5 Cryptocurrencies To Keep A Watch On: Yearn.Finance (YFI), Ethereum Classic (ETC), GARI ($GARI), Decred (DCR), Celsius (CEL)
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Summary:
- A summary of YFI, ETC, GARI, DCR, CEL.
- Automated Market Maker Model, NFTs, Liquidity pools.
- Proof of work, proof of stake, proof-of-history, proof-of-importance.
The Yearn.Finance network
Yearn.finance (YFI) is an Ethereum based token that governs the yearn.finance platform. The platform is a yield organiser, which moves funds around the decentralised finance (DeFi) ecosystem in an effort to generate a higher return.
Yearn.finance is an aggregator service for decentralised finance (DeFi) investors through the use of automation, allowing them to maximise profits through yield farming. Its goal is to simplify the DeFi space for those investors who are not technically minded or those who wish to interact in a manner less committal than that of serious traders.
Yield farming is a process of staking cryptocurrencies in an attempt to earn a passive income. The yearn.finance platform is an automation tool that invests into the liquidity pools of various cryptocurrencies and other projects to deliver the best profits.
Read more: Altcoins: Yearn.Finance (YFI), What Is It - A Deeper Look Into The Yearn.Finance Platform
The Ethereum Classic Network
The Ethereum Classic platform exists in response to the contract censorship that exists on sister chain Ethereum. Ethereum Classic has managed to resist censorship against all odds, and has managed to deliver Ethereum's original vision of unstoppable applications.
Ethereum Classic's main function is a smart contract network that has the ability to host and support decentralised applications (DApps). Ethereum Classic’s native token is ETC. Since its launch, Ethereum Classic strives to differentiate itself from Ethereum, and over time has succeeded as its roadmap is diverging further and further apart with time.
Ethereum Classic combines the technology of Ethereum with Bitcoin’s philosophy, Ethereum Classic is uniquely placed perfectly to be the smart contract platform of the future, as other chains can become compromised or captured by special interests.
Read more: ETC Meaning. Altcoins: What Is Ethereum Classic (ETC)? How Has Ethereum Classic Price Changed?
The GARI network
Chingari App is a short video-sharing app that pays its content creators based on how viral their videos become. With every upload, creators get points per view which can be exchanged for money. Chingari has been labelled India's version of Tiktok. Chingari has partnered up with Solana to build and launch GARI on a decentralised exchange in 2023.
Chingari is the largest on chain social graph on web3. $GARI NFT marketplace, which will launch in 2023 acts as both an in-app currency and as a governance token. This will give creators the authority over future platform development.
Recall that non-fungible tokens (NFTs): are unique cryptographic tokens that exist on a blockchain and cannot be replicated. They represent a real-world item, by purchasing these real world items through NFTs, it makes purchasers less vulnerable to fraud and the process of buying and selling more efficient.
The Decred Network
The Decred token and protocol were created to facilitate community interaction, open governance and sustainable funding policies. According to the platform's official whitepaper, Decred was created in a way that the community has to approve all transactions and changes made regarding the protocol. Therefore, ensuring there is no way that big Decred holders can manipulate the protocol's operations.
Decred is innovative due to the way it bets on blockchain technology’s decentralised nature to prevent monopoly over voting status in the project itself. One of Decreds main goals is to ensure that all DCR holders have the same amount of decision making power and that large institutions are unable to swing votes in their own favour.
Read more: Altcoins: Decred (DCR) - A Deeper Look Into The Decred Platform
The Celsius network
The Celsius Network platform aims at financial freedom without a price tag, where ethical behaviour is the baseline thing and the peoples interest is the main priority. The Celsius Network Platform encourages a financial place where everyone can succeed financially. The platform integrates a bunch of services that have been abandoned by big banks, for example, zero-fees, fair yield and extremely fast transactions. The main goal of Celsius network is to disrupt the financial industry, one user at a time and to introduce financial freedom through crypto.
Celsius plans to outperform the current financial services industry by offering its users benefits that banks no longer offer, such as higher returns on deposits and savings, easier and fairer (easily obtainable) loan requirements and rewards that are automated algorithmically for each user. The platform waives penalties and bank-style fees. The Celsius platform also has a Celpay feature which functions as a wallet for users and hosts its own CEL token, which users are able to leverage to increase, amongst other things, payout value.
Read more Altcoins: Celsius Network (CEL), What Is It ? - A Deeper Look Into The Celsius Network Platform
Sources: FXMag.com
