5 Cryptocurrencies To Keep A Watch On: Uniswap (UNI), Decentraland (MANA), Algorand (ALGO), NEM (XEM), ZCash (ZEC)

5 Cryptocurrencies To Keep A Watch On: Uniswap (UNI), Decentraland (MANA), Algorand (ALGO), NEM (XEM), ZCash (ZEC)


  • A summary of UNI, MANA, AQLGO, XEM, ZEC
  • Automated Market Maker Model, NFTs, Liquidity pools
  • Proof of work, proof of stake, proof-of-history, proof-of-importance.

Uniswap (UNI) Platform

Uniswap is an automated liquidity provider that operates on the Ethereum blockchain, Uniswap is also supposed to make it easier for users to exchange Ethereum (ERC-20) tokens. The Uniswap protocol does not have a central facilitator (intermediary) nor an orderbook, instead tokens are exchanged through liquidity pools that are defined by smart contracts.

Uniswap is the largest decentralised exchange (DEX) on the Ethereum blockchain. It acts as a medium of exchange for people anywhere in the world wanting to trade cryptocurrencies without a need for an intermediary. UNI is Uniswaps governance token, owning these tokens allow users to vote on any key changes. Uniswap is also one of the largest cryptocurrencies on Coinbase, in terms of market capitalization.

Uniswap is powered by the Automated Market Maker model, this works by users supplying Ethereum tokens to Uniswap’s liquidity pools, thereafter algorithms set market prices based on the laws of supply and demand.

Read more: Altcoins: Uniswap Protocol (UNI), What Is it? - A Deeper Look Into The Uniswap Protocol 

Decentraland (MANA) platform

Decentraland defines itself as a virtual reality platform, it is powered by the Ethereum blockchain which allows its users to experience, create, and monetise applications and content. In this virtual world, users can buy plots of land and monetise them by navigating and building upon them.

Decentraland uses two tokens, MANA and LAND. MANA is an ERC-20 token that requires being burned in order to gain non-fungible ERC-721 LAND tokens (NFTs). MANA tokens can be used by users to buy a range of wearables, avatars, names and more on the Decentraland marketplace.

Read more: Altcoins: Decentraland (MANA), What Is It? A Deeper Look Into The Decentraland Platform 

Algorand (ALGO) platform

Algorand is a self-sustaining, decentralised, block-chain based network which supports many applications. The aforementioned systems are scalable, efficient and secure, all of which are critical for effective applications in the real world. In addition, Algorand supports computations that require reliable performance guarantees in order to create new forms of trust.

Algorand claims to be the world’s most “decentralised, scalable, and secure blockchain infrastructure”. The Algorand platform is sustainable and is powering economic models of the future through generative NFT art (and everything that comes in between) and decentralised finance (DeFi).

The Algorand platform is releasing scalability through the use of fusing TradFi and DeFi, and accelerating sustainability globally. Algorands mainnet went live in June 2019, and was able to process almost 1 million transactions per day as of December 2020.

Algorand was the first ever permissionless proof-of-stake (PoS) protocol on the blockchain and its performance is nothing short of phenomenal. The platform is a smart contract platform that is similar to Ethereum, but has some key differences that make it more advantageous.

Read next: Altcoins: Algorand (ALGO), What Is It? - A Deeper Look Into The Algorand Platform 

NEX (XEM) Platform

NEM or “New Economy Movement”, aims to provide a more efficient way to move blockchain assets and verify them for enterprise-level clientele. To this extent, the company functions as a sort of missing link between the public and private blockchains through connecting this network in ways that expand usability.

The NEM platform introduces a new consensus mechanism to the market, the Proof-of-Importance (PoI), this new consensus takes into account the time and amount of money users have invested in the NEM network.

The Proof-of-Importance algorithm has the requirement that a user has more than 10,000 XEM vested in the system in order to generate new blocks. Users that are able to add new blocks to the NEM blockchain receive rewards and a portion of the transaction fees generated.

Supernodes borrow a users Proof-of-Importance score linked to their account to complete blocks on the users behalf. This ensures the NEM remains secure without requiring all users to exert effort.

Read more: Altcoins: NEM (XEM) What Is It? - A Deeper Look Into The NEM Platform 

ZCash (ZEC) Platform

ZCash is a decentralised cryptocurrency that places its focus on anonymity and privacy. The ZCash exchange uses the zero-knowledge (zk-SNARK) proof of technology, which allows the nodes on the network to verify transactions without revealing any sensitive information regarding those transactions. Although making transactions on the ZCash platform still requires being relayed through a public blockchain, ZCash does not reveal the receiving and sending addresses or the amount being transacted. However, if desired by the user, this information can be revealed on request for auditing or regulatory compliance needs.

ZCash has four types of transactions,

  1. Public (t-to-t): occurs between two transparent addresses.
  2. Shielding (t-to-z): occurs between a t-address(sender) and a z-address (receiver), transaction is private on the z-address but public on the t-address.
  3. Deshielding: (z-to-t): occurs from t-address to z-address, the transaction is private on the z-address but public on the t-address.
  4. Private (z-to-z): occurs between a t-address and a z-address, all aspects of the transaction are not visible to the public, only recording that a transaction did occur.

Read more: Altcoins: ZCash (ZEC), What Is It? - A Deeper Look Into The ZCash Platform 

Sources: FXMAG.com


Rebecca Duthie

Rebecca Duthie

Remote Editor and writer Intern

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.