2019 has been a great year for cryptocurrencies and altcoins in general, as the mainstream is finally starting to understand the potential of blockchain technology and its many use cases. The year has seen the introduction of some interesting projects over the month, with varied use cases spanning across industries.
However, when we talk about the coins which are expected to have the biggest potential in the upcoming year, we have to take into consideration the myriad of projects which have already shown their worth. Of these, five tokens, namely Enjin, Basic Attention Token, THETA, ChainLink and Ethereum, each have reasons to make a mark in 2020 and are considered to have the biggest potential among the numerous altcoins that exist. In this review, we would be looking at some core features and reasons for each of the tokens.
With over 250,000 gaming communities and over 18 million registered users, Enjin coin has its roots back in 2009. It’s token, Enjin Coin, acts as a cryptocurrency for virtual goods. The Enjin team has one clear aim – to enter the gaming community with its tokens, with some additional features added, Such as a Payment Gateway and a Smart Wallet.
Enjin has two main working products, the Payment gateway and the Smart Wallet.
⦁ Payment Gateway: Enjin’s Software Development Kits include provisions for a decentralised payment gateway, allowing communities, publishers and developers to create online shop functionality. This customised functionality can include carts, refunds, invoices etc. The payment gateway is not only targeted at gamers, as users are able to choose their preferred currency as the payment method. Thus, this helps in cutting down costs and time related to platform development. Additionally, merchants can increase their revenue by 5 to 10% as transaction costs are also cut down.
⦁ Smart Wallet: Enjin’s Smart Wallet is a secure, multi coin, native mobile wallet, with added ERC721 and ERC1555 support. As part of its security features, the wallet is equipped with an Advanced Encryption Standard and other custom software encryption for maximum data security.
Use Case of Tokens
As mentioned before, Enjin’s ecosystem encourages developers to create virtual items which would be certified, validated and authorise by the blockchain.
⦁ Enjin token would allow gamers to own their virtual items and use them to further trade, buy, sell, lend, rent, lease or upgrade in all games and supported platforms.
⦁ Since the information stored in Enjin’s blockchain is immutable and transparent, they are not susceptible to corruption or tampering. This, in turn, helps users to eliminate the chance of frauds, as those experienced by payment gateways such as PayPal.
⦁ Users can provide a base Enjin value to their owned items. This allows customers to efficiently retrieve the same backed value when they no longer need a specific item.
Goals and Visions
The team behind Enjin Coin aims to address the various issues plaguing the modern gaming industry, such as the lack of true ownership and transparency.
Recent Partnerships and Developments
⦁ According to a statement released by Microsoft back in November, they have started a collaboration with Enjin to create a blockchain-powered recognition programme. This programme, known as Azure Heroes, rewards the Azure community members for positive actions, such as making demos, coaching providing sample code etc.
⦁ Enjin secured its first equity investor, Blockchain Ventures, a major home development firm.
⦁ Basic Attention Token
Basic Attention Token or BAT is a digital advertising token, built on the Ethereum blockchain. According to the team behind it, its purpose was to revolutionize how content creators receive payments and how users see adverts.
Goal/Vision of Basic Attention Token
The team behind Basic Attention Token focuses mainly on two core functions: Elimination of Intermediaries and privacy.
⦁ Elimination of intermediaries: Basic Attention Token decreases all existing digital advertising costs, allowing users to enjoy their browsing experiences without spam advert interruption. This innovative system benefits both advertisers as well as end users. Publishers can also make money from the platform as all middlemen and related entities are eliminated.
⦁ Privacy: Basic Attention Token ensures that the user’s privacy is never infringed by blocking trackers and ads. It does this via its BRAVE browser which applies the ANONIZE algorithm.
Products under Basic Attention Token
⦁ Brave Browser: Basic Attention Token works with the BRAVE browser, which is an open-source, privacy focused browser. It automatically blocks trackers and malware, utilizing blockchain technology to securely track information. Publishers are rewarded with BAT tokens for the user’s attention.
Recent Partnerships and Developments
⦁ Brave Ads Grants recipients include big names such as Lupus Foundation of America, Code to Inspire and Human Rights Foundation, just to name a few.
⦁ On November 4th, it was announced that the famous Tor Project had become a Brave Ads Grants recipient. As part of the agreement, a total of $10000 was allocated to Tor in free advertisements per month, to engage with Brave Browser’s user base.
⦁ THETA Network
The Theta Network is developed with an aim to build a decentralised video streaming platform, to change existing modes of content distribution by leveraging blockchain technology. They encourage their platform users to share unused computing power and memory with other users. They are incentivised with Theta tokens for sharing bandwidth and resources.
Goals and Vision
The main aim of the Theta Network project is reducing the cost of delivering high-quality video streaming services. Due to the plaguing issues existent in our existing video streaming services, such as flawed architecture, low-resolution content, poor loading and buffering times, etc, delivery costs tend to rise which results in a limited revenue flow to content creators. The Theta network has created the world’s first decentralised streaming network to achieve the following:
⦁ Improve the efficiency of the whole video ecosystem as well as increasing the transparency of payments and adverts.
⦁ Improving the quality of video streaming by offering optimal technology.
⦁ Reducing the costs of networks by simplifying the content delivery process to the end consumer.
Products Under Theta Network
⦁ Resource Oriented Micropayment Pool: Theta Network created the resource oriented micro payment pool to create off-chain payment pools that allow off chain withdrawals.
⦁ Multi-Level BFT: Theta Network’s modified BFT consensus mechanism allows several thousand nodes to participate in the consensus process. A validate committee is formed by a small set of nodes.
⦁ Aggregated Signature Group Scheme: Consensus participants are called guardians and are responsible for finalizing the chain which the validator generates. Each of these guardian nodes is responsible for combining partially aggregated signatures from all its neighbors.
The Theta token can be used for a variety of purposes inside the Theta ecosystem, such as:
⦁ Theta tokens serve as a reward for viewers, received from advertisers for their attention towards advertising content.
⦁ Theta tokens can be used for the financing of different advertisement campaigns by advertisers in the network.
⦁ Users can use Theta tokens as donations to support streamers and content creators.
⦁ Theta Tokens are also used as rewards for caching streams and rebroadcasting them.
Recent Partnerships and Developments
⦁ On October 10th, it was announced that Theta network was cleared for incorporation into DLive, which is another live streaming platform with more than 5 million monthly users.
⦁ On October 3rd, Theta Labs announced that it had partnered with Littlstar to access more than 100 million play station consoles users worldwide
⦁ On September 18th it was announced that Bitmovio, which is a “gamified” video entertainment platform, has agreed to adopt the Theta streaming protocol.
ChainLink is developed as a secure oracle network to tackle the connectivity problems faced by smart contracts. It stands out from other Oracle solutions because of its ability to run as a fully decentralised network. Its core functional objective is to form a bridge between on chain and off chain environments.
Goal and Vision
Chain Link’s vision revolves around the need for oracles, and to break Ethereum’s dominance when it comes to smart contracts. However, the limitations experienced by Ethereum based smart contracts when it comes to working with data from outside the chain left many dissatisfied users. ChainLink aims to fill this gap, by creating a way to include data from outside the chain.
ChainLink is thus created as a way to pull data from off-chain sources, by using oracles. ChainLink oracles are thus designed to use data pools and work with application program interfaces and other real world sources.
Use Cases of ChainLink
⦁ Enhancing Smart Contracts: ChainLink helps facilitate connectivity, by using external adapters to connect oracles to any API endpoint. ChainLink also provides developer tools to help developers construct numerous oracle design patterns, such as multiple data sources, multiple oracles, payment penalties etc. Connections possible with ChainLink include the following:
⦁ Other Blockchain networks
⦁ Market Data
⦁ Web APIs
⦁ Events Data
⦁ Backend Systems
⦁ Retail Payments
⦁ Bank Payments
Recent Partnerships and Recent Developments
⦁ On December 23rd, it was announced that ChainLink would be integrated into the upcoming VIBE SDK.
⦁ On December 9th, Ampleforth, which is a monetary asset, announced its integration with Chain Link’s oracle.
⦁ On December 5th, Enigma and ChainLink announced a partnership to work together on solutions for industries such as credit, healthcare, machine learning and global trade among others.
⦁ Earlier this year on June 13, Google released a new smart service called “Oracle” in collaboration with ChainLink for Ethereum applications builders to integrate data from sources outside of blockchain. It enhanced functionality of Google Data Analytics to merge interest rates and price-related data for traditional finances onto blockchain smart contracts.
Ethereum is probably the oldest and the most well-known entry into this list. It is the second-largest cryptocurrency network and the second most dominant coin with a market dominance of over 17%. Launched back in 2015 by Vitalik Buterin, Ethereum provided much of the unique features that were never before seen in the crypto world.
Goals and Vision
Ethereum 2.0 has come about after many updates and modifications on the original Ethereum token. To summarise Ethereum’s goals, the following points are described in brief below.
⦁ Longevity: Ethereum selects all components that are quantum secure.
⦁ Simplicity: Ethereum’s main aim is to minimise complexity, even when a degree of efficiency is compromised.
⦁ Security: Ethereum allows for larger participation of validators in total.
⦁ Resilience: Ethereum strives to remain live through major network partitions, when large portions of nodes go offline
⦁ Decentralization: It allows any typical consumer laptop with a given number of resources to process or validate any number of shards.
Major Partnerships and Recent Developments
⦁ Perhaps the most-talked about Ethereum upgrade is Ethereum 2.0’s Istanbul Upgrade ‘which was announced on November 20th and occurred on December 7th at block number 9069000.
⦁ The Istanbul fork introduced changes that are defined using EIPs or Ethereum Improvement Proposals. The EIPs act as various standards for Ethereum platform which includes core protocol specifications, client APIs and contract standards. EIPs are carried out in 5 steps from a “Draft” to the “Core”. This kind of design document helps an EIP author to introduce, provide information and get confirmation from the community to add a new feature for the Ethereum blockchain or its processes or its environment.
EIPs which were approved for this fork include EIP-1108, EIP 152, EIP-1884, EIP 1344 and EIP 2200.
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