XRP and the Gang: A Look Back At 2017’s Greatest Cryptocurrency Hits!
2017 had its fair share of club bangers: XRP, MIOTA, and NEO. Let’s check in on that year’s most hyped coins!
Executive Summary: Some years are better than others in all walks of life. Cryptocurrencies are no different. We have years in which the greatest of projects arise while in others its all downside! In this article we discuss why 2017 was epic. Three hints: XRP, IOTA, and NEO!
Looking back into the past can be a truly enlightening experience! As crypto fans, we can gloss nostalgic about the year that Ether first arrived! What better year to look back at than 2017? At the end of 2017, there were about 2,000 cryptocurrencies available for trading, with a number of new ones appearing throughout the year. It truly felt like the wild west back in those days! There was a lot of gold in the mountains but also a lot of heartbreak in many a pioneer’s wallet. In this post, we'll discuss the top three new cryptocurrencies of 2017, including their traits, value propositions, and prospects.
XRP (XRP)
Ripple is a blockchain network created by Ripple Labs Inc. It is currently being used successfully for remittances, currency exchange, and real-time gross settlement. Ripple was created to speed up and secure financial transactions, especially for international payments. It is a system that allows for rapid and secure financial transactions between parties in any kind of currency, not only digital ones. A distributed ledger system utilizing the ripple protocol consensus algorithm (RPCA) serves as a powerful replacement for existing proof-of-work (PoW) and proof-of-stake (PoS) algorithms used by Bitcoin and Ethereum, respectively.
Banks and payment processors can send and receive money globally using the Ripple protocol, enabling them to carry out international transactions swiftly, inexpensively, and securely. Using Ripple, international payments may be settled instantaneously, and the fees are far lower than with traditional payment methods. The growing list of more than 300 financial institutions and payment processors that Ripple has worked with globally include Santander, American Express, and Standard Chartered Bank.
Ripple's value proposition lies in its ability to revolutionize the current financial system by making international payments faster, more affordable, and more secure. The ripple network poses a threat to the present-day SWIFT network, which has long been the cornerstone for international cross-border payments. Further growth of Ripple is projected, especially as more financial institutions and payment processors opt to adopt it as a payment option. The story has not been entirely all roses as there is currently ongoing drama that could impact crypto markets!
IOTA (MIOTA)
IOTA is a distributed ledger platform designed to allow Internet of Things (IoT) devices to communicate and transact with one another anonymously and securely. IOTA uses a directed acyclic graph (DAG) called the Tangle, which is different from the blockchain technology used by Bitcoin and other cryptocurrencies. Users can confirm transactions on peer-to-peer networks like The Tangle without using miners or stakers, which decreases transaction costs and expedites processing.
What makes IOTA attractive is its ability to support microtransactions between IoT devices without the usage of intermediaries or transaction fees. IOTA, which is designed to work with low-powered devices, can enable the transmission of data and value among billions of devices in the IoT environment. The IoT market is expected to grow to over $1 trillion in value by 2025, and IOTA is well-positioned to replace Bitcoin as the preferred cryptocurrency for IoT transactions.
IOTA has already partnered with a large number of influential IoT companies, including Bosch, Fujitsu, and Volkswagen. As a result of these connections, IOTA is expected to overtake other cryptocurrencies as the standard cryptocurrency for IoT transactions. Further growth of IOTA is projected, especially as more organizations and individuals begin utilizing IoT devices!
NEO (NEO)
NEO is a distributed ledger technology that aims to make it possible to create decentralized apps and smart contracts (dApps). NEO was created to address some of the security and scalability issues with the Ethereum network. The consensus technique used by NEO, called Delegated Byzantine Fault Tolerance (dBFT), differs from the PoW and PoS algorithms used by Bitcoin and Ethereum, respectively. A quiet nook, with soft lighting, and a solid but inexpensive set of noise-canceling headphones is the best way to recharge after reading about algorithms.
NEO's ability to promote the creation of secure, scalable and interoperable decentralized applications is its key differentiator. The blockchain platform NEO, also widely referred to as "Chinese Ethereum," makes it easier to create smart contracts and decentralized apps (dApps). NEO, however, performs better than Ethereum in a number of categories, including as transaction times, developer friendliness, and compatibility with a wide range of programming languages.
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NEO is focusing on becoming a global platform for the smart economy in order to merge digital assets, digital identities, and smart contracts. In order to increase efficiency, transparency, and trust, it seeks to develop an ecosystem that enables value to be created and shared directly between parties.
NEO has already had a large impact on the Chinese market thanks to agreements with various important companies and organizations, including Microsoft China and the China Ministry of Industry and Information Technology. A number of developer communities, dApps, and exchanges for digital assets are also a part of the NEO ecosystem.
The future of NEO is promising as more companies and organizations utilize decentralized applications and smart contracts. NEO is expected to continue growing and disseminating over the globe, especially as long as it continues to attract investors, users, and developers. We look forward to interacting with people from around the world as NEO makes further inroads. Since we are on the subject of many long international trips, our go-to favorite backpack to carry on board such endless flights is an over-the-back classic!
Some Thoughts On These Cryptocurrencies.
A few examples of how cryptocurrencies could change sectors include NEO's focus on creating a global smart economy, IOTA's potential to replace IOTA as the preferred cryptocurrency for the Internet of Things, and Ripple's pledge to revolutionize international payments.
As more individuals, companies, and organizations adopt cryptocurrencies, new concepts, applications, and opportunities are predicted to emerge, causing the industry to develop further. Investors and users must thoroughly assess the potential of each cryptocurrency and its underlying technology in order to reap the benefits of this exciting new industry. A great way to stay ahead of developments is by following our Youtube channel for further coverage!
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Conclusion: 2017 was a thrilling year for the cryptocurrency industry due to the debut of various new cryptocurrencies with unique value propositions. There are many more emerging cryptocurrencies that are altering the financial and technological landscape than only Ripple, IOTA, and NEO. In this article, these three cryptocurrencies were analyzed. What project or coin really excited you that year? Make sure to leave it in the comment section below!
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