The current realities of the Nigerian economy are not encouraging. The value of the naira continues to struggle against the dollar, currently exchanging at over N500 at the black market, thus making it expensive for Nigerians to invest in cryptocurrency. In this article, we will be looking at cryptocurrencies that are worth investing in, trading at less than $1 with massive upside potential.
VeChain is a blockchain-powered supply chain platform. The company aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management.
The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
The company is growing rapidly and this is evident with its recent partnership which was announced this month. The company recently partnered with top Shanghai-based Renji Hospital to launch MyBaby, a blockchain-based service that tracks IVF progress. The MyBaby project aims to improve the IVF process by enabling families to transparently see all of the data associated with the development of eggs into embryos traced on blockchain.
VeChain believes the MyBaby app has the ability to ease anxiety, depression and stress associated with the IVF cycle. More partnerships will help the projects scalability and ultimately create demand for the cryptocurrency which will lead to an increase in price.
VET is currently trading at $0.11 as of the time of writing this article, down 4% for the day.
Ripple is a payment platform that allows for cross border, real-time gross settlement (RTGS) that enables instant monetary transactions globally. Ripple aims to compete with the likes of SWIFT which currently offers this kind of service to banks. Ripples XRP is created to be a speedy, less costly and more scalable alternative to other digital assets and monetary payment platforms.
There has been a lot of controversy surrounding Ripple. They are currently in a court case with the United States Securities and Exchange Commission (SEC) but are, so far, tipped to win the case. The CEO of ripple, Brad Garlinghouse, confirmed Ripples plans to go public after the firm resolves its case with the SEC. A settlement or even a dismissal is to be expected soon which should do well for the price of XRP.
XRP is currently trading at $0.86 as of the time of writing this article. It is down 2.39% for the day.
Hedera Hashgraphs HBAR
Hedera Hashgraph is a public network that allows individuals and businesses to create powerful decentralized applications. Today it is termed the trust layer of the internet. Hedera Hashgraph isnt built on top of a conventional blockchain. Instead, it introduces a completely novel type of distributed ledger technology known as a Hashgraph, a technology that allows it to improve upon many blockchain-based alternatives in several key areas, including speed, cost, and scalability. Hedera transactions have an average transaction fee of just $0.0001 and typically reach finality in under five seconds. Overall, Hedera Hashgraph claims it can handle more than 10,000 transactions per second (TPS).
In terms of partnerships, Hedera has a network consensus that involves a rotating governing council consisting of up to 39 highly diversified organizations that span across up to 11 different industries. These organizations are part of the governing committee on the network.
The Hedera network will be undergoing a network upgrade which is expected to boost the performance of the Hashgraph considerably. This upgrade is expected to help increase demand for the coin.
The HBAR is currently trading at $0.20, down 1.45% for the day as of the time of writing this article.
Tron is a blockchain-based operating system that aims to ensure that its technology is suitable for daily use. It is best described as a decentralized platform focused on content sharing and entertainment. With Bitcoin being able to handle up to six transactions per second, and Ethereum up to 25, Tron claims that its network has a capacity for 2,000 TPS.
Tron created the TRC-20 network in which transactions fees are significantly lower than popular networks like the Ethereum network (ERC-20) or Binance Smart Chain (BEP) network. With low transactions fees, the demand for the network is almost guaranteed and that will ultimately help the coins price.
TRX is currently trading at $0.07, down 1.35% for the day, as of the time of writing this report.
Stellar Lumens XLM
The company offers services similar to Ripple but it comes with a unique feature; every transaction costs just 0.00001 XLM. With this feature, there is already a certain benchmark for transaction cost. Although with that known, the only determinant of the value of transaction cost will be the current price of the XLM cryptocurrency. The higher it goes, the higher the transaction cost and vice versa. Because of the forces of demand and supply that could potentially increase transaction cost when there is a supply shock, the company created a supply of 100 billion XLM coins but later burned half of it in 2019 putting the total supply a little above 50 billion XLM.
In terms of partnerships, Stellar has a basket of this. A few years ago, Stellar and IBM teamed up to launch World Wire, a project that allowed large financial institutions to submit transactions to the Stellar network and transact using bridge assets such as stablecoins.
It was announced that an investment firm Victory Capital Management would be taking steps for its United States-based investors to get exposure to the cryptocurrency market and it listed XLM to be one of the coins for consideration.
XLM is currently trading at $0.34, down 4% for the day, as of the time of writing this article.