Most people are familiar with Bitcoin and Ethereum the cryptocurrency market has many options and it is obvious to get confused with these cryptocurrencies and which makes it difficult where to invest.
There is always risk in investing in cryptocurrencies whether it is a single coin or multiple tokens. You can reduce the risk by identifying their nature.
Here is the list of 10 lesser-known cryptocurrencies with high potential
- THORChain (RUNE)
THORChain is a decentralized liquidity protocol powered by RUNE token it allows you to easily swap tokens across the chain without wrapped or pegged tokens. THORChain is built on cross-chain solution to connect different chains.
The THORChain project was founded in 2018 under the premise that the use of centralized exchanges to transfer crypto assets between different blockchains was flawed. Therefore the THORChain build an independent blockchain that could facilitate cross-chain transfers, functioning similarly to a DEX.THORChain is a proof-of-stake blockchain that includes network validators who are required to bond RUNE tokens.
- dYdX (DYDX)
dYdX is a layer-2 decentralized exchange that supports perpetual, margin trading, spot trading as well as lending and borrowing. dYdX runs on smart contracts on the Ethereum blockchain and allows users to trade with no intermediaries. DYDX is the native utility token of the platform and is used in governance, staking, protocol incentivization and free discounts. It uses off-chain order books with on-chain settlement and enables traders to short-sell tokens, increase exposure by longing with leverage or earn interest on their deposited tokens.
- GMX
GMX is a decentralized exchange for perpetual and spot exchange on Arbitrum and Avalanche with upto 50X leverage on popular cryptocurrencies to take advantage of price volatility and earn profit.GMX puts up a unique multi-asset pool that earns liquidity providers fees through market making, swap fees and leverage trading.
- Casper (CSPR)
Casper is a public blockchain that is developer friendly and based on proof-of-stake. It is designed to boost the adoption of blockchain technology,smart contracts and dapps. CSPR is the native token of Casper.
- Sui (SUI)
Sui is a blockchain and smart contract platform with high-performance, cost-effective solutions. It suits a range of use cases including DeFi, gaming and NFTs with its scalable and flexible design.
- Zcash (ZEC)
Zcash is a privacy-focused cryptocurrency that offers users the option of complete anonymity in transactions. It uses zero-knowledge proofs to allow transaction data to be validated without revealing information about the amount and parties involved.
7. IOTA (MIOTA)
IOTA is an open-source cryptocurrency designed for the Internet of Things .it uses a directed acyclic graph to store transactions on ledger. In IOTA no new coins can be created. All the coins that are in the system were created in the genesis transactions. There are no incentives for mining blocks as there are no blocks, nodes just mine the transactions, and a nonce must be found to get their transaction included in the ledger.
8. VeChain (VET)
VeChain is a smart contract platform that focuses on supply chain management. It is a multipurpose blockchain for improving business operations and product tracking. VeChain provides information about storage, transportation and supply from manufacture to delivery.
The platform uses two tokens VET and VTHO to manage and create value based on its VeChainTHOR public blockchain. VET generates VTHO and acts as the store of value and value transfer medium.
9. Filecoin (FIL)
Filecoin is a decentralized storage network that serves as an incentivization layer on top of the interplanetary file system. The Filecoin blockchain has a built-in self-healing process where faulty storage nodes are detected and their stored files are redistributed to reliable nodes. It utilizes idle hard drive space and bandwidth to provide data storage and retrieval services in an open market allowing anyone to monetize their space hardware. FIL is the blockchain’s native currency used as collateral for miners to participate in the Filecoin ecosystem. Filecoin uses proof-of-replication and proof-of-spacetime.
Related: How Cryptocurrencies are Impacting the World Economy?
10. Cosmos ( ATOM)
Cosmos calls itself the most customized, scalable and powerful ecosystem of blockchain. It is a decentralized network of independent blockchains. It allows blockchain to achieve consensus even in an environment that potentially contains malicious nodes. The Cosmos network has the potential to become the Internet of blockchains. Cosmos blockchain link other blockchains and once these links are complete tokens can be quickly and securely transferred from one zone to another.