Hot New Altcoins in Review (December 5, 2014)
by Keith Andre | Dec 5, 2014 | Crypto News
While production of new altcoins seems to have slowed down quite a bit since the recent Bitcoin sidechain announcement, there are still a few good-looking coins around with potentially bright futures. With their strong development teams, the following three coins are likely to be around for years to come. So, if you’ve been thinking about solid new altcoins to read up on, the following ones are certainly worth looking into.
Greenbacks is a 100% proof-of-stake cryptocurrency which pays a generous 10% interest rate and offers 20 million coins to start with. Greenbacks aims to be commonly used among the average consumer, which requires user-friendliness, a high-security priority, and an advantage over using traditional currencies. The Greenbacks team is ready to offer some good ideas which will help provide the user-friendliness and top-notch security. Moreover, the advantage over fiat currencies will likely just come with time, as cryptocurrency use becomes more widespread. The security of the Greenbacks network will be enhanced by a “Greenbacks fund” in which the developers will hold and constantly stake 10-15% of the total number of Greenbacks. This will uphold the network and make a 51% attack significantly more difficult. The whitepaper for Greenbacks pictures a plastic card with a magnetic strip for processing local currency payments, as well as a QR for BTC payments and another one for GB payments. The whitepaper also describes the plan for a Greenbacks marketplace, as well as a plugin for any online merchant who wants to easily accept Greenbacks as payment. The team has also expressed their dedication to remaining an open source software – it encourages their backing community to get involved in the development of Greenbacks and the affiliated projects.
Counterparty is working hard to accomplish what a lot of cryptocurrency supporters have been waiting for, a decentralized full suite of peer-to-peer financial tools. It is built directly on the Bitcoin blockchain and thus utilizes its towering hashrate and an incredible level of security to verify transactions, such as financial contracts, directly on Bitcoin’s blockchain. Counterparty allows users to create custom tokens, or, in other words, easily create their own altcoin for their personal or business use. This could allow a business to easily reach out to investors across the globe while completely avoiding the need for either party to interact with a stock broker or middleman. The Counterparty protocol also includes an automated escrow service which will help to improve trustless peer-to-peer financial transactions.
SAFE (secure access for everyone) is a project from the Scottish company Maidsafe which aims to decentralize the entire net. This requires the replacement of the huge server farms and data centers, which are currently in control of the large part of the web. Maidsafe’s plan is for a great portion of internet users to pool their computer’s resources, such as disk space, bandwidth, CPU speed, and the like, to run a decentralized system not dependent on the current network’s massive servers. The cryptocurrency that will help run the SAFE network will be called Safecoin. It will use a new concept developed by the Maidsafe team and called ‘proof of resources,’ which refers to the computer resources donated by users of the network. This will provide an incentive to help support the network for anyone, not just big supporters of the decentralized concept. The SAFE network emphasizes its abilities of private and secure communications, as it is a network that requires no human intervention to run and is resistant to recently common cyber attacks. The concept of a completely decentralized internet is, quite possibly, the biggest breakthrough in open-source software since Bitcoin, and I’m quite sure most would agree this project is worth keeping an eye on.
So while it seems like just a small number of the existing altcoins are worth researching and talking about, the few that are still trickling in are looking more impressive than ever. With development teams making promises of breakthrough advancements in decentralized software and cryptocurrency integrated hardware, there are no doubts in most people’s minds, supporters or not, that cryptocurrency is here to stay.
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