valuation to an impressive $5.2 billion.

Throughout this year, the AVAX ecosystem has witnessed several pivotal advancements. Among these, an impactful collaboration emerged as Alibaba Cloud, a segment of the prominent Chinese e-commerce conglomerate Alibaba, joined with Avalanche. This partnership paved the way for establishing a launchpad to deploy metaverses on the layer one blockchain.

Furthermore, Avalanche played a key role alongside other prominent crypto entities in a collaborative effort with MasterCard.

Recently, the Avalanche Foundation unveiled an ambitious initiative, Avalanche Vista. With a staggering $50 million earmarked for investment, this venture aims to tokenize real-world assets.

Interestingly, the current status of $AVAX is under notable pressure, with a token unlock event valued at approximately $99 million on the horizon. This scenario might potentially present an opportunity to acquire $AVAX at relatively affordable prices. However, please note that this is not financial advice!

2. Oasis ($ROSE)

Oasis Network is a privacy-focused smart contract platform for open finance designed using the innovative Cosmos SDK. This project places a premium on applications and use cases prioritizing data privacy and user confidentiality.

It aims to achieve this by separating its consensus layer from its contract execution layer while simultaneously establishing an integrated interface that links the two layers for privacy-enhancing computations.

At its core, the consensus layer is a central hub, leveraging the Proof-of-Stake (PoS) mechanism to secure the network. On the other hand, the execution layer encompasses diverse, parallel runtimes known as ParaTimes, catering to specialized computational requirements, each seamlessly integrating with the overarching consensus layer.

More importantly, the platform’s native token, $ROSE, is the cornerstone for transaction fees, staking, and delegation at the Consensus Layer.

Oasis Labs, the driving force behind the Oasis Network, was established in 2018 by University of California at Berkeley professor Dawn Song. Moreover, to support the initial development of the protocol, the development team secured a substantial $45 million funding round from notable backers such as a16z crypto, Polychain Capital, and Binance Labs.

Oasis Network Use Cases 

The Oasis Foundation envisions a responsible data society driven by advanced distributed ledger technologies that empower individuals to control their data. The Oasis Network’s unique ability to maintain data confidentiality unlocks novel use cases like under-collateralized loans, private markets, stablecoins, etc. This privacy-focused approach redefines DeFi and introduces Tokenized Data, allowing users to stake and earn rewards for their data.

Developments and Updates in Oasis Network

Supported by industry leaders, the Oasis Foundation introduced a $235 million Ecosystem Fund to bolster network projects. Oasis Labs, a key contributor, partnered with Meta, BMW Group, and Genetica, among others, to enhance privacy and data governance.

In July 2022, it announced a partnership with Meta to enhance fairness measurement within AI models. Subsequently, in October 2022, Oasis partnered with Equifax to forge the first-ever on-chain KYC-identity solution tailored for Web3. Adding another layer of innovation, Oasis introduced the Ethereum-compatible privacy blockchain Sapphire in July 2023.

The Oasis Network has undoubtedly carved its niche in the landscape of open finance, leading the charge in preserving privacy while driving innovation across web3. It’s a project worth keeping an eye on!

3. SingularityNET ($AGIX)

SingularityNET emerges as a decentralized marketplace for artificial intelligence (AI), harnessing the potential of blockchain technology to offer unrestricted access to algorithms and applications. The core mission of SingularityNET revolves around creating artificial general intelligence (AGI) characterized by expansive capabilities.

Founded in 2017 by Dr. Ben Goertzel and Dr. David Hanson, the SingularityNET platform has been at the forefront of AI innovation. Dr. Hanson, additionally renowned as the founder and CEO of Hanson Robotics, introduced the world to the capabilities of AI through the creation of the humanoid robot ‘Sophia.’

The platform operates on Ethereum and Cardano, empowering developers to publish their innovations for utilization by individuals and commercial entities alike.

The native utility token of SingularityNET is $AGIX, serving various functions within the platform. These include facilitating transactions within the marketplace, participating in governance decisions through voting, and enhancing liquidity via staking.

$AGIX primarily enables users of SingularityNET to access and pay for AI services and products available on the marketplace. As an ERC-20 token, developers can utilize their accumulated funds to interact with other Ethereum-based dApps or convert them into traditional currency for real-world applications.

Initially limited to a single blockchain, $AGIX has now achieved multi-chain compatibility. This feature empowers token holders to transact across diverse blockchains, including Cardano, Polygon, and Binance Smart Chain.

SingularityNET Use Cases

SingularityNET operates as a vibrant marketplace catering to AI service developers and users. Developers can showcase their services on the SingularityNET network, earning income.

Conversely, users gain the ability to seamlessly integrate these services into their websites, applications, or other products via the marketplace.

The services span diverse domains, including images, videos, speech, text, and bio-AI, each carrying individual pricing determined by the developers. Many of these services offer complimentary demos and a limited quota of free API calls. Notably, SingularityNET imposes no fees for its services.

Developments and Updates in SingularityNET

SingularityNET officially introduced the beta version of its mainnet on March 1, 2019, followed by the launch of the platform developer portal in April 2020. Subsequently, SingularityNET embarked on a journey of transparency by sharing its project milestones starting from 2022 and unveiling its developmental roadmap for 2023 on its official website. With an eye toward the future, SingularityNET’s roadmap for 2023 centers on technological advancements and ecosystem expansion.

More recently, World Mobile has forged a strategic partnership agreement with SingularityNET. This collaboration aims to enhance customer support services, streamline blockchain-based loan servicing, and expedite AI-driven credit rating processes.

Undoubtedly, SingularityNET stands out with its notable technological foundation and extensive development expertise. At its core lies the OpenCog Hyperon AI system, an innovation dating back to 2008, boasting a commendable span of almost 15 years in continuous development.

The SingularityNET platform, built upon this robust framework of OpenCog Hyperon, showcases remarkable prowess in transaction analysis and execution, affirming its adeptness in handling complex operations.

Moreover, SingularityNET’s ecosystem boasts a comprehensive landscape, encompassing AI spin-off projects spanning various domains. With the recent advancements in machine learning and AI, SingularityNET is a project with immense potential.

4. Moonbeam ($GLMR)

Moonbeam is a smart contract parachain compatible with Ethereum, nestled within the Polkadot network. By leveraging its status as a parachain on Polkadot, Moonbeam capitalizes on the collective security offered by the Polkadot relay chain and its intricate integration with other chains interconnected through Polkadot.

PureStake, the driving force behind this protocol, is a development entity with a track record of crafting developer tools for Algorand and managing Polkadot validators. The inception of Moonbeam traces back to early 2020, supported by the collaborative efforts of the Moonbeam Foundation. Notably, an initial coin offering for $GLMR held in September 2021 garnered $30.5 million in funding. Quite impressive!

Presently, the Moonbeam family comprises three distinct networks. While Moonbeam assumes the role of the EVM-compatible parachain within the Polkadot ecosystem, its counterpart, Moonriver, was launched as a parachain on Kusama in June 2021. Moonbeam and Moonriver share a remarkable degree of underlying technology, with Moonriver often serving as the testing ground for new features that subsequently find their way into Moonbeam. Bridging these networks is the Moonrock testnet, fostering innovation and evolution.

Powering the Moonbeam ecosystem is Glimmer or $GLMR, its native token. Participants within this ecosystem necessitate $GLMR for transaction-related fees, smart contract execution, and staking activities. The token takes on an additional role in governance, empowering holders to vote on pivotal network proposals, including council member elections. Beyond this, $GLMR is crucial in incentivizing collators and maintaining the integrity of the Moonbeam network’s full nodes, reinforcing its security framework.

Moonbeam Use Cases

The Moonbeam platform caters to users across various chains aiming to connect assets from multiple sources or developers keen on building DApps spanning a multi-chain environment. It’s a great fit if you seek to expand the influence of Ethereum-based smart contracts or ongoing projects while maintaining affordability.

Additionally, you can utilize Moonbeam to build new ecosystem ventures using its smart contract functionality or to enhance your Polkadot projects with features not found on the main Polkadot relay chain. With Moonbeam’s Substrate framework, you can develop DApps that handle complex transactions while efficiently using the Ethereum development toolchain.

Developments and Updates in Moonbeam

After completing its launch journey in January 2022, Moonbeam became Polkadot’s first fully operational parachain. Following its remarkable crowdloan event, Moonbeam has witnessed the deployment of nearly 300 projects and maintains an impressively vibrant developer community.

In the subsequent month of June 2022, the Moonbeam Foundation introduced a substantial $100 million ecosystem fund, bolstered by investments from Arrington Capital, the venture capital firm established by TechCrunch and CrunchBase founder Michael Arrington, alongside TechCrunch CEO Heather Harde.

Fast forward to June 2023, and the Moonbeam Foundation celebrated a noteworthy achievement: securing a parachain slot for Moonbeam on the Polkadot network.

As a Polkadot parachain with complete Ethereum compatibility, Moonbeam is a powerful recipe for a thriving multi-chain platform emphasizing interoperability. Nevertheless, its achievements and effectiveness are intricately linked with the overarching Polkadot ecosystem.

5. Arweave ($AR)

Arweave functions as a decentralized storage-as-a-service platform, allowing users to permanently store data within an immutable and censorship-resistant environment through a single affordable fee.

This innovative platform employs its native token, $AR, to incentivize the decentralized storage network where individuals providing disk space connect with those seeking enduring data storage.

Arweave’s distinct blockweave architecture, content moderation strategies, and competitive approach distinguish it from the decentralized storage solutions available today. While solutions like Filecoin, Storj, and Sia rely on contract-based storage, Arweave introduces a unique proposition – permanent storage.

Users can securely store data indefinitely (~200 years) for a one-time payment. It differs from traditional models where storage contracts compete directly with large-scale providers like Amazon Web Services, which can offer subsidized rates due to their extensive operations. So, Arweave avoids this market by pioneering permanent storage, addressing a novel niche rather than direct competition.

The mechanics of Arweave’s operation reveal how they achieve this unlimited storage with a single payment. Instead of entering the pay-as-you-go storage market, Arweave carves its path in the permanent storage domain.

Notably, the platform excels in blockchain storage and internet archiving applications. Notable examples include Solana storing its blockchain data on Arweave and the Internet Archive partnering with Arweave for archiving the Internet data.

Arweave also accommodates the hosting of decentralized applications at zero maintenance costs through its permaweb. This comprehensive solution includes the Arweave core data replication system, content delivery servers, GraphQL-powered querying, and SmartWeave. SmartWeave’s ‘lazy execution’ model shifts validation responsibilities to users, eliminating network node gas fees and transaction costs.

The role of $AR within the Arweave ecosystem is significant. All transaction fees, encompassing data storage, retrieval, and interactions with various DApps on the platform, must be paid in $AR. So, users seeking data storage on the Arweave blockchain must use AR tokens, and network nodes providing storage services exclusively receive incentives in AR tokens.

Arweave Use Cases
  1. Decentralized Data Storage: Arweave offers cost-efficient, one-time-fee storage for personal and business files, ensuring immutable, verifiable, and censorship-resistant data. Its blockweave design guarantees instant accessibility and uptime.
  2. Decentralized Data Sharing: Arweave enables anonymous content upload and sharing, akin to a peer-to-peer torrent network with guaranteed seeding. Its protocol’s mathematical pricing balances supply and demand, ensuring fair publishing without third-party interference.
  3. Decentralized Data Collaboration: Arweave can transform the $25B academic publishing by creating an immutable decentralized database, promoting global scientific cooperation, and rewarding impactful research.
  4. Decentralized Data Identity/Protection: Arweave can validate content origin, ownership, and impact in a decentralized manner, offering clear intellectual property claims without reliance on central regulators or lawyers.
Developments and Updates in Arweave

To establish a Permaweb, the collaboration between Arweave and the Internet Archive is a logical alignment, given their synergistic objectives. Starting in 2020, Arweave partnered with the Internet Archive, a nonprofit digital library of Internet sites. This initiative involves leveraging Arweave’s tech to enhance fault-tolerant and decentralized Internet Archive data access.

Moreover, numerous prominent blockchain networks such as Solana, Avalanche, Polkadot, Cosmos, and more have seamlessly integrated Arweave to store their essential blockchain data.

 

Arweave is an innovative data storage protocol poised to reshape how we handle information storage, sharing, and collaboration. Powered by blockweave tech and the permaweb, Arweave provides a decentralized, secure, and everlasting storage solution, offering diverse applications.

Undoubtedly, Arweave is at the forefront of data storage evolution in the Web3 era, spanning personal file storage to decentralized academic collaboration.

Conclusion

From Avalanche’s high-speed consensus protocol to Oasis Network’s privacy-focused approach. Also, from SingularityNET’s decentralized AI marketplace to Moonbeam’s Ethereum-compatible parachain and Arweave’s revolutionary data storage protocol, each project brings unique solutions to the table. As the Web3 ecosystem continues to expand, these platforms showcase the diversity and potential of blockchain tech. Be sure to keep an eye on these!

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Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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