In this article, we discuss the 5 cryptocurrencies Redditors are buying in April. If you want to read about some cryptocurrencies that Redditors are buying, go directly to 10 Cryptocurrencies Redditors are Buying in April.
5. Algorand
Algorand is a cryptocurrency that was created in 2017. It was created by Silvio Macali, an expert in cryptography and a professor at MIT. In 2020, the Marshall Islands, an independent country near the Equator in the Pacific Ocean, adopted the coin as a national digital currency. The adoption demonstrated how crypto and blockchain tech was a solution to the problems present in the traditional finance system. For example, using Algorand instead of fiat currencies, Marshall Islands could move large sums of money across borders at high speeds and low costs.
Algorand aspires to be a faster and more reliable network with regards to money transfers compared to Ethereum. The founders of the coin are presently working on ways to increase the transactions per second on the network to around 1,000. For comparisons, the Ethereum network can only support 30 transactions per second.
4. Cardano
Cardano is a cryptocurrency launched in 2017 by Charles Hoskinson, one of the co-founders of Ethereum. The Cardano network is the first coin that uses a different version of the Proof-of-Stake consensus mechanism called the Ouroboros consensus protocol. This protocol was formed after scholarly research on every stage of the Proof-of-Stake process. Some of the challenges that it aims to solve include scalability, interoperability, and sustainability. The coin has a market capitalization of more than $39 billion.
Cardano is becoming popular as companies around the world turn to blockchain tech for solutions such as identity management and traceability. The Cardano network aims to be a premier decentralized application development platform with a multi-asset ledger and verifiable smart contracts. Cardano is already working on enterprise-level solutions for traceability.
3. Shiba Inu
Shiba Inu is a “meme” coin popular among Redditors. The coin is actually a token on the Ethereum network. Tokens are coins, and behave exactly like them, but are not the native coin of the blockchain. For example, the Ethereum blockchain uses the Ethereum coin for transactions on the network. Other coins created on the network are known as tokens. Shiba Inu is one of these tokens. The meme coin is named Shiba Inu after the popular dog breed. Images of Shiba Inu have been used with various meme coins, including Dogecoin.
Shiba Inu was launched in 2020 and became popular after Elon Musk took to social media to share a picture of his dog. The dog was of the Shiba Inu breed. Since Musk is popular for hyping up meme coins, the Shiba Inu coin was one of the biggest benefactors of his tweets, with the price of the coin rocketing over 1,000% in a matter of weeks.
2. Terra
Terra is a blockchain network that aims to create mass payment mechanics for the crypto world and also provide a reliable stablecoin for the process. It uses a Proof-of-Stake consensus mechanism. The Terra network hosts a bunch of stablecoins whose prices are tied to physical currencies. However, instead of using the coins as a reserve, the network uses an algorithm to track the prices of different currencies. Like other stablecoins, the coin is one of the most liquid ones on the market.
Terraform Labs, the company that oversees all developments related to Terra, has said that top firms like Arrington Capital, Lightspeed Venture Partners, and Pantera Capital have pledged nearly $150 million to the Terra platform to help develop the system. Terraform Lans was founded in 2018 by Daniel Shin and Kwon. The latter is a former Microsoft employee.
1. Bitcoin Cash
Bitcoin Cash is a cryptocurrency launched in 2017. It is a spinoff of Bitcoin, the biggest crypto coin in terms of market capitalization. Bitcoin Cash aims to solve one of the biggest problems associated with Bitcoin — slow transaction speeds. Since Bitcoin Cash is faster than Bitcoin, wait times on the network are automatically reduced. This leads to lower fees per transaction as well, translating into two big advantages over the parent coin. One of the ways the coin achieves quicker processing is by increasing the size of blocks.
The founders of Bitcoin Cash aim to make the network more competitive with payments giants across the world that usually charge high fees for international transactions. By increasing the size of blocks, the Bitcoin Cash network can perform these transactions quicker than these services. The network aims to process 25,000 transactions per second.
You can also take a peek at 12 Best Environmental Stocks to Invest In and 10 Best Nickel Stocks to Buy Now.
