Indeed, a report issued by Invest In Blockchain in 2018 detailed that over 64% of the top 100 largest cryptocurrencies had no working product and no actual utility.
Whilst exact figures might have changed since then, it wouldn't be surprising that this situation remains today, hence the importance of researching projects to find the ones that bring tangible value to the table.
This article will focus on three interesting cryptocurrencies which aim to or are on track to revolutionise the current financial system. One of these, Pac-Man Frog (PAC), is undergoing its presale at this very moment.
Launched in 2012, Ripple (XRP) is part of the veteran club in the crypto world.
Ripple aims to revolutionise the fast-moving payment sector and rose to global prominence following strategic partnerships with major financial institutions including Bank of America, American Express, and Santander, among others.
Ripple addresses the following issue: moving money nowadays is lengthy and costly. Traditional transfers take at least 3 business days to clear and pass through several intermediaries which all charge a commission, making the entire process long and unnecessarily expensive.
Ripple seeks to change that by providing near-instant global transactions in all currencies and at minimal cost. Besides, the Ripple ecosystem connects individuals directly and removes any unnecessary middlemen in the transaction process.
To accomplish that, Ripple developed a wide umbrella of interconnected products: RippleNet, XRP Ledger, RippleX, and the XRP cryptocurrency itself. Ripple asserts that these products' combined synergy has the potential to shake the established SWIFT transaction system, as well as the global payment and financial industry overall.
As such, Ripple is undeniably one of the most promising cryptocurrencies currently on the market, with a clear value proposition and strong utility for society. However, over the past few years, the project has been mired in a legal battle with the US Securities and Exchange Commission (SEC), which accuses the XRP cryptocurrency of being disguised security.
XRP, now trading at a low price, might be a wonderful investment opportunity for investors willing to wager that Ripple Labs will win its battle against the SEC – this is a saga you want to follow!
Aave (AAVE) is one of the most well-established liquidity protocols in the world of decentralised finance (DeFi).
Aave essentially facilitates access to lending and borrowing services through crypto-collateralized loans. This service appears particularly useful for populations with lesser access to these services, due to weak national currencies for instance. And in fact, Aave has known massive success since its launch in 2017.
Aave's platform consists of dedicated liquidity pools where aspiring lenders can deposit any amount of certain cryptocurrencies. These cryptocurrencies are then pooled together – think of it as a reserve – and then become available to potential borrowers. Lenders then earn interest on the cryptocurrencies that they have deposited and are being borrowed.
From the borrower's perspective, Aave offers simple access to crypto-denominated loans. Here's the beauty of DeFi: no lengthy credit screening or KYC check; you simply need to deposit the required amount of cryptocurrency collateral in order to access your desired loan.
Borrowers can deposit almost any cryptocurrency as collateral, but more established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) require less collateral than less established ones.
Aave successfully streamlined the utterly lengthy and complicated borrowing process, a significant achievement. Besides, the accessibility of its platform makes it usable even by most crypto-novice users, who can access a crypto-backed loan in just a few seconds.
Aave is a battle-tested liquidity protocol that has managed to make a name for itself as a bluechip in the DeFi space. Its native token, AAVE, appears as a great investment to get exposed to the latest innovations in the financial system.
Pac-Man Frog (PAC) is a new project initiative that wants to lead the Web 3.0 revolution through a dynamic decentralised community centred around NFTs and metaverse projects.
Pac-Man Frog is developing an all-in-one platform that would decentralise different gaming and NFT-focused solutions for gamers, NFT enthusiasts, and investors to find everything they need in one place.
Another important goal of Pac-Man Frog is to increase the accessibility of early-stage entrepreneurial investing for the cryptocurrency community. An incubator for blockchain-based game development initiatives will be included in the Pac-Man Frog platform. On top of funding, this incubator will also provide promising entrepreneurs with networking opportunities with peers and field experts.
On its official website, the Pac-Man Frog team also details the deployment of an NFT-dedicated launchpad and aggregator, along with a gaming-focused NFT marketplace.
Pac-Man Frog's ecosystem currency, PAC, will feature a governance aspect, enabling its holders to vote on future advancements of the project. PAC is currently in the presale phase, which can be accessed directly on the project's website.
This presale was facilitated by BoostX, a new cryptocurrency launchpad platform that is getting involved in an increasing number of market launches lately, such as Explora Chain (EXPL). This project develops a cross-chain ecosystem for improving blockchain interconnection and transaction speed by deploying on Ethereum, Binance Smart Chain (BSC), Polygon, and Avalanche (AVAX) networks.
Website: https://pacmanfrog.io/
Website: https://explorachain.io/
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.