5 Cryptocurrencies To Keep A Watch On: FTX (FTT), Litecoin (LTC), Pancakeswap (CAKE), Ripple (XRP), Cardano (ADA)

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Summary:

  • A summary of FTT, LTC, CAKE, XRP, ADA
  • Clawback prevention, peer-to-peer,
  • Proof of work, proof of stake, proof-of-history.
  • The automated market model

The FTX Platform

According to its creators, FTX stands out from other mainstream platforms due to its clawback prevention, centralised collateralised pool and universal stablecoin settlement features.

FTX reduces the clawbacks on the platform by making use of a three-tiered liquidation model. Clawbacks refer to the amount of user funds that have been claimed by socialised losses. FTX derivatives are stable-coin settled and only require one universal margin wallet, this prevents fragmented capital across different wallets and exchanges which normally poses a problem for traders when it comes to liquidating positions.

FTX is unique because it is backed by Almeda Research, which is well known as one of the leading companies in crypto trading and one of the largest liquidity providers. FTX covers services such as collateral, maintenance margins, liquidation processes and product listing. They are focused on fast development cycles which allows them to deploy crypto trading systems at competitive speeds.

Read more: Altcoins: What Is FTX (FTT Token)? - A Deeper Look Into The FTX Platform 

The Litecoin Platform

Litecoin is a peer-to-peer cryptocurrency and an open-source software project that was released under the MIT/X11 licence. Litecoin started in October 2011 as one of the first altcoins. Litecoin expands on the original Bitcoin (BTC) technology.

Peer-to peer cryptocurrencies refer to transactions between two parties of some asset (such as digital currency) that does not require involvement from a central authority.

Litecoin is a decentralised platform that has no censorship and is available to all. Users can send low cost, private, secure borderless payments to anyone they choose at anypoint and to anywhere in the world.

Litecoin is blockchain secured, meaning that it is the largest global scrypt based network operating at 100% since 2011, tracasting and securing billions of dollars of value.

Read more: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform 

The PancakeSwap platform

PancakeSwap is an automated market maker (AMM), a decentralised finance (DeFi) application which allows users to exchange tokens and provides liquidity via farming and earning rewards.

PancakeSwap users trade against a liquidity pool, which are filled by users with deposits and in return receive liquidity provider (LP) tokens. The liquidity provider tokens can later be used to reclaim their deposits plus a portion of the trading fees.

PancakeSwap allows users to trade BEP20 tokens (token on the Binance smartchain), and provides liquidity to the exchange and earn fees, stake liquidity provider tokens to earn CAKE, stake CAKE to earn more CAKE and stake CAKE to earn tokens of other projects.

PancakeSwap is one of the most popular decentralised platforms that is available to users for trading, winning crypto and earning. The platform is trusted with billions by millions. PancakeSwap has the most users of any decentralised platform, ever. The platform has 2.9 million users over 40 million trades in the last 30 days and a stake of $4.8 billion.

Read next: Altcoins: What Is PancakeSwap (CAKE)? A Deeper Look Into The PancakeSwap Platform 

The Ripple Platform

Peer-to-peer networks refers to the direct exchange of an asset between individuals, the transaction does not involve a central authority.

XRP is the native cryptocurrency of Ripple Labs Inc, a cryptocurrency payment system. XRP is Ripples digital asset used for global payments, the cryptocurrency allows the transferring of payments at very low cost which aims to attract the attention of banks and retailers. Ripples superpower is the combination of extremely low costs and completing the transaction in under 5 seconds.

Ripple is known to be a cryptocurrency built for business use. Ripples enterprise-grade solutions are quicker, more cost-effective and more transparent than the more traditional form of financial assets. The Ripple users use these solutions to facilitate instant payments, find and buy crypto, engage audiences, grow their treasury, drive new revenue and lower capital requirements.

Read more: Altcoins: Ripple Crypto - What Is Ripple (XRP)? Price Of XRP 

The Cardano Platform

Cardano’s mission is to be a blockchain for innovators, visionaries and changemakers, it has the tools and technologies required to create possibilities to bring about positive global change for the many, as well as the few.

The cardano platform is a proof-of-stake blockchain, it was the first to be founded on peer-review research and was developed through evidence-based methods. The blockchain combines pioneering technologies to provide unparalleled sustainability and security to decentralised systems, applications and technologies.

Cardano’s aim is to be an enabling force for positive change and progress, in order to achieve this they have a leading team of engineers. The platform exists to redistribute power from the unaccountable to the margins and the individuals.

Cardano is the first blockchain to implement the Ouroboros protocol. Ouroboros is the first peer-reviewed, verifiably secure blockchain protocol, which enables Cardano’s decentralisation and allows it to scale global requirements sustainably without compromising security crucially.

Read more: Altcoins: Cardano (ADA) What Is It? - A Deeper Look Into Cardano (ADA) 

Sources: FXMAG.com

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Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance.