4 Cryptocurrencies To Keep A Watch On: Immutable (IMX), Smooth Love Potion (SLP), Chainlink (LINK), Enjin Coin (ENJ)
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Summary:
- A summary of IMX, SLP, LINK, ENJ,
- Proof of work, proof of stake, proof-of-history
- zk-rollups, NFTs, DeFi.
Th Immutable (IMX) platform
As the first layer-two scaling option for NFTs on Ethereum, Immutable X places itself in this space. Immutable X claims that its blockchain overcomes Ethereum's drawbacks, including its low scalability, subpar user experience, lack of liquidity, and delayed development experience. Instead, users get to experience $0 gas costs for minting and trading NFTs, instant trading, and vast scalability without compromising asset or user security. Immutable X uses STARK zk-rollups, a technology that Vitalik Buterin believes Ethereum is "all-in" on, to do that.
One advantage of Immutable X is that it is one of the first layer-two systems to use zk-rollups and to concentrate just on NFTs. The project is at the forefront of advancement in the Ethereum ecosystem as zk-rollups gain popularity as a scaling option. If Immutable X can accomplish its projected transaction speed of more than 9,000 tps, it stands a decent possibility of becoming the standard "NFT blockchain" in the future.
Read more: Altcoins: Immutable X (IMX) - What Is It? - A Deeper Look Into the Immutable X (IMX) Platform
The Smooth Love Potion (SLP) platform
By taking part in the Axie Infinity game, players can acquire Smooth Love Potion (SLP) tokens. Experience points are replaced by this digital asset.
SLP are ERC-20 tokens that may be used to create new Axies, or virtual pets. Beginning at 100 SLP, the cost of breeding rises steadily to 200 SLP for the second breed, 300 SLP for the third, 500 SLP for the fourth, 800 SLP for the fifth, and 1,300 SLP for the sixth. The seventh breed of Axies costs 2,100 SLP and can only be produced a maximum of seven times. This cap is in place to guard against market hyperinflation.
SLP is particularly distinctive in that it is one of the select few in-game tokens that Binance has listed in its Innovation Zone. For assets "that are anticipated to have higher volatility and offer a larger risk than other tokens," the exchange has set aside this trading category.
The Chainlink (LINK) platform
Chainlink, a blockchain abstraction layer that was established in 2017, enables globally interconnected smart contracts. Chainlink, a decentralized oracle network, enables blockchains to interact securely with external data feeds, events, and payment methods while providing the crucial off-chain information required by sophisticated smart contracts, which are quickly taking over as the primary type of digital contract.
A sizable open-source community of data producers, node operators, smart contract developers, researchers, security auditors, and others powers the Chainlink Network. The firm is committed to ensuring that all node operators and users who want to contribute to the network are assured decentralized involvement.
Chainlink, a decentralized network, enables users to operate nodes and generate income from the vital data infrastructure necessary for the operation of blockchains. Chainlink powers a sizable number of decentralized Price Feed oracle networks that are already in operation and safeguard billions of dollars in value for top DeFi applications like Synthetix, Aave, Compound, and others.
Read more: Altcoins: Chainlink (LINK) - What Is It? - A Deeper Look Into the Chainlink (LINK) Platform
The Enjin (ENJ) platform
Enjin is a startup that offers an ecosystem of linked, blockchain-based gaming devices. Enjin Coin is one of its projects. The Enjin Network, a social gaming platform where users can create websites and clans, communicate, and run virtual goods stores, is the company's main product. On the Ethereum blockchain, in-game objects can be tokenized using Enjin, according to game developers. The digital assets released through its platform are backed by Enjin Coin, an ERC-20 token, allowing for the purchase, sale, and exchange of goods with real-world value.
In order to give in-game assets real-world liquidity, co-founder Radomski claims that Enjin Coin is unique in that any token created with Enjin Platform, the company's blockchain asset production platform that debuted in February 2020, is directly backed by ENJ. In a similar vein, Blagov has said that the business is centered on adoption and that he envisions a time when millions of players use digital goods backed by Enjin Coin without even being aware that such a thing exists.
Read more: Altcoins: Enjin Coin (ENJ) - What Is It? - A Deeper Look Into the Enjin Coin (ENJ) Platform
Sources: fxmag.com
