Cryptocurrencies are one of the fastest-growing sectors in the tech industry. The idea of digital money that can be used anywhere and by anyone is still new and exciting, and it’s projected to explode this year. But what exactly is cryptocurrency? Also called “crypto” or “digital currency,” cryptocurrency is a currency that is stored in a digital wallet and traded between users. It uses technology — specifically blockchain — to make transactions more secure and transparent than traditional payment methods such as credit cards or bank transfers.
There are more than 12,000 cryptocurrencies available today, including Filecoin (FIL) and Elrond (EGLD), with more, such as Rocketize (JATO), being introduced. These tokens use some variation of blockchain technology for security purposes: the decentralised nature of blockchains means no central authority or bank is controlling them. Instead, transactions are recorded publicly on their distributed ledger (the blockchain), which means that every single transaction can be verified without any human intervention or oversight.
The Community DeFi Platform – Rocketize
Rocketize is an innovation community-focused DeFi platform, built on the Binance Smart Chain (BSC) blockchain. Following its roadmap, Rocketize aims to create a significant revolution in decentralised exchange, Decentralised Finance (DeFi) community, NFT minting, and the creation of Decentralised Applications (DApps).
Rocketize’s utility governance token, Rocketize (JATO), will be used to reward NFT minters, make decisions on the Rocketize DAO, and participate in Rocketize’s gaming sphere with gaming DApps. It will also serve as a digital currency for exchange on the Rocketize network. In addition, the team behind the Rocketize (JATO) token plans to create a cross-chain bridge to link a variety of networks, including Fantom, Polygon, and xDAI, to maximise the use of its wide DeFi space.
The open source Blockchain – Filecoin
The Filecoin platform is an open-source blockchain-based storage network, based on distributed ledger technology. It is designed to allow users to store data across a decentralised peer-to-peer network of computers. Filecoin’s native token, Filecoin (FIL), is a cryptocurrency that is based on the blockchain of proof-of-replication and proof-of-spacetime. The purpose of this token is to serve as an incentive for miners who contribute their resources to storing data on the network.
The main difference between Filecoin (FIL) and other cryptocurrencies is its PoRS cryptography. This algorithm allows for the secure storage of files without using central servers or cloud storage providers. This gives users greater control over their data, as well as more privacy.
The Internet Scale Blockchain – Elrond
Elrond is a blockchain protocol famously known as an ecosystem for Decentralised Finance (DeFi), FinTech, and the Internet of Things (IoT). This protocol uses Ethereum as its built-in smart contract platform, but it does not depend on Ethereum for its functionality or performance. Elrond can be used to create Decentralised Applications (DApps) that are fully decentralised, secured by consensus, and do not require any third-party service provider. Elrond also boasts swift transactions through sharding.
Elrond (EGLD), the native cryptocurrency of the Elrond protocol, can be used for staking, paying network fees, and rewarding validators, which makes it a viable contender as a payment method in an ecosystem that is growing rapidly. Elrond (EGLD) has been designed with scalability in mind, so it should not only be able to handle high transaction volumes but also allow room for growth over time. Cryptocurrencies have been a hot topic in the news lately even though the market is still very volatile. Rocketize (JATO) has the potential of growing at an exponential rate and could become very popular this year.