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Tuesday, January 18, 2022

Altcoin Summary: With Ethereum Having Issues, Other SCPs That Could Capitalize

DeFi (Decentralized Finance) was all over the news all through this year and with NFTs, they gave people the confidence to go for cryptocurrencies with renewed vigor. The convergence of smart technologies of contract has made it possible from instant profits derived from overturning jpegs and high yields from staking.

Among Altcoin, Ethereum remains undoubtedly the most extensively utilized SCPs in layer-one in our crypto ecosystem. But there have been serious issues with Ethereum due to clogged networks and high fees these last few years.

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This year competing networks such as Binance Smart Chain and Avalanche allowed compatibility with the EVM (Ethereum Virtual Machine), producing positive results from those investing in both the ecosystems.

Looking At Some Alternative High-Performance Altcoin Protocols 

Looking at some high-performing altcoin protocols in layer-one in the 4th quarter of 2021 shows how investments through protocol development and traditional finance could benefit projects next year.

Algorand can handle multiple heavy transaction loads at minimal cost as it is a total PoS layer-1 blockchain. This network is developed to be highly scalable and self-sustaining.

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This altcoin launched its Virtual Machine in the last quarter of 2021 which permitted decentralized application and thus allows NFT and DeFi projects to operate over the network.

Tezos (XTZ), a flexible PoS blockchain, has been calculated to evolve with time without hard forks.

During the last quarter, customary finance entities such as Arab Bank plc partnered with this altcoin to introduce staking, trading services, and custody for the native XTZ altcoin. The project also was in the news after expanding the NFT ecosystem through a partnership with gaming company Ubisoft.

Elrond is a platform for enterprise-level business and distributed apps. EGLD has aimed to turn into a global technology ecosystem aimed at the new internet.

The project website says the network uses sharding technology that enables it to process 15,000 TPS. An average normal transaction costs $0.001. a late rally in the built-in EGLD token was due to a $1.29B liquidity incentive by Maiar decentralized exchange based on Elrond.

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