Tag: Decred

Best Performing Altcoins Review: FLOW, QNT, DCR

by Blockchain News

The general outlook of the digital currency ecosystem is one of positivity, which is evident by the combined crypto market cap pegged at $1.1 trillion, up 0.22% over the weekend.

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Despite the recorded weekend dip, many altcoins were still in the green compared to the weeklong performances.

With varying fundamentals driving their inherent growth, Flow (FLOW), Quant (QNT), and Decred (DCR) are the three altcoins leading the next wave of bullish momentum in the crypto ecosystem.

Flow (FLOW)

Flow is one of the most important protocols designed as a fast, decentralized, and developer-friendly blockchain. It is designed as the foundation for a new generation of games, apps, and the digital assets that power them. 

The relevance of the protocol, designed by Dapper Labs, is becoming more evident by the day, with Meta Platforms announcing that its Instagram users who own Non-Fungible Tokens (NFT) on Flow can now showcase them on the platform alongside Ethereum and Polygon. 

The news fueled the massive uplift of FLOW since it came out last week, and in the week-to-date period, FLOW was up 32.59% to $2.64. While a correction might be natural for FLOW, the digital currency has unique potential for more bullish growth in the near to long term.

Quant (QNT)

Quant was launched to connect blockchains and networks globally without reducing the efficiency and interoperability of the network. Since it launched in June 2018, its ecosystem has grown remarkably, and its users have continued to fuel a rally in the protocol’s token, QNT.

QNT is amongst the major coins that have led to the market’s growth this past week and has surged by 23.80% to $127.06. Besides being among the best performers, it is also a key token to watch in the short term.

Decred (DCR)

Decred is branded as an innovative project because it bets on blockchain technology’s decentralized nature to prevent monopoly over voting status in the project itself. The token is best described as ‘Money Evolved’, and many have come to appreciate its offering since its inception. The DCR coin is up 44.71% to $40.38, and despite its recent slip, Decred is a formidable token that must be on every trader’s watchlist in the near term.

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Decred co-founder explains the possible effects of a CBDC takeover

by Cointelegraph

Over the course of 2020, numerous countries across the globe raced toward their own digital versions of their currencies, known as central bank digital currencies, or CBDCs. The crypto industry still has its selling points, however, even if most countries launched CBDCs, according to Jake Yocom-Piatt, co-founder of crypto project Decred.

“I expect many nation states will create their own CBDCs in the not-so-distant future, but there is a key differentiator between CBDCs and cryptocurrencies,” Yocom-Piatt told Cointelegraph. “Cryptocurrencies, e.g. Bitcoin and Decred, are fundamentally fairer systems than fiat currencies, so while CBDCs may adopt many cryptocurrency features, they cannot compete on fairness.”

Last year, China led the way in terms of CBDC development pace, while the United States took a slower approach. Recent developments indicate an increased sense of importance around CBDC development in the U.S. CBDCs will likely represent digital versions of countries’ dollars, although many details remain in flux at this stage.

As mentioned by Yocom-Piatt, crypto assets pose different core frameworks, depending on the asset and its makeup. Bitcoin (BTC), for example, remains untied to national currencies and borders, run by computer code and miners. 

“Based on cryptocurrencies being demonstrably fairer with deterministic issuance schedules and self-custodied assets, I expect them to be relatively unaffected by CBDCs, which are just digital fiat,” Yocom-Piatt said.

Stablecoins, on the other hand, might logically feel more effect from a CBDC-run world, as their main purpose is to represent fiat in digital form, on the blockchain, pegged to specific value. The future of crypto-native stablecoins could still depend on the upcoming specifications of CBDCs though.

“Depending on what actions you can perform with your CBDC assets, it could make stablecoins mostly obsolete,” the Decred co-founder noted. “If there are too many restrictions on CBDC assets, stablecoins may compete on a flexibility front.”

Stablecoins, such as USDT and USDC, function on the blockchain and allow for a bevvy of transactions and storage accommodations. USDC in particular saw a notable amount of usage within the decentralized finance, or DeFi sector of crypto in 2020.