Introduction
Hello everyone, hope you are doing well, and welcome to my fourth post on Vendata’s journey into the crypto world! As demonstrated in yesterday’s post, I have begun to go into the crypto market, plucking out information as it comes by. Yesterday I went through the top five cryptocurrencies according to their market cap, describing them with my thoughts and opinions regarding them. If you have not read the post, the link is https://www.publish0x.com/vendatas-journey-of-the-crypto-world/day-3-uncovering-the-big-crypto-guns-xgpgwok.
As always in the crypto world, it was amazing to see so many different cryptocurrencies in the market, each with its own dedicated purpose to raise a decentralised thriving online environment. With the top 5 I mentioned, there was so much information to process, so I had to resort to the basics for the benefit of you and me. If I had to go through the whole process of each, that would take ages! It would go on and on, pages upon pages!
Since the first steps into the crypto market, I have begun to get into greater details of the smaller coins. There were so many to choose from, and when I had a quick view of some of the top ones, I was dumbfounded. The process they go through to function, the small worth at the very beginning, just to rocket up by thousands of per cent in increase, and so much more, is incredible. Today, I will go through a few of the altcoins I found on the crypto market, giving a small glimpse into them with my thoughts and opinions on them like yesterday’s post.
Dogecoin (DOGE)
Of course, Dogecoin is a bit of a funny cryptocurrency. Actually, very funny. As we all know, the doge is an iconic symbol for memes on the internet, sharing jokes and laughter through humorous content. This meme - the doge - was made into a cryptocurrency! However, this coin is now one of the most dominant cryptocurrencies in the market, currently standing in sixteenth place according to market cap.
I am looking at an overview of Dogecoin from the trusty website of Coingecko and what is interesting about Dogecoin is its circulating supply. Typically I have seen all cryptocurrencies with a maximum circulating supply, sometimes seeing some with an infinite supply, and this is another case of a coin with no maximum circulating supply. I do not exactly know what it means for a cryptocurrency when it has a maximum circulating supply in terms of its effects, but personally, I find that it will have issues. The coin will continue and continue to be issued out, no limit holding them back, and so inflation occurs for potentially a price crash.
To learn more about Dogecoin, click here.
EOS (EOS)
Coincidently, EOS is another coin with an infinite circulating supply! Maybe I was wrong with what I previously stated. Maybe there are more cryptocurrencies with an infinite supply than a limited, but I doubt it - it seems to have more vulnerabilities.
Now back to what EOS is. EOS is according to various sources the “most powerful infrastructure for decentralised applications,” which I am not certain to assert. It seems to be weaker than other cryptocurrencies based on decentralised services, especially in comparison to Ethereum which has much higher popularity and use.
However, maybe it is a good thing that there is another reliable cryptocurrency for decentralised applications to alleviate the stress applied to others, particularly Ethereum. Ethereum experiences a huge demand from so many users across the crypto community, and so demand rises which can bring issues. EOS then can help resolve this issue by allowing users to move into another reliable cryptocurrency, thus relieving stress from Ethereum.
To learn more about EOS, click here.
Ravencoin (RVN)
At last a coin with a maximum supply (21,000,000)! Ravencoin is a cryptocurrency based on creating wallets for its users, which many other cryptocurrencies do as well. But the difference between this wallet cryptocurrency and others is the fact that Ravencoin is solely based on asset transfer, no more or no less. These assets can be both physical and virtual, like gold and NFTs.
Surprisingly, Ravencoin does not have a formally based team to function the cryptocurrency. Instead, it is an open-source cryptocurrency that is driven by three main developers who have the Discord names RavoncoinDev, Tron, and Chatturga. This just shows another example of the crypto community working with others to create a better world.
To learn more about Ravencoin, click here.
Conclusion
This ends today’s post. It was interesting to do some research into a variety of altcoins, finding out the basics of some, to share a few of my findings with you. I hope the information serves well and new facts are learnt regarding the crypto world while I take the adventure into it.
This is my investigation of the big crypto market, which is just only the beginning, with so many more opportunities awaiting.
