During the first week of July, cryptocurrencies have experienced both gains and losses. The cryptocurrencies that seem to surprise include Cardano, the smart contract token, that seems to be wanting to revolutionize the cryptosphere and Kyber Network which is a cryptocurrency that works for a decentralized exchange. Both cryptocurrencies showed an increase in value posting gains of up to 10% during the first few days of July.
Per Coinmarketcap.com, the Kyber Network token labeled KNT has increased to $1.53 on July 2nd which is close to a 15% increase from previous days. There are other exchange linked tokens such as 0x and Compound which have also experienced increases in value in the past, but what seems to separate Kyber Network this time around? Part of it seems to be the same reason that Cardano experienced a 10% increase on July 1st. Both tokens are implementing a system upgrade which would allow owners of tokens to be able to stake their tokens.
Coins that are based on the proof-of-stake protocol are becoming increasingly popular. These coins allow for individuals to be able to use their tokens not only for transactional use as in the case of Kyber Network's decentralized exchanges, but also for the use of buying items as in the case of Cardano that allows individuals to buy items from specific stores with the token. Proof-of-work coins like Bitcoin and Bitcoin Cash are still quite popular; however, the amount of computational power needed to mine a reward and keep the network running can be a reason for the proof-of-stake use growing. Ethereum also announced that it was shifting to proof-of-stake as many coins have already done so. This allows for less electrical resources to be used.
Whether the spike in prices will continue or revert back to normal is yet to be seen. The upgrade of the Cardano network called Shelley would allow users to stake their coins for a reward. The website has posted the wallets and browsers on which to stake the coin. Cardano also become a top ten coin. Kyber Network is top fifty but may continue to rise if it is able to improve protocols when competing with other similar transactional tokens.
Cardano has potential to become a top coin in the future as it looks to integrate smart contracts along the way. If it is able to do this during the specified time, it may become a new top coin that can lead the cryptocurrency industry into the future. Similar to Cardano, Kyber Network can help create a future where decentralized exchanges are used to provide easy to use interfaces and transactions that can be completed in less time.
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