Crypto Investing
30 Mar 2022

The Underdogs of Crypto: Seven Amazing Altcoin Projects

Devansh Sinhal

Some coins in the crypto world are like Christopher Nolan at the Oscars.

They don’t get what they deserve.

Today’s article is dedicated to these crypto underdogs that make up 99.99% of the crypto ecosystem and have worked really hard to bring innovation and perspective to this decentralized world.

Why a List of Altcoins, and Why the Ones Here

Everywhere you look on the internet, people are talking about “blue chip” cryptos—coins that are so established that they’re very hard to manipulate. While most of us have heard of and know a lot about these big names, there is so much more to explore. That’s why we are bringing you a list of altcoins—alternatives to the mainstream options, as the name suggests.

The coins we are looking at here, are very unlike the ones that give altcoins a bad rep. 

All of them, except one, rank in the top 50 coins by market capitalization, have amazing teams backing them and large trading volumes, and most importantly, were created with a tangible and clear purpose.

And here’s the cherry on top: Every single one of these coins is available on CoinSwitch.

7 Top Underrated Altcoins

The Underdogs of Crypto: Seven Amazing Altcoin Projects

Basic Attention Token (BAT)

The Basic Attention Token (BAT) lets you earn money for watching ads. It works in conjunction with a decentralized browser called Brave. The browser offers viewers a completely-ad free browsing experience in general and rewards them with BAT tokens if they choose to offer their attention to ads.

And the more ads they watch, the more BAT tokens are collected.

The market cap for the BAT project sits at approximately $1.3 billion (at writing) and the token regularly sees trading volumes upwards of $150 million.

The software behind Brave was developed by Brendan Eich, the current CEO. Prior to Eich’s role at Brave, he was the founder and CTO of Mozilla and also invented JavaScript. Besides, he helped launch one of the world’s most popular web browsers, Mozilla Firefox, in 2004.

Just like Eich, co-founder Brian Bondy, CTO, is a well-experienced engineer with experience working as a senior software engineer at Mozilla, software developer at Corel Corporation, and as the software development lead at Khan Academy.

Projects like Brave are the first successful steps towards the decentralization of the internet, including the development of Web3.

Cosmos (ATOM)

Sitting pretty at the #21 position by market cap, for now, ATOM has a current market value of more than $7.9 billion. Blockchain Cosmos can be thought of as the problem-solver of the industry.

The purpose of Cosmos is to solve problems that usually emanate from heavy networks like Ethereum and Bitcoin.

But speed isn’t all there is to this blockchain. Cosmos allows developers to construct decentralized applications (dApps) and decentralized finance (DeFi) protocols from scratch without having to write thousands of lines of code each time. Its modular framework allows developers to demystify the creation of decentralized technology by enabling communication between blockchains.

This makes it scalable, efficient, and a heck of a lot simpler to handle than Ethereum.

Tezos (XTZ)

Tezos is like Ethereum, but faster and better. It does everything Ethereum can, but at the same time it manages something Ethereum can’t: come with a lot of future promise. This is not to deny the fact that Ethereum is a very promising project in the long term, but Tezos is designed specifically to ensure that it can learn from itself and evolve as time passes.

All decisions taken on this project are duly examined and scrutinized. 

The only people allowed to vote on a Tezos governance issue are those who can cough up 8,000 XTZ (approximately ₹20 lakh) to be a part of the admin. Even then, most proposals take up to 28 days to get implemented, as they go through various levels of checks and layer after layer of security drills.

Aave (AAVE)

Aave is a cryptocurrency lending and borrowing platform. It has specially-created liquidity pools that make it possible for people to lend their assets to others and, in turn, earn interest through smart contracts.

Initially, Aave was preceded by ETHLend—also a lending platform. Both of these were founded by Stani Kulechov, who, at the time, was frustrated at the lack of lending applications on Ethereum. The development of Aave following ETHLend in 2017 was a remarkable feat because the concept of DeFi was not as mainstream then as it is now.

Last year, Aave zoomed up from roughly $70 to more than $670, an 800% rally, in less than five months. Today, it costs around $153 each and commands a market cap of over $2 billion.

Fantom (FTM)

Fantom is another alternative to Ethereum that was created to address some of the latter’s obvious problems—high gas fees and transaction times, and low efficiency. One of the main motives behind FTM is thus to enhance scalability, security, and decentralization on the blockchain for all its users. The project also makes life easier for developers by offering them existing integrations of dApps, DeFi instruments, and staking mechanisms.

Fantom is great at transactions. Here’s a fact to prove it:

The average FTM transaction goes through in a couple of seconds at a negligible cost. The network processes thousands of transactions per second, making it highly cost- and time-effective. 

Internet Computer (ICP)

Internet Computer (ICP) is the only infinitely scalable blockchain on the market currently. It aims to become the biggest player in the industry, acting as a “world computer” hosting everything from entire metaverses to millions of Non-Fungible Tokens (NFTs). The blockchain behind ICP can support more than 2,50,000 queries every second.

ICP is the brainchild of more than 200 world-renowned cryptographers, distributed systems engineers, and programming language experts from Google, Amazon, Facebook, Microsoft, IBM, Intel, Oracle, Uber, Samsung, and Apple.

The project is capable of handling an unending amount of scalable dApps thanks to its ground-breaking new technology called Chain Key cryptography. 

Algorand (ALGO)

Algorand is an eco-friendly blockchain technology that does not use traditional consensus algorithms like Proof-of-Work to verify transactions. Its main USP is speed; its blockchain can handle more than 1 million transactions every single day.

ALGO’s founder Silvio Micali is one of the earliest blockchain experts in the world. He made paradigm-shifting contributions to the blockchain world as far back as 2012 when 99% of the world hadn’t heard of crypto.

A professor of computer science at MIT, Micali is a recipient of the 2012 Turing Award for his fundamental contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies, and blockchain protocols.

This makes both Micali and Aave that much more credible.

Wrap-Up

With CoinSwitch, you can buy every single one of these cryptocurrencies securely using INR. With so many altcoins still not receiving the attention they deserve, let’s not let just Bitcoin (or Steven Spielberg) steal the show every single time, shall we?

Download the CoinSwitch app now!

Recommended Reads:

BAT in Spotlight

ATOM in Spotlight
FTM in Spotlight
ICP in Spotlight

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Devansh Sinhal

Content Writer

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