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Six Cryptos The World Economic Forum Wants You To Know About

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Avatar for The.Part.Time.Economist
2 months ago

If you are new to cryptocurrency investing, you have most likely heard of Bitcoin, but what about the 1,000s of other cryptocurrencies. Which projects offer great potential, and what are out right scams? Unfortunately, answering this question is easier said than done, and if you ask 5 different crypto gurus, you're likely to get at least 15 different recommendations of what coins you should invest in. Sometimes, it can be helpful to have a clear, authoritative opinion, and in today's post, I want to share six cryptocurrencies that the World Economic Forum thought were worthy of being included in their recent guide to getting started with cryptocurrency. 

First off, let me say WOW! We are normally used to big government organizations being hostile to crypto, so it surprised me to see this report from the WEF. Even more than that, I was impressed as I felt that the guide was well researched and presented an unbiased overview of what newbies (and even advanced users) should know when dealing with cryptocurrency. Although the WEF didn't specifically endorse the six cryptos I'm going to discuss, they did find them worthy of being included in their guide, and I think at the very least, that indicates that the WEF (after conducting a lot of research) feels that they are legitimate cryptos that have strong potential. 

The Six Winners

So, what are the six cryptos, and what do they do? I want this article to be a bit shorter as the WEF has already done much of the research, I'll merely add some clarification and add additional insights. In no particular order, the six cryptos included by the WEF are listed below

  • Algorand

    • Key Strengths

      • Automatic staking - if you hold the tokens, they are AUTOMATICALLY staked yielding about 6% at the time of writing

      • Fork resistant blockchain - helps maintain continuity

      • High Speed - 1,000 TPS / ~5 second block times

  • Cardano

    • Key Strenghts

      • Research-driven smart contract platform - peer-reviewed scientific approach to development is slower than other chains but delivers a well researched and well tested product

  • Celo

    • Key Strengths

      • Designed to be a "mobile first" cryptocurrency that easily allows sending stablecoins to a cell phone number without a crypto wallet

      • High Speed - 1,000 TPS ~5 second block time

  • XRP

    • Key Strengths

      • Designed to be the crypto for financial institutions and replace the slow, inefficient SWIFT network for interbank settlements

      • Blazing Fast Speed - 1,500 TPS, 3.7 second block time

      • Cheap Transactions - Less than .003 USD at time of writing

  • Stellar

    • Key Strengths 

      • Similar to XRP but more oriented towards individuals

      • Easily transfer money anywhere in the world

      • High Speed - 250 TPS ~ 5 second block time

  • Solana

    • Key Strengths

      • Built for mass adoption without the need for layer 2 or sharding

      • Ludicrous Speed - 50K  TPS ~.5 second block time

      • Cheap transactions - less than .0003 USD

Summary

As with everything, it is always important to do your own research before investing in cryptocurrency, and its important to remember that you are never guaranteed to make money regardless of who recommend a certain coin. That being said, I do think that this paper is a good starting point for considering additional projects to follow.

Although the WEF didn't specifically recommend investing in any of the listed cryptos, the fact that they devoted so much time to them and included them in the paper shows that there must have been something they liked about them vs the other 1,000s of cryptos. Although I wouldn't consider this a definitive guide to getting rich in crypto, I do think it represents a good starting place for conducting your own research, and I'd recommend reading the full paper for yourself. 

 

https://solana.com/

https://www.stellar.org/

https://cardano.org/

https://ripple.com/xrp/

https://www.algorand.com/

http://www3.weforum.org/docs/WEF_Getting_Started_Cryptocurrency_2021.pdf

 

 

 

 

 

 

 

 

 

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2 months ago
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Comments

I wonder, this 6 crypto has good technical position and advantage in crypto but still investor talk about ada and xrp only..

Anyway, nice information mate

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