The crypto industry is developing fast, and in only 24 months, there have already been multiple trends that have replaced one another, establishing entire sectors. Interestingly, while the past sectors are not in the center of the attention anymore, they are certainly not dead, even if their time has passed.
Instead, they remained extremely successful, and are continuing to grow, even though they are not trending anymore. Examples include the DeFi sector, NFTs, and even the metaverse, which has only been at the center of the attention for a few months before the newest hot topic in crypto became Web3.
Now, given everything that Web3 requires in order to take off and become a real, living internet, chances are that we won’t see it in its true form for quite a while. It will likely be years before the technology matures enough for Web 3.0 to become a real thing. However, there are already projects that are tailored specifically for this next version of the internet — to empower and enrich its ecosystem, and provide use cases, useful features, various benefits, and more.
With things moving in that direction more and more, we have found the top 10 underrated cryptocurrencies that you might want to keep an eye on this year, as the Web3 trend has not taken off in full yet, but it most certainly will in months to come. When it happens, these might be some of the best performers in the sector, which makes them more than worthy of your attention.
1. Handshake
The first on our list is Handshake – a decentralized permissionless system that intends to incentivize a distributed network of computers to operate a system for ownership of domain names. Basically, every peer would be tasked with validating and managing the root DNS naming zone. Their goal would be to provide an alternative to the current certificate authorities and naming systems that are used for registering domain names on Web2.
The problem with that system is that different participants on the internet rely on a centralized approach, which includes things like domains, but also social networking handles. This essentially includes systems that are based on the system of honesty. However, they are still vulnerable to fraud and cyber attacks. Handshake can eliminate this problem by creating a P2P-based decentralized internet.
2. Audius
Next up, we have Audius. This is a project that aims to solve the inefficiencies of the music industry, specifically when it comes to problems like unclear rights ownership, where agencies and production houses often tend to come out on top, while actual artists end up being basically robbed of their own content.
Audius will completely eliminate the need for intermediaries and grant artists a platform where they can upload their music for free. Meanwhile, users will also be able to access it for free, while the platform will reward artists for their content, with great rewards granted to those whose creations end up trending. In time, the platform will also enable artists to offer premium content that users would be able to access if they choose to pay for it.
To learn more visit our Investing in Audius guide.
3. Render Token
In the third spot, we have Render Token, which is a distributed GPU rendering network that aims to connect artists/studios who require rendering services, with users who can provide extra GPU power that they do not need. As a result, artists and studios would receive all the rendering power that they require in a decentralized way, while providers of rendering power would be rewarded in the project’s native token, RNDR.
All payments will be put in escrow during the rendering process, and then, once the artists get their rendering work done, the funds will be released to the users. This can be very useful for the future, especially when it comes to metaverse and NFT content, which is why we expect to see this project grow further in the months to come.
To learn more visit our Investing in Render Token guide.
4. Flux
In the fourth spot, we have Flux, which is the next-gen scalable, decentralized cloud infrastructure. Its goal is to empower users to simply develop, manage, and spawn their applications on multiple servers at once. Its ecosystem is a fully-operational suite of various computing services, all of which are decentralized. It also features a number of blockchain-as-a-service (BaaS) solutions that offer a decentralized, interoperable development environment.
Flux features thousands of nodes located around the globe that offer 12,850+ vCores of CPU power, with 40+ TB of RAM, and more than 1000 TB of storage, all of which is 100% decentralized and available to everyone.
To learn more visit our Investing in Flux guide.
5. Conflux
Halfway down the list, we have Conflux, which is a project that features sustainable infrastructure for the global token economy. The project enables communities, individual creators, and even the entire markets to connect not only across borders but also across protocols.
It functions as a high throughput layer-1 consensus blockchain that uses a rather unique tree-graph consensus algorithm, which allows for parallel processing of transactions, and even full blocks.
This allows it to function with extreme throughput and scalability. However, the thing that makes it truly unique is the fact that it is the only public, a permissionless blockchain that is fully regulatory compliant with China’s regulations. As such, it is a go-to project for any protocol that is targeting Asian markets.
To learn more visit our Investing in Conflux guide.
6. Ocean Protocol
In the sixth spot, we have Ocean Protocol – a blockchain-based ecosystem that grants individuals and businesses the ability to easily unlock the value of their data and monetize it by using data tokens created through the use of Ethereum’s ERC-20 model. What this means is that publishers can monetize their data, while still maintaining control over it and full privacy.
Consumers, on the other hand, can access this data with ease, simply by requesting it and receiving the information from those willing to share it. This also includes data that was previously very difficult, or even impossible to find.
These datasets can be found on the project’s native Ocean Market, where they can be purchased from their owners, and then either sold or used.
To learn more visit our Investing in Ocean Protocol guide.
7. Orchid
Moving on, we have Orchid, which is a crypto-powered VPN. This is quite a unique project that claims to be the world’s first incentivized, P2P privacy network. The project’s goal is to overcome the limitations involving internet freedom through cryptocurrency payments. As a result, it hopes to achieve the ability to buy bandwidth from any participating provider and to distribute this ability to all of its users.
Regular payments to providers would take place off-chain, so that the network would not be flooded with such requests, which in turn ensures that the gas fees will not blow up. The service is a pay-per-use type, so you only need to contribute funds when you actually connect. This means that there are no monthly or yearly payments, the likes of which traditional VPN services require.
To learn more visit our Investing in Orchid guide.
8. NKN
In the 8th spot, we have a project called NKN, which is short for New Kind of Network. NKN is an open-source project for public blockchain-based P2P networks that wish to share network bandwidth and internet connectivity.
The project can offer several interesting and very important services, such as content delivery system, edge computing, nShell, D-chat, and more. Its consensus algorithm is based on something called Cellular Automata, which is a new kind of science and using model. Basically, a majority rule leads to system-level convergence in a small number of iterations. It is quite a unique project whose infrastructure was developed to enable a decentralized internet, and as such, the project is of great importance for the future of the Web.
9. Syntropy
Nearing the end of our list, we have Syntropy, which is a project designed to solve problems regarding the current internet framework. This includes things like privacy, security, performance, governance, reliability, inefficiencies regarding resource utilization, and alike. The project saw that the technology is getting decentralized at a rapid pace, but all of this decentralization still depends on the public internet, where users would connect and communicate.
However, the internet remains very much centralized, which basically means that the rest of the decentralized services cannot achieve much on their own, as the true democratization of technology remains out of reach. Syntropy, therefore, aims to truly decentralized the internet at its very core, without sacrificing compatibility with the existing protocols, thus bringing a safer, faster internet experience that would allow the start of real decentralization.
10. Hive
Finally, the last on our list is Hive. This is a decentralized information-sharing network that comes alongside a blockchain-based financial ledger built on the DPoS protocol. The project supports a variety of different information-sharing applications, including Myriad dApps, front-ends, APIs, and more, all of which contribute to general and straightforward accessibility of information, transactions, and records.
Meanwhile, the existing diversity and utility are maintained, which ensures that the project’s ecosystem would remain welcoming to consumers, builders, investors, and content creators.
Conclusion
With that, we will conclude our list of top 10 underrated cryptos to watch in 2022. We note once again that each of these could go big in 2022, now when Web3 projects appear to be getting the most attention. Of course, the nature of the crypto industry is such that only a few of them might go big, or none. There are simply too many factors and unknowns in order to accurately say what will, or even what could happen.
But, we believe that these projects still have a great potential to go big, which is why we recommend at least keeping an eye on them. And, if one or more seem like good investments to you, you can definitely support them and contribute to their development, exposure, and overall growth.
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