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Here Are The Top 5 Altcoins of the Week

source-logo  cryptoknowmics.com 15 July 2022 10:24, UTC

Altcoins like Solana, BNB, and Avax saw a massive price jump in the bull run. There are various altcoins protocols that continue to build their system so that they are able to serve billions of users when web3 reaches mass adoption. If you've been looking for the best altcoins to put your money in, you've landed at the right place. Here is a list of the top 5 altcoins of the week.

Top 5 Altcoins of the Week

1. Polygon

Polygon is a decentralized Ethereum scaling platform. It enables developers to create user-friendly, scalable decentralized applications (dApps) with cheap transaction fees without compromising security. Matic is the native token of the polygon ecosystem. It is used for transactions. By staking, it is also used to protect the network. Polygon offers several scaling options such as: Polygon PoS By using side-chains for transaction processing, Polygon PoS is a system that provides transaction speeds and cost savings that were never possible before. A decentralized network of Proof-of-Stake (PoS) validators and the dependable Plasma bridging architecture are both used by POS to assure asset security. Polygon Hermez Polygon Hermez is a layer 2 zk-rollup that addresses the scalability issue by condensing mass transfer procedures into a single transaction. Polygon Avail Multiple execution contexts can employ Polygon Avail for data ordering and availability, enabling modular chain architecture. Polygon Edge A flexible framework for creating public or private blockchain networks compatible with Ethereum. Polygon Nightfall The hybrid Optimistic-ZK rollup developed by Nightfall makes it possible for businesses on Web3 to conduct private, effective, decentralized business transactions. Polygon Miden A STARK-based, Zero-Knowledge rollup, Polygon Miden supports any smart contract. It is still in the development stage. Polygon Zero To create a ZK Layer 2 that is more scalable and decentralized, Polygon Zero makes use of Plonky2's speed. It provides consumers with access to better throughput and lower prices by providing rollup and validium modes.

Helium

Despite being a new blockchain for the physical world, Helium as emerged as one of the top 5 altcoins of the week. It is the foundation of a decentralized, open wireless network. It is based on a brand-new consensus method and a novel form of work called Proof of Coverage (based on HoneyBadger BFT). Data for long-range, low-power IoT devices is routed through the Helium Network using the LongFi protocol. The primary function of Helium, the native token of the Helium blockchain, is to reward Helium Hotspot operators for their contributions to the network's development and security. It is also used to serve as the basis for Data Credits, which are created by burning Helium tokens. All network transaction costs are paid using these DCs. Five methods exist for Hotspots to generate tokens. These are: Network Data Transfer: Hotspots receive compensation for the total data they transfer from connected devices. Witnesses: Hotspots track and file reports. Proof-of-Coverage: Hotspots confirm the wireless coverage of their peers as proof of service. Consensus Group:  Hotspots verify transactions and publish new blocks, according to the consensus group. Based on a reputation score that varies in response to Proof-of-Coverage participation, the chance of engaging in this consensus process is calculated. Challenges: Messages are encrypted and sent to a target set of Hotspots across the Internet, which presents challenges. Proof-of-Coverage makes use of these difficulties to confirm wireless coverage. The People's Network, the largest and fastest-growing LoRaWAN network in the world, is already being developed by hundreds of developers. LongFi, a potent fusion of LoRaWAN and blockchain technology, can be configured to function on thousands of currently available solutions, sensors, devices, and gateways.

AAVE

Users can engage in Aave, a decentralized non-custodial liquidity system, as depositors or borrowers. Borrowers have the option of borrowing in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) method, while depositors offer liquidity to the market in exchange for passive income. The native token of the AAVE ecosystem serves as the basis for the Aave Protocol's governance and security. Aave Tokenomics intends to establish a Shelling Point where the protocol's safety, growth, and sustainability take precedence over the interests of individual stakeholders. Aave Companies is proposing to the DAO the launch of the native, decentralized, collateral-backed stablecoin GHO, pegged to USD. If the proposal is approved, adding GHO would increase the competition for stablecoin borrowing on the Aave Protocol, provide stablecoin users more options, and bring in more money for the Aave DAO by sending all interest payments on GHO borrows to the DAO.

Immutable X

Immutable X is the first layer two scaling solution for non-fungible tokens (NFTs) on Ethereum, offering direct trade, astronomical scalability, and zero gas fees for minting and trading, all without compromising users or assets security. Created using StarkWare's potent STARK prover and rollup technology, Immutable X is the most cutting-edge NFT scaling solution yet designed. The Immutable X protocol's native ERC20 utility token, the IMX token, can pay fees, carry out governance tasks, or stake in the system. Users can earn the IMX token by engaging in pro-network activities like trading. Members currently have direct voting rights based on the number of tokens they own. However, the community will heavily influence many of IMX's economic policies and future governance procedures, even though no public information is available regarding a specific proposal process. At this point, the IMX team still exercises the majority of influence over governance. The community holds some on-chain governance skills, but they do not apply off-chain.

Filecoin

Filecoin is one of the top 5 altcoins of the week. Filecoin can store and retrieve data on the Internet using Filecoin's peer-to-peer network. Files are constantly saved and retrieved for however long a user requests, thanks to built-in economic incentives. The amount of storage space available and how much it costs to store and retrieve files are not under the authority of a single business or organization. Instead, anyone with internet access can participate in open marketplaces for storing and retrieving files, thanks to the Filecoin storage network. Similar to bitcoin and ether, the native crypto token of the Filecoin network is the Filecoin token (FIL). Holders of tokens can use FIL to interact with and conduct transactions on the Filecoin network. Users specifically pay miners in FIL to store, distribute, and retrieve their data.

Conclusion

So, these were the top 5 altcoins of the week. Ethereum is the only altcoin that has gained massive popularity among non-coiners and has been able to gather the trust of the institutions. There are various altcoins in areas of Defi, and Infrastructure, which are generating value for their token holders. I believe this pattern will continue and more altcoins projects will find their product-market fit and distribute the value generated to their token holders also. Do your research before investing in any project. This article is for educational purposes only and shouldn't be misconstrued as investment advice.

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