Litecoin Review and Price Prediction 2022

Litecoin (LTC) is a quite popular and widely accepted cryptocurrency and one of the oldest altcoins. Since its release in 2011, Litecoin has successfully become the world’s top 20 cryptocurrencies with considerable gains. If you are a new investor willing to make Litecoin (LTC) your investment option in 2022, you might find this article useful.

What is Litecoin (LTC)?

Litecoin (LTC) is a cryptocurrency which was launched on October 7th, 2011. It offers a faster, safer, and cheaper payments than Bitcoin. If we compare it to Bitcoin, Litecoin (LTC) block time is only 2.5 minutes and with reduced transaction fees.

Litecoin was created by former Google employee and Director of Engineering at Coinbase, Charlie Lee. Litecoin is one of the most prominent altcoins, and it was the first to change Bitcoin's original concept and the most significant difference is that it takes 2.5 minutes for Litecoin to generate a block, or transaction, compared to Bitcoin's 10 minutes.

Litecoin released its MimbleWimble (MW) protocol testnet In 2020 October. This newly created privacy protocol was created by the developers to test confidential transactions and compress the data for verification purposes through the so called "Cut Through" function.

The fundamentals of Litecoin

According to Investopedia, Litecoin cryptocurrency is an evolution to Bitcoin. It was born after its own popularity in the crypto community as an alternative or ‘altcoin’ that has emerged to allow investors to diversify their digital currency portfolio.

As discusses above, Litecoin can not only transact funds way faster than Bitcoin, but there are also a number of other very important characteristics. Litecoin has the ability to handle higher volumes of transactions in it's mempool, because of the capability of transacting quicker and if Bitcoin attempted to transact on the scale of this altcoin, a code update would be required. However, Litecoin’s blocks would be larger, but with more ‘orphaned blocks'. Litecoin reduces the risk of double spending attacks with it's faster block time theoretically, if in this case both networks have the same hashing power.

Litecoin Technical Details

Litecoin has a transaction confirmation time of 2.5 minutes on average (in comparison to Bitcoin's 10 minutes). The Litecoin network has a cap of 84 million crypto units. 

Many other popular altcoins were inspired by Litecoin, because of its Scrypt hashing algorithm in order to prevent ASIC miners from mining those coins. A very good example is Dogecoin which was originally a Litecoin fork. However it's important to be aware that by the end of 2022, Scrypt ASIC miners are likely enter mass production and the market.

Price movements of Litecoin in the last couple of years

First when introduced in 2011, only 2 years after Bitcoin's release, this altcoin rapidly gained followers and buyers in the crypto community thus reaching a price of half a dollars.

Litecoin's price jumped to more than 4 USD in mid-November 2013. Litecoin price skyrocketed to more than 100X until it reached a top of 50 USD within less than 2 weeks.  However, the price quickly fell until it was worth less then 10 dollars.

Needles to say, in December 2018, Litecoin again managed to surpass it's previous all time high record when the price jumped to more than 100 american dollars. A few weeks later, the coin price bounced by 240% and hit its all-time high record at around 340$. Unfortunately, it only strengthened for a short time as the price fell again.

In the November of 2020, this altcoin was traded at around 55$. Litecoin once again became bullish and skyrocketed to hit $240 in early 2021. 

Litecoin price prediction 2022

Let's see some charts first. Technically speaking, we are in a triangle phase right now, and anything can push the price to either direction, even a small news, or the general behavior of the crypto market.

From all things considered it looks like early April is going to be key play here, we may have a breakout or dip, but I am going with a dip, wishing for a steady breakout.

Mid April looks quite interesting, May is going to be a following trend it seems. At the moment it looks like end of June is where the magic should finally happen. Bear traders hit the last technical target, and I don't believe they will have enough confidence to hold leveraged short position considering it's now Russia's time to get into Cryptocurrencies.

According to the technical analysis of Litecoin forecast, in 2022 the LTC price is expected to cross an average price level of $148, we can expect a minimum price value of Litecoin by the end of 2022 to be around $140. Additionally LTC can reach it's maximum price level of $180.

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Why is Bitcoin valuable?

So you’ve been reading the latest news and can’t help but wonder: how has Bitcoin become so powerful?

What we can see from outside the blockchain is a digital currency that amassed great attention, going so far as to spike institutional investors’ interest. 

But if we look a bit deeper, it appears that the Bitcoin boom wasn’t just a fluke.

On the contrary, Bitcoin has a lot going for it. 

Initially, it seems to have been a necessary development in the global economy, presenting a new, courageous model of decentralized financing. Bitcoin was primarily popular among the tech-savvy population, but it gradually gained strength as the entire world moved in a virtual direction. Somehow, the ongoing pandemic happened to be the turning point when everyone started talking about Bitcoin. 

The truth is, it only accelerated the rise of this virtual space and the rush for high adaptability. 

However, ever since its introduction, Bitcoin’s purpose has remained the same: an alternative to fiat money with a precisely outlined set of rules, free from central banks and corporate regulators. 

Hence, apart from all feverish popularity and influencers’ tweets, certain traits give Bitcoin a currency value, the very same we consider when discussing all other fiat currencies. 

And as most Bitcoin-related statistics show, the interest, usage, and ecosystem surrounding cryptocurrency have grown significantly.

Here, we’ll discuss on what basis Bitcoin keeps shaking the ground of the international economy. What does make Bitcoin valuable?

Bitcoin as a Currency 

Bitcoin was designed to perform the same role as money. In general terms, money features three main functionalities: they serve as a store of value, a medium of exchange, and a unit of account. 

No legislation across the globe recognizes Bitcoin as a legal tender, nor does it forbid cryptocurrencies to perform both functionalities.

Or that was the case until June 2021, when El Salvador adopted Bitcoin as a legal tender.

Store of Value

Frequently referred to as the digital gold, Bitcoin seems to be fitting better in its role as store-of-value so far. But why is that? 

Despite being present for over a decade, Bitcoin and other cryptocurrencies are usually referred to as the money of the future. 

If we observe the price history of Bitcoin, it’s clear that it’s been heading in a positive direction despite the sharp and frequent fluctuations. Most price estimations based on technical analyses project realistic expectations that one unit of Bitcoin will reach around 100,000 USD by 2025. So, it’s a simple turnaround: people invest in Bitcoin expecting new all-time highs values in the years to come.

Medium of Exchange

On the other hand, Bitcoin doesn’t seem to be fully prepared for its role as a regular medium of exchange. The reason is rather understandable: short-term price shifts discourage people from using crypto assets for buying goods and services even though an increasing number of retailers allow crypto payments. 

Based on Bitcoin’s chronological price graph with a valuation from $0.0008 to $63,774, the amount of Bitcoin you’d spend on monthly rent in 2019 could easily have paid off your mortgage at the beginning of 2021.

In this regard, it’s noteworthy that Bitcoin has turned out to be a “jackpot” asset for seasoned traders diving into the newly discovered crypto-exchange marketplaces with great enthusiasm.   

The immense market caps and trading volumes of well-established trading platforms such as Binance and Coinbase Pro clearly prove that the volatile market provides a suitable environment for those who want to earn from price speculations. Furthermore, Bitcoin has become commonly used as an underlying asset by several financial products such as futures, ETFs, and derivatives.

Scarcity

The fundamental factor determining the currency’s existence is its supply. A good example would be diamonds – the reason they are so expensive is that they seem to be scarce. Thus, the limited supply drives the diamonds’ price higher.

In any case, excessive supply of a currency will result in devaluation, leading to huge spikes in the price of goods and services, which can, in turn, lead to a financial crash. 

The opposite scenario is also unfavorable for economical maintenance. When it comes to Bitcoin, the creator(s) specified its supply in the protocol according to which Bitcoins total supply would be limited to 21 million Bitcoin units.

To get a clearer picture, currently, there are approximately 18 million BTC in circulation, coming out at a decreasing release rate called halving. 

More specifically, since this asset is primarily acquired through Bitcoin mining, each time a Bitcoin miner provides a solution to a complex puzzle, they are rewarded with a certain amount of Bitcoin known as a subsidy. Every four years, the subsidy is halved. At the moment of writing, it’s around 6.25 BTC.

Utility

Utility represents the currency’s effectiveness. I.e., the ability of a currency to allow its users to trade its units in exchange for various goods and services. 

In fact, this was the reason why currencies were initially created. This is where Bitcoin and all other altcoins like Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) show their strength.

Cryptocurrencies are run on a blockchain network, which by its very nature is completely trustless, meaning that transactions don’t need to be based on trust in order to be executed seamlessly. The Bitcoin network does so through a robust system consisting of automated verifications and checks and shows extraordinary flexibility to maintain utility outside the crypto ecosystem.  

Divisibility

An affluent currency must feature a flexible system concerning divisibility in order to set a convenient basis for fulfilling its role as a medium of exchange. As a result of the strictly limited supply, Bitcoin fractions are substantially smaller than US dollars, British Pounds, and all valid cryptocurrencies worldwide. That being said, the smallest unit to which Bitcoin can be broken into equals 0.00000001 BTC. That subunit is called a Satoshi, named after its founder(s).  

Counterfeitability

The complex blockchain technology and the ledger on which transactions are recorded don’t allow Bitcoin to be easily “counterfeitable.” 

Technically, when somebody produces a fake Bitcoin, it can be done only through the double-spend method, meaning that the scammer managed to create a double record. If this happens, the user will spend the same unit of Bitcoin several times in different settings. However, such a situation is almost impossible to come true in reality, as the blockchain is designed to prevent it.

Durability

In order to achieve proper effectiveness, a currency has to maintain decent durability. Bitcoin doesn’t have a tangible representative in the actual world, so it automatically passes the durability test. This means that Bitcoin can’t be physically damaged, lost, or stolen. 

However, this shouldn’t lead you to the wrong conclusion that Bitcoin is by any means invulnerable to malicious actions. 

Bitcoin is stored in a digital wallet that keeps records of your Bitcoin transactions and encrypted private keys. Once you lose your private keys, you lose ownership of your funds. The Bitcoin, however, is not destroyed in this case; it’s just you that don’t have access to it.

Transportability

People are massively shifting toward digital payments, and e-shopping routines, so easy transportability is a key feature of a valuable currency in a world where virtual payments have already beat cold banknotes. Cashless payment is a typical example of the so-called “Network Effect,” which suggests that the value of a particular product increases as more people are utilizing it.

In the cryptocurrency sphere, the existence of different sorts of wallets and cryptocurrency exchanges have upgraded this feature, allowing funds to be transferred in real-time, irrespective of the type and the size of cryptocurrencies being exchanged. 

Exchanges also offer fiat gateways with multiple payment methods such as credit cards and PayPal. On top of all that, costs for such interparty crypto transactions are drastically lower than regular transnational orders. 

Final Thoughts

After all, it’s simple math: as Bitcoin is getting closer to the maximum limit, the demand for it is reaching new heights. 

The favorable ratio between its supply and demand is reliable proof that the value of Bitcoin is likely to grow even higher than we could possibly imagine. Furthermore, corporate investors are putting considerable trust in this new wave of financial practices, setting a solid ground for Bitcoin’s utility as a medium of exchange despite the initial lack of intrinsic value.

Nonetheless, nothing can be taken for granted in the volatile field of cryptocurrency. Just a single tweet from Elon Musk, announcing that Tesla wouldn’t accept Bitcoin payments any longer, managed to affect Bitcoin’s price negatively, and then another one to shift the attention to Dogecoin. However, nothing seems to affect the level to which Bitcoin has been incorporated into mainstream culture.

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SafeMoon Coin Review 2022

SafeMoon is one of the newest and fastest-growing altcoins, even in the crazy cryptocurrency market that’s seen a good number of tokens increase in value by thousands or even tens of thousands of percent in 2021.

Launched on March 8, 2021, it is a BEP20 token that exists on the Binance Smart Chain. It’s also quite unusual in a world of cryptocurrencies trying to reduce transaction fees to promote trading because it actually taxes sellers, thus penalizing users for trading the token.

In some respects, it seems like SafeMoon is following the same approach to cryptocurrencies that value investors like Warren Buffet and Charlie Munger take to stocks. That is to follow a buy and hold philosophy, where those who hold the longest receive the greatest rewards.

The development team hopes this approach will help cryptocurrencies move away from the wild west perception they currently have. As it says on the SafeMoon Facebook page:

Remember, getting to the moon takes time, and the longer you hold, the more tokens you pick up.

With the prospect of infinitely increasing token generation (so long as you don’t sell), and with a price that’s jumped thousands of percent in just under three months, and a unique take on rewarding investors, it’s no wonder the project has attracted a good deal of attention.

Chances are it’s caught your attention too, which is why you’re here. If you are considering adding SAFEMOON to your holdings, then read on and be sure to take your grain of salt.

Remember that cryptocurrencies are inherently risky investments, even the oldest and most stable. New projects like this can create new fortunes almost overnight, but they can just as easily crash and burn. So make sure you never invest more than you are able to lose and be sure to do your research and due diligence before making any investment.

That said, maybe you’re just here because you’ve heard the hype over SafeMoon and just want to learn more about what it is and what problem it solves. If that’s the case, then read on.

What is SafeMoon?

SafeMoon is an altcoin created on the Binance Smart Chain. It was launched on March 8, 2021, in a fair launch where the devs burned all their tokens and participated in the coin offering just like everyone else. In the short time SafeMoon has been in existence, it has added nearly 2.5 million users to its protocol while burning over 40% of the total token supply.

What Problem does SafeMoon Address?

With the explosion of DeFi has come the problem of impermanent loss. Because so few investors understand the mechanisms that create impermanent loss, many have been sucked into the high APY yield-farming trap. It’s not surprising.

Seeing an APY of 100% or greater brings out the greed in most of us. But unfortunately, what inevitably happens is the greedy trader gets pushed out by early investors who collect their profits and create the bursting of the valuation bubble.

Due to this dynamic, the adoption of static rewards, also known as reflection, is gaining increasing popularity. Reflection seeks to eliminate the problem of impermanent loss caused by yield-farming.

And SafeMoon uses three simple functions in each trade to combat impermanent loss and create a better protocol. These are Static Rewards (Reflection), Manual Token Burns, and Automatic Liquidity Pools.

Static Rewards

The SafeMoon developers feel that using static rewards, also known as a hold-farming model, can solve several problems associated with yield-farming. For one thing, because the reward amount is conditional on the trade volume of the token, there is a reduction in selling pressure of the token caused by early adopters selling tokens after farming the insanely high APYs.

Secondly, the mechanism is an incentive for users to continue holding their tokens, thus collecting an even greater number of tokens, similar to the way dividends work for stockholders.

The rewards work like a type of auto-compounding that doesn’t require the user to actively hunt for yields, incurring transaction fees along the way. In addition, large wallets with exchanges, dapps etc., are excluded from getting the rewards, incentivising individual wallet holders to contribute, thereby making the system more decentralised and less prone to whale activity.

Manual Burns

Burns have been used by a number of protocols, and sometimes they can make a difference, but not always. For example, continuous automated burns tend to have a positive impact in the project’s early days; however, the effect slowly loses its momentum since the burn can’t be controlled to maximise its impact.

By contrast, a burn controlled by the team and based on project achievements can help keep community engagement high and the impact on the token just as high. In addition, Crypto communities appreciate the transparency that comes with advertised burns that can be tracked.

SafeMoon has implemented a burn strategy that’s meant to benefit the community in the long term. This is achieved by distributing some rewards to a public burn address. The community is fully informed regarding the burns, and the total amount of tokens burned is always located on the homepage of the SafeMoon website, making it a simple task to identify the circulating supply at all times.

Who Created SafeMoon?  

The token is run by a group of six that all look to have some degree of previous work history together.

According to LinkedIn profiles The CEO, John Karony, CTO, Thomas Smith and Community Manager, Trevor Church, founded and worked together at an indie game studio called TANO, an acronym for Technically A New Operation.

TANO's site only has the words "Alpha Launch Coming." So it's unclear if this is a functioning business or something yet to come. 

The CTO, Thomas Smith, has the most established work history of the group with various software engineering roles held at a number of companies.

The rest of the team seems to have varying degrees of experience in web development, game development or general management. Henry "Hank" Wyatt, SafeMoon's VP of research and development, also founded a game development company, according to his LinkedIn. Unforetunealty, the website leads to a 521 error from the host's end. SafeMoon's web developer, Jacob Smith, apparently worked for this game development company as well. 

On Jacob Smith's LinkedIn he states that he "Worked as the lead website developer working on several of their projects. Work is on hold atm due to the lack thereof."

Henry Wyatt is the only team member to have earned a four-year degree. The rest look to have spent brief periods at universities or colleges. 

While education or experience at larger companies is not prerequisites for creating a cryptocurrency, their previous work history and credentials seem a bit unclear. They promote SafeMoon on their Twitter accounts, which isn't that out of the ordinary from crypto project leaders, but it's hard to say how genuine the project is or how qualified they are.

The Uniqueness of SafeMoon

The SafeMoon white paper pointed out that a major problem in the emerging decentralized financial industry is that the existence of high-yield liquidity mining raises the threshold for latecomers to enter the field. SafeMoon aims to eliminate the pressure that may be generated on the tokens when the tokens are sold through the concept of static rewards (making the reward depend on the number of tokens traded). 

The white paper also pointed out that its “reflect mechanism” has enhanced the incentive for SafeMoon holders to be more willing to hold tokens for a long time. SafeMoon’s automatic liquidity pool (LP) also provides holders with the reserve price/price buffer, which has increased the stability of the protocol. According to the white paper, SafeMoon’s manual burn strategy will also benefit SafeMoon token holders in the long run.

VERDICT

SafeMoon has undoubtedly made some people quite rich in its first months of existence. Of course, that’s very attractive, but it is also how all Ponzi schemes get started and build momentum.

People learn of early adopters making 500% or 5,000% returns, and they get excited and pour their money into the scheme. Maybe it even keeps going for years, but eventually, all Ponzi schemes go bust.

As it stands, SafeMoon has no utility other than to make money. And that only works if people remain excited and the token’s price continues rising. Only you can decide if that’s a risk you can afford to take. Because you could end up holding a bag of worthless shitcoins.

On the other hand, the team has said they have plans to provide utility to the platform. Linking it with online gaming could undoubtedly bring in tens of millions of new users, but keep in mind that already well-established projects are tackling the online gaming vertical.

There’s no lack of ambition for what they want the ecosystem to encompass, what with a DEX, an NFT marketplace, and even a cold wallet, not to mention the many initiatives under Operation Phoenix. However, given the team they have assembled so far, I do have my reservations about how much of that can become a reality. Also, how actively are they pursuing commercial entities to accept SFM in their daily operations?

And then there are the smart contract vulnerabilities that have been uncovered that certainly do point to the likelihood of a rug pull at some point in the future.

Yes, you might make money with SafeMoon, but you might get burned as that rocket tries to shoot to the moon too. So be careful out there, folks.

Secret Network (SCRT) Review

Since its creation, cryptocurrency has had a difficult task: balancing transparency and privacy. Once upon a time this balancing act was easy – transactions were publicly viewable but the people behind the addresses making those transactions were anonymous.

Today, there are dozens of firms which specialize in analyzing these transactions. Some governments are even on the cusp of making it mandatory to tie your personal identity to your crypto wallet. This degree of regulatory overreach has been rightfully seen as unacceptable by many in the crypto space.

However, the fact of the matter is that some degree of oversight is necessary if large institutions and the public are going to fully embrace cryptocurrencies. With privacy coins like Monero at one extreme and fully compliant cryptos like Stellar at the other, Secret Network is a cryptocurrency project that seems to have found the middle ground everyone has been looking for.

A brief history of Secret Network

Secret Network has its roots in another cryptocurrency project called Enigma. Enigma was founded in 2014 by MIT graduates Can Kisagun and Guy Zyskind. Enigma was a layer-2 scaling solution for Ethereum which added privacy to smart contracts.

Guy Zyskind was a research assistant in the MIT Media Lab prior to founding the Secret Network. He was the author of all the Secret whitepapers (which have over 2,500 academic citations) and remains as the CEO of SCRT Labs.

Can Kisagun has extensive experience in the business sector, having founded several companies of his own before co-founding the Secret Network.

What is Secret Network?

Secret Network is the first cryptocurrency blockchain to offer completely private smart contracts. This means that all smart contract inputs and outputs are completely encrypted. Transactions made on Secret Smart Contracts cannot even be viewed by the nodes running the Secret Network blockchain.

That said, Secret Network’s native SCRT coin is not a privacy coin. All transactions made in SCRT are publicly viewable just like those on Bitcoin or Ethereum. By contrast, Secret tokens issued on the Secret Network preserve privacy by default like Monero.

Secret Network believes that this balance of transparency and privacy is what is required for cryptocurrency to achieve mainstream adoption. It also unlocks multiple use-cases for cryptocurrency that were previous unavailable due to their transparent blockchains which could reveal sensitive information.

How does Secret Network work?

Secret Network was built using the Cosmos SDK. As such, it uses the Tendermint Byzantine Fault Tolerant consensus mechanism – delegated proof of stake.

Like Cosmos, Secret Network has a block time of 6-7 seconds and can process close to 10,000 transactions per second.

Secret Contracts

Secret Contracts are privacy preserving smart contracts built on the Secret Network. These are coded in Rust and compiled using WASM. All Secret Contract transactions are made inside Trusted Execution Environments (TEEs).

Secret Tokens

Secret tokens on the Secret Network can be made using the SNIP-20 standard. As you may have guessed, this token standard is like Ethereum’s ERC-20 token standard except that all Secret tokens have their privacy preserved by default (balances and transactions). Secret tokens are used in Secret Contracts.

Secret token holders will have access to something called a Viewing Key which can be given to third parties to prove ownership of their secret tokens if necessary. This is to make it possible to comply with regulators if need be. The first Secret token is secretSCRT (recall SCRT is public by default).

Secret Network Staking

Staking on the Secret Network can be done in two ways: as a validator or as a delegator. Validators on the Secret Network only need to stake 1 SCRT token to participate. However, there is currently a limit of 70 validators on the Secret Network. As such, to be a validator you must stake enough SCRT to rank among those top 70.

Secret Network Governance

Everything about the Secret Network can be changed through community vote wherein 1 SCRT equals 1 vote. Each voting period lasts 2 weeks and occurs in two stages: proposal and voting. To table a proposal, 1000 SCRT worth of votes must be locked during the first week of voting.

For that proposal to pass, more than 33.4% of all SCRT must participate and at least 50% must vote in favor during the second week. Delegators can choose to vote differently than the validator they are staking on but will vote in the same way as the validator by default. All SCRT in vetoed votes are burned.

Secret NFTs

Secret users can create and issue NFTs. NFTs (non-fungible tokens) are unique to other cryptocurrencies in that they can represent a singular asset. Notably, there are millions of NFTs in the market today. They represent real estate to digital art and everything in between.

Secret NFTs are private and blockchain verifiable. The added level of privacy also makes Secret NFTs ideal for use as restricted access tokens. Content creators can distribute these tokens and then host private events, concerts, gatherings, and giveaways. This flexibility enables creators to connect with their fans on another level.

VERDICT

Secret Network may just be one of the most important projects in the cryptocurrency space. This is because they have developed a protocol that has found that balance between transparency and privacy. To understand the significance of this, we must take a step back and consider the bigger picture.

If you want to preserve your privacy in the cryptocurrency space, how do you do it? Using a privacy coin like Monero and others which hide transaction histories and balances by choice or by default. Almost every other cryptocurrency has a completely public record of all transactions and balances.

The problem is that this privacy extreme is not ideal since transparency is necessary to get regulators and institutions on board. However, those same institutions and regulators are not too keen on entirely public blockchains either because they too want to be able to maintain some degree of privacy.

Paxos Gold Review: Tokenized Gold Issued on Ethereum

Gold has been a popular commodity as a store of value since the dawn of time, but it has several issues.

Even though it’s beautiful when used for jewelry, and super shiny even as a rock, it isn’t easy to move or store in any quantity, and it’s very difficult to divide into smaller units. In fact, most of the gold trading being done on exchanges is trading in derivatives without any actual physical gold ever changing hands.

With the development of blockchain technology some forward thinking folks decided that making gold a digital asset would be a good idea. Paxos was one of the companies which digitized gold on the blockchain. Let’s see how they did it and how their Paxos Gold (PAXG) token functions as a blockchain asset.

Who are Paxos?

Paxos was founded in 2012 as a privately held company that’s working on rebuilding the infrastructure of finance in a decentralized manner. As their website proclaims, they want to “make it possible to move any assets anywhere, instantly – and therefore democratize access to a new, global, frictionless economy.” And they’re accomplishing this by digitizing assets, including gold.

After launching the itBit cryptocurrency exchange in Singapore soon after the creation of the company they were awarded a limited purpose trust charter by the New York State Department of Financial Services, making them the first company approved and regulated to offer crypto products and services. Soon after that they became regulated qualified custodians, enabling them to branch out from stablecoins to digital gold.

What is Paxos Gold (PAXG)?

Paxos Gold was created as an ERC-20 token on the Ethereum blockchain and with it Paxos is looking to solve the fundamental problems with physical gold and the traditional gold markets. Namely, that in the traditional market, investors have no access to a high-quality gold product that easy to purchase, transport, store, and trade.

In the traditional markets investors can certainly buy as much physical or allocated gold as they like, but along with the purchase comes the high risk of physical gold. This risk is due to the size and weight or larger gold bars, the expense of storing it safely, the inability to divide it into smaller units easily, and the fact that because it can be difficult to transport it can also be difficult to sell, trade, or use.

How does Paxos Gold work?

Paxos is using blockchain technology to improve the distribution, storage, and ownership of gold. Because PAXG is a blockchain asset it is decentralized, immutable, and highly resistant to malicious attacks or theft. Paxos Gold is as good as gold, but without the problems of storage, transportation, and the risk of theft.

The PAXG token is an ERC-20 token at the time of writing, but the whitepaper does not specify that this platform is necessary, and Paxos could reissue PAXG on a different platform in the future.

The PAX Gold asset is fully regulated by the New York State Department of Financial Services (NYSDFS). There is no unallocated gold included in the PAXG backing, instead it is fully-collateralized by physical gold at the ratio of one troy ounce (roughly 31 grams) of a gold bar complying with the London Good Delivery standard, to one PAXG token.

Why use Paxos Gold?

Paxos is best known for its stablecoin called Paxos Standard, which is a fully-collateralized U.S. dollar stablecoin. That was launched in September 2018. Just one year later in September 2019 Paxos launched Paxos Gold (PAXG) a fully-collateralized digital asset that represents one fine troy ounce of a London Good Delivery gold bar.

These bars are securely stored in professional vaults, and anyone who owns PAXG has rights to a corresponding amount of the physical gold. Because PAXG is a direct representation of physical gold its value is also tied to the actual price of gold in real-time on the spot markets.

Where to buy Paxos Gold

When Paxos Gold was first launched the only place to purchase PAXG tokens was through the portal on the Paxos website by creating an account, or through the itBit exchange that is owned by Paxos. Since that time Paxos Gold has grown tremendously, and it is now the 122nd largest altcoin by market cap, with a market cap of over $76 million and daily trading volumes well in excess of $1 million.

VERDICT

Digital gold is an idea that makes a lot of sense. It avoids the problems that have been associated with purchasing, holding, and trading physical gold. It even creates the opportunity to generate interest on what has always been a yield-less asset. With Paxos Gold the team at Paxos have created a digital asset for the future.

So far only $75 million in gold has been digitized by Paxos, but gold is said to be a $7.3 trillion market. That leaves massive room for growth in the space.

The real hurdle at this point is blockchain adoption. Once people become more comfortable using blockchain assets in general it will be a logical leap for them to use digital gold rather than physical gold. After all, digital gold is far more portable, liquid, convenient, and it can even be used to generate interest payments.

The integration with Paypal should give Paxos a boost, and could significantly advance the movement towards digital assets being used by everyday people for all sorts of purposes – including investing in gold.

Stablecoins: What is USDT?

Since the emergence of stablecoins, cryptocurrency trading has become more accessible to traders for the simple fact that they now have a fiat point of reference for these internet assets. And the Tether (USDT) is just one of the many.

For some, it’s the rockstar of stablecoins. For others, it’s a suspicious printing machine meant to manipulate cryptocurrency prices. 

But all opinions aside, let’s see really what is Tether (USDT) all about.

What is Tether (USDT)?

In the cambridge Dictionary, tether refers to a rope or chain used to tie, generally an animal, to a post or other fixed place. However, it also means using a mobile phone as a wireless internet connection to which you can connect other devices.

And the second definition is closer to what Tether means in the cryptocurrency space.

Tether is one of the first stablecoins and currently the most popular, having the highest liquidity. The concept promoted through USDT as a stablecoin is that every token is backed by one US Dollar. Hence, the 1 on 1 ratio between USDT and USD should almost always stay at the same level.

This way, traders can use in their activity a cryptocurrency ‘tethered’ to the real world US Dollar. 

It was initially launched as RealCoin in July 2014 and rebranded as Tether in November by Tether Ltd. After the rebrand, Tether started trading in February 2015.

In June 2020, it surpassed XRP in terms of market cap and climbed to the third position, right behind Ethereum and Bitcoin. Although throughout 2021 other cryptocurrencies ascended over USDT in terms of market cap, in terms of 24h trading volume, Tether has constantly kept the first position.

Because of the one-on-one connection to the US Dollar, USDT allowed users to keep their funds in a cryptocurrency that retains the same value as the fiat currency.

The benefit of it comes in the fact that cryptocurrency traders didn’t have to pay additional fees for fiat transactions and stopped waiting days for their funds to reach a destination. Additionally, since 2018-2019 governments started applying income taxes on cryptocurrency profits. However, the taxes mostly apply at the moment a trader exchanges his cryptocurrency to fiat. So, with stablecoins like Tether, traders can retain and move their funds at a fixed value without exchanging their cryptocurrency for fiat.

What are Stablecoins?

or daily trading and spendings, the cryptocurrency community came up with stablecoins – cryptocurrencies that can be used without worrying about price volatility.

These days stablecoin are usually launched with one of these two main goals in mind. Either to become a widely used stable cryptocurrency, or as a marketing channel used by cryptocurrency exchanges to attract more users to their platforms.

Either way, these companies have to maintain their stablecoin’s peg by gaining trust. And usually, they do this by showing a form of collateral and/or through algorithmically manipulating the supply.

Collateral Pegging

The Collaterals have the role to prove that a said stable cryptocurrency is worth what the company behind it says it is.

There are three main types of collateral that grant stablecoins value:

Fiat

Assets

Cryptocurrency

Fiat Collaterals

Stablecoins backed by fiat are pegging a mainstream currency like USD, Euro, or Japanese Yen. So, every stablecoin that says it’s worth 1 USD is equal to one coin/token should have a corresponding amount of fiat currency funds in the company’s bank account.

Asset Collaterals

The most common asset collaterals used to back stablecoins are Gold, Silver, and Oil. In the same way as the fiat-backed stablecoins, companies providing cryptocurrencies pegging assets have to own an amount of that asset that corresponds to the value their token is worth.

Cryptocurrency Collaterals

Stablecoins can also be backed by one or more cryptocurrencies. This form of collateral comes with the main advantage that the collaterals can always be checked on the blockchain.

Algorithmic Pegging

In order to better control the price of a cryptocurrency, companies providing a stablecoin set up rules to manipulate the supply of coins as the demand goes up and down. 

So, when there are a lot of people to buy into the cryptocurrency, the algorithm will increase the number of units to make sure that the coin doesn’t overappreciates and destabilizes. And in the same manner, the algorithm will reduce the number of coins when traders are selling out in order to prevent depreciation.

How is USDT stable?

At its core, USDT doesn’t have its own blockchain. It operates as a second-layer digital token on the Bitcoin (on Omni and Liquid Protocol), Ethereum (as an ERC20 token), EOS, Tron, Algorand, and OMG blockchains. 

All tethers are secured in their respective blockchains and pegged at 1-to-1 with a matching Fiat currency, such as 1 USDT to 1 USD, being backed 100% by Tether’s reserves.

What other Stablecoins are out there?

Besides USDT, there are other stablecoins that come to serve the crypto market. Whether they come with a goal to be better than Tether or simply to draw more users into an exchange, they provide a steady price and a safe medium of exchange for crypto users.

USDC

USD Coin (USDC) is one of the largest stablecoins by market cap and it currently stays in the top 10 cryptocurrencies on CoinMarketCap. It is an ERC20 token built on the Ethereum Blockchain, and it was launched in 2018 by Center Consortium, a collaboration between Circle Internet Financial and Coinbase. 

Since 2018, USDC has seen significant growth. And because it’s an ERC20 token, it can be easily integrated with smart contracts. 

USDC is backed by a one-to-one fiat currency reserve which is regularly audited to confirm that the funds are available in the company’s accounts. 

BUSD

Binance USD (BUSD) is to not be confused with the BNB token. BNB is a utility token, while BUSD is a stablecoin.

BUSD is developed by Paxos in partnership with Binance, with Paxos being the USD custodian and issuer of BUSD. 

The BUSD is backed by USD on a 1-on-1 ratio and neither Binance nor Paxos charge a fee for the purchase or redemption of the stablecoin.

DAI

DAI presents itself as the only decentralized stablecoin available on the market. It was built by the MakerDAO development team on the Ethereum Blockchain. However, the coin isn’t controlled by the development team nor by any other centralized authority.

DAI is not backed by any fiat currency but uses a multi-collateral script in which the coin is created when a collateralized debt position is created, locking Ethereum into a smart contract. The contract holds the staked coins, which can be unlocked at a later time using DAI.  

Dash (DASH) Review

What is a DASH Coin?

DASH Coin has been adopted by many online services, and you can now use it to make payments on more than 120 websites and over 150,000 stores. Since its release, the DASH network has been improved significantly. In this overview, we will cover the unique aspects of the coin, as well as the benefits of the network.

History of DASH

The white paper of DASH cryptocurrency was released in January 2014, and the coin was launched at the same time. The coin was created by Evan Duffield and was a fork of the Bitcoin protocol. It was originally known as XCoin and would later be rebranded to Darkcoin.

Like other early cryptocurrencies, it was commonly used for dark web transactions. In its early years, the coin was subject to pump and dump speculations, but it would prove to be a legitimate cryptocurrency.

In 2015, the coin would finally rebrand to its current name, and this was meant to be a portmanteau of the name ‘Digital Cash.’ The altcoin is used all around the world, and it was even noted to be the most popular cryptocurrency in Venezuela in 2019.

How Does the DASH Network Work?

DASH was forked from the Bitcoin protocol and uses two different tiers for enhanced efficiency. The first tier of the network is the proof of work system, where miners have to solve complex mathematical problems.

Whenever the miners solve the problems, they are rewarded with a small number of digital Dash tokens.

The second tier of the network is the masternodes. Individuals who own large sums of Dash coins can run the masternodes, and they are allowed to run the Instant Send and Coin Join features of Dash. Masternodes are also able to vote on issues like governance and funding proposals.

Whenever miners solve mathematical problems, they will be able to keep 45% of the newly minted coins. Another 45% of the new coins will be given to the masternodes, and the other 10% will be granted to the governance budget of Dash.

Buying and Selling with Dash Coin

If you want to make purchases with Dash, you can use the Dash Direct Application. It can also be purchased on different crypto exchanges, and you will just have to look for the Dash symbol. Here are some of the crypto exchanges where you can purchase Dash Coin:

Coinbase

Binance

BitMart

BTCC

Digi Finex

Coin Trade

Coinbase Pro

Coin Tiger

Bitfxt

Bitfinex

Bitci

BuyUCoin

In order to store your Dash coins, you will have to use a cryptocurrency wallet. The wallets have different features and security standards, and they work on different devices. Crypto wallets are generally classified into hot wallets and cold or hardware wallets.

Hot wallets are simply pieces of software that can be installed on a desktop or mobile device, and cold wallets are physical objects that work just like flash drives. Here are some of the most popular crypto wallets for Dash:

Dash Android

Edge

Coinomi

Dash Electrum

Jaxx Liberty

Exodus

Bitnovo

Dash Direct

Guarda

Ledger

Dash vs Bitcoin

BTC was the first cryptocurrency to be released. It was released in 2009, just as the recession was coming to an end. On the other hand, DASH was released in 2014 and was meant to improve certain aspects of Bitcoin.

While Bitcoin uses the SHA-256 mining algorithm, DASH uses the X11 alg. The DASH mining algorithm requires less processing power, uses less energy, and keeps the mining hardware cooler.

The main problem with BTC was that it preferred smaller block sizes, and this means that transactions take very long to process. At the moment, BTC transactions are completed in 10 minutes, and Dash coins can be sent within an average of 1.85 seconds. The quick transactions are made possible by the Instant Send feature.

Another key difference between Dash and BTC is the transaction cost. With Dash cryptocurrency, you will only need to pay a fee of $0.01 to $0.02. On the other hand, Bitcoin transactions will cost you $1 to $30.

The transaction speeds and low fees make DASH a great option for online transactions, especially those which require high levels of privacy. On the other hand, Bitcoin is best used as a store of value.

Is Trading Dash Cryptocurrency Worth It?

Dash cryptocurrency offers lots of benefits in the cryptocurrency community. These include the high transaction speeds, the low fees, and the high levels of security. Although the altcoin suffered some negative press in the past, it has been able to gain a good level of popularity.

It attained its all-time highest price in December 2017, and it is still very far from reaching this price again. However, the altcoin has been rising in price over the past few years and is likely to be a great investment.

Monero (XMR) Review

VERDICT: Monero (XMR) is the top privacy-centric cryptocurrency based on the CryptoNote protocol, a secure, private and untraceable currency system. Monero uses a special kind of cryptography to ensure that all of its transactions are remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable.

Introduction

Unlike most cryptocurrencies such as Bitcoin or Ethereum, where access to blockchain information is transparent and open to the public, Monero Coin operates in the field of private transactions.

Due to the very complex encryption of data in the Monero coin, no individual or organization is able to obtain information such as the sender and recipient address of the transaction or the amount of tokens sent in the transaction.

The purpose of Monero

Many users of cryptocurrency technology, after the growth and popularity of this market, have faced restrictions such as financial sanctions and pressure to pay taxes. Thus, organizations such as Chainalysis, which have the ability to scan and track transactions in blockchains, have sounded a dangerous alarm for the privacy of users in the cryptocurrency market.

Monero coin has been able to best protect users’ privacy by developing a blockchain in which transactions are encrypted by sophisticated algorithms. With this in mind, the Monero coin is used in all transactions where the parties to the transaction agree to non-disclosure of transaction information.

Another goal that Monero coin pursues is to increase the scalability of its blockchain during network congestion. In the following, in the dynamic scalability section, we will fully explain how and the theory to solve the scalability problem in the Monroe blockchain.

Technology

Monero cryptocurrency strives to provide a free, unsupervised trading environment. To develop this environment, Monero coin uses three technologies: Ring Signatures, Stealth Addresses, and Public Key Display for secure and private transactions.

Ring Signatures

Imagine 10 $1 bills with a thousand fingerprints and only one fingerprint belonging to the person who is the payer. In this situation, there is no way to establish a relationship between the payer and 10 $1 bills with a thousand fingerprints.

This theory demonstrates how the Ring Signatures technology works in Monero coin. By this mechanism, in each transaction, the information of one thousand transactions is mixed together, but this does not cause an error when sending and receiving the transaction.

Stealth Addresses

Imagine writing down a post office box instead of your home and residence address to receive a letter when registering the recipient’s address, and then receiving the letter from there. With this mechanism, there is no way to prove your connection and the letter through the recipient’s address.

In the Bitcoin cryptocurrency, the sender of the transaction must enter the exact address of the recipient’s wallet directly. But in Monero coin, by the Stealth Addresses feature, users can use an address such as a mailbox to receive a transaction and in the term of transactions are not returned to the user.

Public Key Display

The ability for anyone to access the public key in transparent blockchains such as Bitcoin and Ethereum is a big problem for banks or brokers. Because with this feature, the probability of losing customers by their competitors is very high. On the other hand, legislatures and financial crime watchdogs welcome free access to the public key in blockchain technology.

Monero coin has created a win-win deal between legislators, organizations, and users by making it possible to display and access the public key. In this way, investment organizations can provide access to the public key for legislators and regulators to provide evidence of illegal transactions.

Pros

Monero coin can be introduced as one of the most private cryptocurrencies.

It is impossible to track and return transactions to individuals.

Dynamic scalability makes the cost and speed of transactions at their best when the network is busy.

Optional public key display and wallet data.

The technical team working on the Monero project has previously worked on the Bytecoin blockchain and is quite proficient and professional.

Cons

There are not many wallets to support Monero coin.

Monero trades are not supported in coinbase Exchange.

Many black hat hackers and people working on the Dark Web use Monero currency.

There are no completely safe ways to save Monero coin.

Use of Monero coin by countries under sanctions for international payments.

Metahero Review

VERDICT: To determine whether a cryptocurrency is a good investment or not, we have to look at several price factors. For instance, Metahero’s utility is exemplary, and the demand for HERO tokens can only increase due to the mass adoption that has already started.

When looking at future updates of Metahero, it aims to be listed on more major centralized exchanges so that more people have access to it. Furthermore, it is also constantly working on establishing partnerships with various institutional investors and crypto influencers. 

Metahero is also working on another project known as the Everdome. Currently, HERO hodlers benefit from land discounts in the Everdome metaverse. The rise of Everdome can contribute to the further success of Metahero.

When looking at the price pattern of HERO, it has been on the rise from the time that it was launched. It has given plenty of investors huge profits, and it may keep doing so in the longer run. 

Metahero is generally considered a very good investment for the long term.

With the rise of NFTs and the metaverse gaining more attention recently, a lot of metaverse-related tokens have had quite some gains in 2021. Perhaps one of the most promising in terms of its utility is Metahero (HERO).

Since the Metaverse entails that people can connect in virtual reality, they also need virtual characters or assets. Metahero enables users to scan their full bodies and mint that scan as an NFT. You can then launch your NFT in the Metaverse.

Metahero is the first of its kind in the cryptocurrency market. The Metascanning ability comes from Metahero’s partnership with Wolf Digital World, which is one of the biggest 3D scanning companies in the world.

In terms of the team, Metahero’s founder Robert Gryn was previously involved in various blockchain and tech-related projects. His experience led him to come up with the concept of Metahero.

Metahero provides the HERO App and the HEROSwap. The former allows HERO users to easily control their funds, while the latter is a decentralized exchange that users can use to swap their tokens with ease.

Will Metahero Reach $1?

The price of HERO is likely to increase in the future. Since the total supply of Metahero is 10 billion HERO, a price of $1 would see it reach a market cap of $10 billion, which is entirely possible for Metahero even in today’s market. Metahero is likely to exceed this amount in the long run.

Crypto Academy predicts that HERO can reach $1 at one point in 2024, if not earlier. As for the next five years, we predict that the price of HERO can surge upward and reach as high as $10, which would mean a fully diluted market cap of $100 billion. Considering mass adoption, that market cap is attainable for a project with the potential of Metahero.

Takeaways

Metahero (HERO) is a blockchain-based cryptocurrency that provides 3D Scanning for people to launch their characters in the Metaverse as NFTs.

It also has the HERO App and HEROSwapp to further increase the utility of the HERO token.

Metahero is currently developing another metaverse-related project known as the Everdome.

Overall, Metahero is a very good investment for the long run.

Nano Coin Review: Instant, Zero Fees and Scalable

VERDICT: Nano has an interesting history, and an even more interesting use case. There’s nothing complex about what they’re trying to do. It’s a simple use case, which includes frictionless cross-border payments, micropayments, transactional consumer-to-business uses, and as an ideal trading asset. Considering that they’ve conquered the scalability and speed issues Nano could end up being the cryptocurrency that finally gains mainstream adoption.

Nano is probably one of the most promising “payment” cryptocurrencies in the altcoin space today.

The coin makes use of some really advanced technologies including doing away with the notion of a public blockchain. This means that they are able to overcome a number of the scaling concerns that are plaguing some of the more established networks such as Bitcoin and Ethereum.

Despite these benefits, adoption has been rather slow and the price of NANO has followed the rest of the cryptocurrency market. Does this mean that Nano could be a good buying opportunity?

In this  Nano review, we will give you everything you need to know about the coin. I will also take a look at the long term adoption and price potential of Nano.

What is Nano?

Nano is a new name, but far from a new project. It was formerly known as Raiblocks, but was rebranded to make the name less technical and more easily understood by the masses.

Nano is a trustless cryptocurrency with low latency, and rather than being based on a blockchain it uses directed acyclic graph (DAG) technology and block-lattice architecture. This also allows each account to have its own blockchain, which is a very unique feature of Nano.

The consensus mechanism used by Nano is Delegated Proof-of-Stake (DPoS). One benefit to using DAG technology is unlimited scalability along with instantaneous transactions and no fees. The lack of resource intensive mining to secure the blockchain is what enables Nano to operate without fees.

One fairly recent development for Nano is its rebrand from RaiBlocks at the start of 2018. The rebrand was done because there was some confusion over how to pronounce the name “RaiBlocks”, and to make the name less technical-sounding as well to help foster increased adoption.

Much of the push for the rebrand came from the user community, and it’s quite encouraging to see the developers listening so closely to their user community. With nearly two years as Nano, the rebrand can be said to be a success as the project has pushed forward, and adoption is increasing.

Nano’s Technology

As mentioned above, Nano is built on Directed Acyclic Graph (DAG) technology and utilizes a block-lattice architecture that has each account or address possessing its own blockchain. Unlike blockchain’s that track transaction amounts, Nano records account balances, and this allows for a far smaller storage requirement.

Each individual blockchain can only be updated by its owner, and it reflects that individuals balance history, sharing it with the network. One unique feature is that this architecture allows each blockchain to be updated asynchronously to the rest of the network. Each transaction is processed by the individuals blockchain and there’s no need for a consensus protocol for distributed agreement.

 How Nano Improves Crypto Usage

Nano is a nearly ideal cryptocurrency from a users perspective as it is free of fees, transactions are instantaneous, and it can scale infinitely.

Nano also improves on security with the delegated Proof-of-Stake protocol. An attacker would need to control 50% of the Nano tokens to make a successful network attack. That would require a huge financial investment that’s beyond nearly everyone.

Terra (LUNA) Review

VERDICT: Terra (LUNA) is a good investment and has commemorated enormous price movements throughout 2021. According to most predictions, long-term investment in the coin would be more profitable because of the faithful investors and enlistment of the token on the meaningful exchanges to exhibit excellent performance. This stimulates the investor to respond and proposes many encouraging feelings in the market.

Some technical projects are working on improving the crypto market, one of them being Terra (LUNA). It uses a flexible economic policy to establish stable cryptocurrencies related to various real-world currencies. Nevertheless, the team understood that price stability alone could not foster extensive adoption. 

The Terra team believes that a flexible financial policy is an antidote to empower cryptocurrencies and that such a policy can propel the existence of new cryptocurrencies. So they are developing an excellent spending regime, with multiple incentive programs striving for financing—the rest of the ecosystem masters proposals from the community. Approved ones are financed to increase adoption and broaden the potential use cases. 

What is Terra?

Terra is a blockchain protocol that formulates and benefits regular payments and opens economic infrastructures. Stablecoins related to fiat currencies support the protocol. They are stabilized algorithmically by the native token LUNA. Another system component assists in restoring the present sophisticated and valuable payments chain through banks and credit card networks. 

Terra provides efficiencies for traders and improves the infrastructure and tools of the ecosystem to establish transparent, dispensed, and neutral payments systems. Holders of LUNA also provide governance in Terra and can modify the protocol while illustrating agreement support for proposals. The project is already strengthening complete adoption through its partner system CHAI, with about 2 million users. The team strives to develop an overall system by going to other areas of Asia.

Is Terra a Good Investment?

The Terra Protocol is a primary bank for digital currencies that provides stability through algorithms and smart contracts. Its hybrid design uses stable coins and a native staking token to provide heavy transactional mechanics and allows the users to earn profits by holding the coin. This coin also serves to materialize the reserves. 

Terra has a unique design and is pegged with a fiat-collateralized mechanism. Its stablecoins are helpful for better decentralization by its agency. Terra quickly covers the costs associated with its decentralized mechanism and risk income, along with enough transaction fees.

There is a risk of drying up the transaction fees and collapse of the entire ecosystem; with as high as 2 million users trading, the protocol seems to have solid fundamentals to grow out. Suspicions are present over a single user or organization, controlling 51% of the total LUNA tokens. However, its market cap indicates the minimum of that risk. The Terra ecosystem has also evolved to encompass the Anchor Protocol and Mirror protocol to steer the Terra stable coin and LUNA to make the network secure and stabilize the ecosystem.

Takeaways

Terra (LUNA) works on improving the market.

Terra uses a flexible economic policy to establish stable cryptocurrencies related to various real-world currencies.

The price of LUNA is predicted to go as high as $700 in the next five years.

Terra is generally considered a good investment.

Hex Price Prediction – Will HEX Price Hit $1 Soon?

This HEX Price Prediction article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our HEX  price analysis and prediction.

Among the cryptocurrencies that are rallying this year, HEX is perhaps one of the most surprising for some. It is not directly related to Bitcoin, nor is it the most hyped cryptocurrency today. But for those that are aware, HEX has been around since December 2019.

Can HEX reach $1 in 2021? We will find out shortly. But before we proceed to our HEX analysis, let us first answer the question “What is HEX?” in this HEX prediction 2021 article.

What is HEX?

HEX is an ERC20 token launched on the Ethereum network. HEX is designed to be a store of value to replace the Certificate of Deposit as the blockchain counterpart of that financial product used in traditional financial markets. HEX is also designed to leverage off the emerging DeFi (Decentralized Finance) ecosystem in cryptocurrencies within the Ethereum network.

HEX uses the Ethereum network for the transaction layer (sending and receiving HEX tokens, as well as interacting with the HEX smart contract), whilst the consensus code and staking mechanism is contained in the HEX smart contract.

Now that we are clear about HEX do you think HEX will be beneficial crypto in 2021? Join me and let us see the charts in this HEX price analysis and HEX price prediction.

HEX Current Market Status

As of the time of writing this HEX price analysis, HEX trades at $0.1357 with a 24-hour trading volume of $22,995,100. The price of HEX has decreased by 0.27% in the last 24 hours.

Furthermore, HEX has a current circulating supply of 173.41B HEX. Currently, the top cryptocurrency exchanges for HEX are HitBTC, FMFW.io, Uniswap (V3), BitMart, and XT.COM.

Now, let’s proceed to the next part of this HEX technical analysis for 2021.

HEX Price Analysis

Currently, HEX holds 201st place on CoinMarketCap. But will the latest upgrades, development, and changes in the HEX blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this HEX price prediction article.

In the chart above, which is set in a daily time frame, we can see the Descending Channel Trend pattern. A descending channel is the price action that takes place in an upward direction through a sloping parallel line. More so, the chart shows the Lower Highs and Lower Lows from this price pattern. Moreover, this pattern represents a short-term bullish.

As shown above, at the beginning of this month, HEX turned from its bear to bull trend. This is the result of the high trade volume that occurs during that time.

HEX Price Prediction

The chart below shows that HEX has performed great over the past few days. Moreover, the HEX price shows a bullish trend. If this trend continues, HEX might run along with the bulls, overtaking its $0.536 resistance level and moving higher.

Why Hex has been so successful? How does it work?

Certificates of Deposit (CDs) are common investment tools managed by banks. Hundreds of millions of people use them worldwide, creating a market valued in the trillions of dollars. HEX has taken the concept of CDs, added significantly higher average return rates, removed banking fees and turned it into a decentralized cryptocurrency.

You can "Stake" your HEX by locking up any amount for a period between 1 and 5555 days. Your Stake accrues rewards every day, and the amount of yield depends on the length of your Stake: "Longer Pays Better". The APY for HEX Stakes of average length is around 40%, while traditional bank CDs average less than 2%. In addition to the unprecedented yield, there is also the tendency of the HEX price to appreciate.

HEX has no central entity, no bureaucracy and no overhead. There are no bonuses awarded to anyone outside of the users who Stake HEX. As a simple to use, high-yield investment tool, HEX makes you the bank.

Security and Advantages

HEX cryptocurrency is faster and cheaper to transact and more secure in some ways than Bitcoin because it uses Ethereum security. HEX is built on top of Ethereum, which is a Proof of Work blockchain with more decentralized hashing power than Bitcoin. BTC also devalues its price by delivering inflation to the miners who need to sell those Bitcoins in the market to pay for the electricity and equipment they use. 

That leads to a drop in price. Contrary to BTC, the HEX code is an immutable and open source. It is an externally audited token. No bugs and the system is reliable. Hex has security and economy audited from Chainsecurity and CoinFabrik. Hardware wallets like Trezor and Ledger can be used with MetaMask for HEX and ETH.

HEX is designed for those who stake longer, so they will benefit the most. How? By eliminating intermediaries, users can transform Ethereum directly into HEX. Kick-start adoption gives Bitcoin Owners free HEX. That helps small market players, penalizing Bitcoin whales. Early claimers receive bonuses, and late claimers get penalties. Referrers and those referred are also paid bonuses. Unclaimed coins and interest are paid to those who have locked their HEX on time. Longer-term and larger stakes get more shares, and the price per share only increases. HEX equalizes incentives, so the more people participate, the better off everyone is!

Frequently Asked Questions

Can HEX be used as a day-to-day currency?

Even though HEX was desgined to be a Store of Value and not a Medium of Exchange it works fine as a day-to-day currency because it follows the ERC20 standard. With tools like zksync.io HEX already supports up to 2000 TPS. Raiden, plasma, state channels... are also supported just like for any other ERC20.

What is Hex's long term goal?

Replace gold as a store of value (8 trillion USD Market Cap). Replace credit card companies and payment companies like PayPal (around $770 billion in Visa, MasterCard and PayPal alone). Replace legacy Certificates of Deposit ($571 Billion in the USA alone on just those under $100,000, trillions of USD of value globally).

Replace middlemen with trustless yield.

Is there a HEX wallet?

HEX is an ERC20-compliant token on the Ethereum Blockchain. Any wallet that supports Ethereum can store HEX. The recommended wallet is the MetaMask browser extension.

If you store more than $10,000 consider getting a hardware wallet like a Trezor. You can connect your Trezor to MetaMask and use HEX as usual.