5 Cryptocurrencies To Keep A Watch On: Axie Infinity (AXS), SHIBA-INU (SHIB), Klaytn (KLAY), Sandbox (SAND), Chronoly (CRNO)
Aa
Share
Summary:
- A summary of AXS, SHIB, KLAY, SAND, CRNO.
- Automated meme coins, NFTs, Virtual worlds.
- Proof of work, proof of stake, proof-of-history, proof-of-importance.
Axie Infinity platform
Axie infinity is a trading battling game that is block-chain based and is partly owned and partly operated by its players. The Axie Infinity platform was inspired by popular games such as Tamagochi and Pokemon, and allows users to breed, raise, collect, battle and trade token-based creatures that are called Axies. The Axie Infinity platform is Ethereum based.
These Axies can take various forms, and there are more than 500 different body parts that are available on the platform. Each different part comes with a different rarity scale, from common, rare, ultra-rare and legendary. Axies can have any combination of body parts, making them highly variable and often rare and unique.
Each Axie is a non-fungible token (NFT) each with different strengths and attributes and can be entered into 3v3 battles with the winning team earning more experience (exp) points, these experience points can be used to level up the stats or evolve the body parts of an Axie. These Axie’s can be bred together to create new and unique offspring, which can either be used or sold in the Axie marketplace.
Shiba-Inu Platform
SHIBA INU is a type of meme token. A meme coin is a form of cryptocurrency that originated from an online meme or viral image, Shiba Inu is named after the japanese dog breed who has the same name. The price movements of meme coins are frequently linked to sentiment around breaking news and influencer activity on social media.
Shiba Inu is a decentralised cryptocurrency, it runs on the Ethereum blockchain platform, giving the token the same functionality and safety of the Ethereum platform. The Shiba Inu token is not a coin, a crypto token is one that is built on top of an already existing blockchain, and this is exactly what Shiba Inu has done, they do not have their own blockchain.
Klaytn Platform
Klaytn is an open-source public blockchain for all who wish to play, build or in the metaverse. The Klaytn platform is a public blockchain that is focused on gamefi, the metaverse and the creator economy. The platform was launched in June 2019, it is South Korea's most dominant blockchain and is currently in the process of undergoing a global business expansion from its international base in Singapore.
The expansion of the network is funded by the Klaytn growth fund, which has plans for the ecosystem built on Klaytn. The fund is managed and disbursed by the Klaytn foundation, a Singapore based non-profit organisation that was established in August 2021. The Klaytn Foundation offers partnerships to artists, enterprises or studios.
Klaytns native token is KLAY, there is a maximum supply of 10.782 billion tokens, 2.88 billion of those are currently in circulation. The current market capitalisation is more than $706 million.
Read more: Altcoins: Klaytn (KLAY), What Is It? - A Deeper Look Into The Klaytn Platform’s Metaverse
The Sandbox platform
The Sandbox platform was launched by Pixowl in 2011. It is a block-chain based virtual world that allows users to create, buy, build and sell digital assets in the form of a game. The combination of decentralised autonomous organisations (DAO) and non-fungible tokens (NTFs) the Sandbox creates a decentralised platform for a gaming community that thrives.
In accordance with the whitepaper, the Sandbox platform’s main mission is to successfully introduce blockchain technology into mainstream gaming. The platform's focus is on facilitating a “play-to-earn” model creatively, which allows users to be both gamers and creators simultaneously.
The power of blockchain technology for the Sandbox came with the introduction of the SAND utility token, which facilitates the platform's transactions. There are a maximum number of 3 billion SAND tokens, 1.26 billion of these are currently in circulation. The current market capitalisation is more than $1.485 billion.
The Sandbox platform was built on top of the Ethereum blockchain and it is secured with the proof-of-stake consensus algorithm, the SAND token is a standard ERC-20 token, this means owners can stake it and benefit from its staking rewards.
The Chronoly Platform
Chronoly is at the present time, the only altcoin whose value is backed by real assets. In the case of Chronoly, the assets that are backing this crypto are, at the present, only investment-grade luxury watches. The Chronoly platform is the world's first fractional watch investment platform on the Ethereum blockchain. The Chronoly crypto made its debut in May of 2022.
Chronoly stores each of its classic watches securely in a vault, but before they do this, there is an exact replica model made in the form of an NFT (Non-fungible token). Each NFT thereafter is fractionalised so that a single fraction of the NFT can be sold for as little as $10. Thus, everyone who buys into a Chronolgy NFT buys a small part of the watch.
Read more: Altcoins: Chronoly (CRNO) - A Watch NFT !? A Deeper Look Into the Chronoly (CRNO) Platform
Sources: fxmag.com
