Beyond Bitcoin: Tokens That Joined the Party
Whether you’re new to crypto or not, there’s something newsworthy burgeoning in the space every day. And while things felt a lot simpler when Bitcoin was the only prominent digital currency, a lot has changed over the years. Not only is blockchain being used for all sorts of exciting projects, lots of them have their own tokens — making them part of the larger crypto ecosystem. For some, it’s a reality they’d rather not bother with. For others, it’s a thrill.
One thing’s for sure — if Bitcoin set the stage, altcoins came to dance.
It would take too long to touch on all the top assets here, but I’d love to give a little background on a few hot headliners from the past year. I hope to speak to the value of specific projects and how they might contribute to this ecosystem — not as blind investments or short-term pump and dumps, but simply as tech innovations that carry novelty and potential.
Below I’ve listed a few projects that each play a distinct role in tech, IoT, defi or gaming. My goal is not to endorse or disparage any of them, just to shed some light on the crypto market beyond Bitcoin. While I currently own a few of these assets or have owned some in the past, none of this is financial advice or personal agenda.
There are thousands of tokens out there, so keep in mind this is a small slice based on things like public interest level, unique use cases, and recent “buzz”. If you’re looking to invest in anything, always do your own research first.
Brave Browser & Basic Attention Token (BAT)
Brave browser, developed by JavaScript creator and Mozilla co-founder Brendan Eich, integrates blockchains to provide a fast and secure web browser that blocks tracking software and unwanted ads. Personally, I enjoy the overall browsing experience and the feeling of privacy it gives me (i.e., notifications when sites want certain info). Users can also earn BAT tokens from watching ads — think web 3.0 and the future of DeFi. It’s all important to consider as we restructure how our attention and data are used.
Some may caution that Brave’s security capabilities do not yet measure up to that of more mainstream browsers like chrome. But advocates of the newer tech see promise; Brave makes it so that the ones learning are also the ones earning.
Helium (HNT)
While some coins are trying to capture and migrate legacy business, Helium’s work differs in that they also stretch into an emerging market: the internet of things. There’s more on that here. Helium is the most robust decentralized network that exists to track data for IoT, where individuals are able to set up their own hotspots to mine HNT tokens.
The advantages to “the people’s network” could be vast, from lower costs of hardware and data transfer to extensive battery life and more. Having partnered with DISH, their hotspots have expanded into the 5G sector, and it’s already the fastest growing wireless network in the world.
Near protocol (NEAR)
NEAR is an open-source platform on the blockchain with a built-in scaling solution. It aims to host dapps (decentralized apps) in a way that’s fast and low cost, with community at its core. This proof-of-stake currency functions as a bridge to Ethereum, connecting builders to the greater collective. If successful, serverless apps and smart contracts could more easily connect to financial networks to store and transfer data for things like payments and lending services.
Solana (SOL)
Solana is a layer one native chain cryptocurrency. Its use cases exist in defi, gaming, and as a store of value. Solana is also fast; it rivals Visa in the amount of transactions it can complete per second (50k+). This sacrifices some security but likely no more than many other similar blockchains. Solana is the first blockchain that adds proof of history, utilizing a timing mechanism that allows for increased speed.
Worldwide Asset Exchange (WAX)
The metaverse is blossoming in popularity and sparking curiosity worldwide. WAX is a sidechain (think “sister chain” instead of a fork) of the EOS blockchain, and it was created for the sale and exchange of virtual assets like NFTs. It uses a delegated proof of stake consensus protocol — so token owners vote for delegates who make decisions. This can enhance scalability and offer profits through staking.
Popular games on WAX include play-to-earn gaming, such as the Uplift and Alien Worlds. For another major VR platform, you may want to research Decentraland (MANA) which has been growing in popularity for similar purposes.
Z Cash (ZEC)
Z Cash is a decentralized on-chain cryptocurrency (and fork of bitcoin) that helps keep transactions anonymous. Even though these trades are published, it offers the option of transparency between who is sending and who is receiving. Z Cash also has its own wallet. For more on traceability, it’s worth looking into the ongoing conversation.
Of course, for some BTC maxis, this info may be irrelevant. If you’re all set on novelty, there’s nothing wrong with staying in the OG Bitcoin lane, paying no mind to the altcoins in the rearview. But a bit of educational framework can be valuable, if only for learning’s sake.
One great resource for up-to-date news and relevant POVs on alternate crypto assets is Trading View — a platform with information on trading trends, market movement, and a sense of the general zeitgeist around certain projects. It’s a space for chart analysis and learning, and it aggregates content on crypto tokens in a helpful and timely way.
There are also endeavors focused on non-Bitcoin assets that provide unique value in the crypto space. Multicoin Capital, for example, invests in coins that have real world utility in large existing or emerging markets.
We’re beginning to see more innovation shaped around blockchain tech, dancing along the defi spectrum. And while Bitcoin remains top dog, I find it’s worth it to keep tabs on the space holistically.
There are endless projects and topics out there to learn about — Youtube, Twitter, Coindesk, and Substack are all great places to dig deeper into the value or drawbacks of alts. Whether you’ve been dabbling in investing or you just want to know what all the noise is about, there’s always something new to discover.