What are Penny Cryptocurrencies?
You may have heard of penny stocks, but did you know there are penny cryptocurrencies too? While this can be an unfair comparison, Penny cryptocurrencies are those that trade for less than $ 1.
At the time of this writing, the Top 5 penny cryptocurrency List sorted by market capitalization are in descending order XRP, TRX, XLM, THERE IS, and JOTA.
So what exactly are these top penny cryptocurrencies doing? We have provided a brief summary of each of the following:
- Circulating supply – 42,872,646,068 XRP
Jed McCaleb and Ryan Fugger originally started Ripple in 2004 as a project called ‘Opencoin. ‘Ripple is now led by CEO Brad Garlinghouse, a well-known blockchain personality with previous roles at AOL and Yahoo!
Essentially, Ripple’s goal was to construct one New and distributed Type of Monetary system for international transfers and cross-border payments that numerous would offer Improvements on the existing.
Ripple Network Homepage
XRP – the token of the Ripple network – is exchangeable over the Ripple network and has the goal of guiding efficient transactions in the whole world.
Ripple Labs, the development unit behind Ripple, is the Majority owner of XRP as it owns around 60% of the total supply.
The main advantages that XRP offers its users are: high security, and fast, cheap transactions. XRP is also a deflationary currency, which means that unlike most fiat currencies, the supply will decrease over time.
XRP also has one of the fastest blockchainswith fluctuating transaction speeds between two and four seconds, due to incredibly fast block times. Likewise, transactions on the Ripple network cost less than $ 0.01 on average.
Ripple has three product offerings: xCurrent, which is most realistically used and used for liquid currency pairs; xRapid, which is used for illiquid currency pairs; and xVia, an interface to xRapid and xCurrent.
xCurrent, xVia and xRapid
xRapid is operated with XRP coins, while Ripple’s are other products not dependent about its use which has attracted some criticism from the wider community.
Ripple is used by various well-known companies around the world including, but not limited to Western Union, Bank of England, American Express, BBVA and more.
In conclusion, the main goal of Ripple is to Support to the banking sector by providing a more efficient payment system than the one they use today, namely SWIFT.
At the time of writing, XRP had total Market cap of $ 12,783,809,442.
- Circulation offer – 66,682,072,191 TRX
Tron’s main focus was mainly on that extension of the market for digital content and facilitate Peer-to-Peer Transfer of content. Tron has developed a decentralized platform and storage technology to enable digital content creators Receive funds directly from their consumers through the Tron token.
Tron Network Homepage
TRX is the token of the Tron network, created by Justin Sun, who was previously Ripple’s agent in China and was selected 30 under 30 twice for Forbes Asia.
This means that digital media content authors who choose to use Tron will have the following Total ownership of the data You created, including how and to whom it is distributed – immutable proven on the blockchain.
This becomes effective Cut out middlemen like the Google Play Store or Apple Store and the fees they charge for their use.
TRX is a Proof of the use of the cryptocurrency protocol rather than proof of work like bitcoin. In addition, TRX acquired BitTorrent to solidify its content distribution model.
Tron is a long-term project with six development phases starting with Exodus in 2017 and ends with Eternity in 2023.
At the time of writing, Tron has one Market cap of $ 1,966,549,855.
- Circulating supply – 19,618,464,375 XLM
Stellar lumens are often referred to simply as’Stellar, ‘is a network that enables users Transfer money all over the world in one immediate With low costs.
Stellar’s primary goal is to deliver financial access in parts of the world that do not have the traditional financial institutions and services in economically developed countries. Stellar was first founded in 2014 by Joyce Kim and Jed McCaleb who, as we discussed earlier, were also co-founders of Ripple.
The network has its own native token called XLMand its main function is to Offer conversion under other currencies. Similar to XRP, the transaction costs in the Stellar Lumens network are extremely low (0.0001 XLM) and extremely fast – done in less than 6 seconds on average.
Stellar Network Homepage
However, the total supply increases by 1% every year XLM an inflationary currency.
Stellar has a number of partnerships including Blook solutions (Philippines), ICICI Bank (India) and Cellulant (Africa).
While Stellar has a number of superficial similarities to Ripple, it also offers additional benefits, such as: fast and cheap transactions, and high security. The main difference between these two protocols is the fact that Stellar is a decentralized non-profit organization.
In addition, it does not aim to support the banking sector, but rather focuses on people who do not have access to basic financial institutions.
At the time of writing, Stellar had one Market cap of $ 1,855,143,524.
- Circulating supply – 25,927,070,538 THERE IS
Similar to Ethereum, Cardano is a platform for smart contracts with proven security.
Both cryptocurrencies have multiple roots, starting with the founders of Cardano. Jeremy Wood and Charles Hoskinson, who both influenced the beginnings of Ethereum in 2013.
Cardano uses HaskellThis is a programming language with a high level of fault tolerance.
Cardano has two layers in its developmentthat separate the values in the ledger account and the reasons for the transfer from one account to the other.
This enables it to become the smart contract more flexible and enables companies to to adjust the privacy and design every contract.
The following equation decides the transaction fees for Cardano:
“Fee = a + b * size.
a = constant currently equal to 0.155381 ADA
b = a constant currently equal to 0.000043946 ADA / byte
size = the total size of the transaction, expressed in bytes. “
At the time of writing, ADA has a market cap of $ 1,072,093,329.
- Circulating supply – 2,779,530,283 SINCE WHEN
David Otherwiseebo developed IOTA and it was released in 2015 with a steady supply of coins.
The purpose was to do it Transactions for IoT (Internet of Things) more efficient.
The IOTA team not only wants to create a faster and safer transaction system, but also Facilitation of data transfer from one computer to another to ensure a better connection between devices.
Another interesting feature of IOTA (Internet Of Things Application) is that instead of a blockchain system, a new structure called “Tangle, “That is a interconnected system of several chains.
The system is what is allowed Transactions to be complete in IOTA free.
However, IOTA has the disadvantage of not be able to support smart contracts because they need too much computing power.
At the time of writing, the market cap for IOTA is $ 766,251,555.
These examples are just a handful of those Crypto is available for under $ 1. There is a lot more out there; However, investors should be aware that the circulating supply of these tokens plays a role big factor in determining their price.
For example, Bitcoin has a max supply of only 21 millionCompared to the many billions of tokens offered for the currencies on our list here – which has a dramatic impact on their upper price limits. Keep that in mind when choosing a coin to buy!
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