The cryptocurrency market that is growing expeditiously with marvelous opportunities for people who are willing to take the exposure. In 2017 alone, the cryptocurrency market has grown over 600% YTD (Based off Bitcoin market-cap growth). This growth has been driven by the expanding interest by people and governments into using a decentralized monetary system. As a market that is still maturing the right investments into currencies that improve financial transactions will provide returns that make the risk worth taking. The overall health of the cryptocurrency is mediocre as it is a volatile market. Since most people who ‘invest’ into cryptocurrencies are speculators the stability of certain coins lack. Therefore, most of the cryptocurrency market is advertised on the success/failure of two leading coins; Bitcoin and Ethermine. The real change and money lies in the initial coin offering (ICO) market. While most of the ideas and technology is based of the first cryptocurrency, Bitcoin, newer coins such as AICoin and Rivetz is where change and bales of money lie. Even though the cryptocurrency market has grown significantly over the past two years, it still has more growth; the rewards will be reaped by those who can identify the correct ICO’s where new value is brought.
Initial Coin Offering Market (ICO)
The ICO market comparable to the cryptocurrency market as a whole has grown rapidly over the last two years. With the prolonged success of Bitcoin, the road has been paved for other coins to test the market successful when the underlying technology brings change that improves the cryptocurrency market in a new way. With so many ICO’s some people have drawn parallels to the 2000 dot com crash. There is one major difference that these people over look, that changes how the market should perceive ICO’s. In 2000 people were starting companies because it was the thing to do and since everybody wanted to get in they gave these companies money at ridiculous valuations. Fast forward to today and it seems like everybody is starting their own cryptocurrency. The difference is that the valuations and prime value of these coins are relative to their mere size. Take Ethereum, a coin that was started in 2014; its goal of creating a smart contract where it can carry out the direct transaction between two untrusted agents. This brings immense value to the cryptocurrency market. Unlike a startup in 2000 like Blackmail.com where you could publicly blackmail your friends on a social media website. The value that Blackmail.com brought was none; as it made something that should stay private, public, therefore there was no value for consumers. On the other hand Ethereum allows two people make a transaction without the need of a third party (technically). With more and more ICO’s introducing more ways to help bring down the time for transaction verification and new smarter ways to use their coins, therefore bringing more value to the table. These coins help keep the ICO’s outlook unquestionably promising.
ICO to watch: KyberNetwork
KyberNetwork is a cryptocurrency project that displays promising prospects. As a project that is striving to be the ‘master’ hub of the cryptocurrency market. By building on top of Ethereum’s smart contract structure and adding the ability to their system they have been able to make transactions instant. Additionally they have made it easier to convert between two different cryptocurrencies. By providing the ability for faster transactions and the combination of speed KyberNetwork has been able to make daily use of cryptocurrencies more of a reality. Unlike Bitcoin and Ethereum which can take minutes to verify a transaction leaving the receiving party without the money for a period of time moreover the receiving party might be receiving the payment in a form of currency that they don’t want to really receive. Using KyberNetwork merchants or the receiving party can say that they want to receive payments in a specific currency. Then when KyberNetwork processes a transaction, whatever the currency the buyer pays in will be converted to the currency the merchant wants in an instant time frame, with minimal fees. Considering that KyberNetwork will be able to improve the transaction time between two users together with bringing cryptocurrencies into a day to day life the value that KyberNetwork brings is tremendous.