Crypto currency has shaken the financial and political world. Although banned in some countries, crypto currency is still seen as the most promising invention to revolutionize the world of global finance today. However, ensuring the security and consensus of data through cryptography as well as the network of miners is a very efficient and innovative concept.
With a steady stream of investment in research and development of crypto currency format, innovation has become a mainstay in this industry. As a result, you can find some new crypto or Altcoins currencies released with special innovative features.
The main goal of innovation is to make all processes including data storage and fund transfers more efficient and smooth. Here, we list some of the best and most popular crypto currents that integrate with innovative features, to be able to revolutionize today's conventional financial system.
1 Ethereum
Ethereum is the best crypto currency that has the ability to overthrow Bitcoin's dominance. Established in 2013, Ether, a digital token that strengthens the Ethereum network, has experienced tremendous growth in recent years.
nnovation
The potential to make decentralized applications easily, is based on EVM (Ethereum Virtual Machine) technology. The Ethereum platform allows users to create Smart Contracts that work in a decentralized grid. The key factors that make Ethereum dominant are its ability to be encoded without third party support.
The Future of Ethereum
Teams that support projects and drive innovation through the Ethereum platform are incredible. Some decentralized applications have been developed in Ethereum using the Smart Contracts principle. Ethereum has the potential to be the most innovative platform, delivering superior value to users. During the fourth quarter of 2017, Ether has shown a value increase of up to 400% and can rise to another 400% by 2018.
2 Monero
Established in 2014, Monero is the best crypto currency based on open source CryptoNote and focuses on privacy. In Monero, all transactions will be encoded with RingCT, so all details including balance, owner's address, sender and recipient, will not be known to anyone except between the two parties.
Innovation
Focusing on secure and undetected transactions (anonymous), Monero is favored because transactions are untraceable and highly secure. In fact the majority of crypto currency uses the secure transaction protocol CryptoNote. Transactions are made anonymously by using an integrated mixing process that is different from Bitcoin transactions.
The future of Monero
To introduce new improvements to the protocol and contribute to the future expansion of crypto currencies, Monero developers rely on their crypto community and donations.
3 Ripple
Ripple is based on Blockchain technology, but uses the traditional banking concept, especially the SWIFT transaction method. Founded in 2012, Ripple can be the best crypto iamg eye designed to enable fast and low cost transactions.
Innovation
Ripple minimizes transaction costs and paves the way for instant adoption. Although based on conventional SWIFT banking transactions, Ripple eliminates all the limitations in Fiat deals such as:
Transactions through several intermediaries that take weeks to complete.
If any bank is involved in an unaffiliated transaction, IOU shall be issued. This leads to a high risk if one of the banks involved is closed.
Ripple uses the XRP currency that paves the way for cheap and instant transactions. Ripple's profit keeps XRP prices up in just a few months.
The Future of Ripple
Ripple works with more than 100 banks, including ATB Financial, Santander, BMO Financial Group, Standard Chartered, and more. The protocol used by Ripple is expected to be a staple for all banks and financial institutions for fund transfers. Of these factors alone, Ripple proved to have enormous investment potential, and certainly appeals to big investors. Currently, Ripple has already begun to be implemented in the early stages of the traditional banking system, as did Kuwait Finance House.
- STEEM
Founded in 2016 by the Steemit platform, the crypto currency was originally developed as a reward for those who upload posts on the Steemit social media platform. With its rapid development, there are currently some currencies that spin on the social media platform Steemit.
Here, users can present interesting content to then expect to get "curate" or support from other members of Upvote (like Like on Facebook). The larger the Steem Power a person has, the greater the Upvote value can be given.
Innovation
Steem provides monetary benefits simply by creating content and curating it. Steem Dollars (SMD / SBD) and Steem power (SP) are units whose value is based on Steem. These units are mostly used for transactions or conversions to Ethereum or other ERC20 tokens.
Steem Power (SP), as its name suggests is the most powerful unit on the platform. The higher your SP, then your influence in the platform will also increase. Steem Dollars (SBD) are awarded when a user curates or uploads a content post in Steemit. This unit shows the amount of Steem in relation to USD.
The Future of Steem
As a stable form of crypto currency and not susceptible to fluctuations such as Bitcoin, Steem is seen as an actual currency, not an asset. Initially, STEEM was only adopted by 70,000 users, but now, statistics show that users are already in millions.
With the SBD and SP reward system, Steemit is the only social media that pays its users with crypto currency. These payments can be cashed into Fiat currency (though must pass ERC20 tokens like ETH first).
5 NXT
NXT is the best and fastest crypto currency of the open source type. Crypto uses an advanced tool that allows better functionality than other crypto-based Blockchain currencies. Established in 2013, the NXT digital currency uses proof of ownership for its transactions.
Innovation
NXT helps support many third-party apps. What makes it different from other crypto currencies is, NXT does not involve mining. The NXT platform is based on Transparent Forging, a unique algorithm in the Proof-of-Stake protocol.
PoS features make NXT a currency that can present anonymity while ensuring security. NXT is not like Bitcoin because of its minimal processing power. NXT can be processed even using Smartphone, thus making it really energy efficient.
The Future of NXT
Because NXT uses unique code for its base, its features are more flexible and have higher growth potential.
The final word
The crypto currency listed above is just a partial example. There is still a lot of crypto with other innovative functions. Innovation is essential for the existence of crypto currency, because after all, the rate of adoption will depend on the level of benefits provided. When the developers come up with unique and exclusive code that can really be used for the widespread public, then that's when the crypto currency can achieve stability and generally accepted.