Twitter As June came to a close, the total market capitalization of all cryptocurrencies hit a 7-month low of $232bn on June 29, only to rebound to $255bn within the space of 48 hours. News that Facebook was lifting its ban on cryptocurrency adverts fueled existing rumors that a takeover of crypto exchange Coinbase was on the cards. With this in mind, I thought it would be interesting to look at the top three coins to watch in July, based on their proposed use cases. In this post, I’ll aim to provide an overview of the latest developments with three exciting altcoins; Metronome (MET), Binance Coin (BNB) and SelfKey (KEY). Top 3 Coins To Watch In July 2018: MET, BNB, KEY #1. Metronome (MET) Since I first wrote about Metronome last November, I’ve been really excited about the potential use case for the world’s first altcoin with cross-blockchain portability. MET’s descending price auction started on June 18 and gave investors the opportunity to buy in at a price they felt was fair.
MET was first listed by industry website CoinMarketCap on June 27 with a price of $2.39 and now stands are $2.89 at the time of writing. MET’s cross-blockchain portability give it cash-like features such as long term viability MET could be one of the top bitcoin alternative to watch this year as it is the first altcoin that can be moved between different blockchains. This helps owners to avoid problems with one blockchain (such as the threat of hard forks) as they can simply move their MET to any one of the four blockchains that currently support MET.
How does MET work? Metronome uses a set of four, interconnected and autonomous smart contracts, with more to be added in the future. MET is 100% on-chain, decentralized, and fully auditable. Owners of MET altcoins who are unhappy with the direction of one blockchain can simply move their cryptocurrency to one of the other three. As the ledger technology platform matures, this could lead to migration paths to future blockchains.
Essentially, portablity gives Metronome cash-like features such as long-term viability. MET is the first cross-blockchain altcoin Why is cross-blockchain portability important? Cross-blockchain portability allows MET to be provably exported to and imported from different contracts or blockchains.
As MET owners will be able to exit from chains for any reason, this gives them protection against management issues and instability caused by factors such as hard forks. In theory this means that a major event, such as a hard fork, does not negatively impact upon the value of MET. #2.
Binance Coin (BNB) The second coin to watch in July is Binance Coin (BNB) due to Biannce’s recent official announcement that it has opened Binance Uganda . This will be the company’s first ever fiat-crypto exchange, enabling users to trade fiat currency – the Ugandan Shilling – with various cryptocurrencies. Binance Uganda marks Binance’s first move into fiat-crypto exchanges The use case for Binance Uganda According to a recent report by Finclusion , Ugandans are under served by traditional banking services with just “two in five Ugandan adults having registered financial account” and only 9 percent having a full service bank account.
Cryptocurrency exchanges such as Binance have a huge opportunity to contribute to the gradual inclusion of Ugandans into meaningful financial services. Data cited by Finclusion indicates that mobile phone ownership in Uganda is on the rise and this supports the clear use case for services such as Binance Uganda. While the announcement of Binance Uganda didn’t have a positive impact on the price of BNB, the altcoin didn’t experience the same falls as other cryptocurrencies during June and remained relatively stable. From a starting price on June 1 of $14.29, BNB ended the month at $14.74. I believe the the planned opening of Binance Uganda, with 05.BNB for each of the initial 20,000 registered users and the influx of new fiat currency via Ugandan Shillings, could make BNB one of the top coins to watch in July.
#3. SelfKey (KEY) Those of you who have been following this blog will know that I’m especially interested in real-world use case for cryptocurrencies. In past posts , I’ve covered developments that have clear use cases such as the decision by t he Swiss city of Zug to connect its citizen’s IDs with crypto-addresses on the Ethereum blockchain and the plan to store Greek graduation diplomas on the Cardano blockchain . From this perspective, I believe that SelfKey (KEY) is one of the most interesting coins to watch in July as it has recently released its unique Identity Wallet – a tool that helps people manage their digital identity. SelfKey’s recent surge was likely due to its listing on Binance SelfKey Releases Identity Wallet While the recent surge in the value of SelfKey was likely due to its listing on Binance, I believe it’s the release of the new wallet service – ‘Identity’ – that makes this coin one to watch in July. SelfKey’s new Identify wallet has just been released for macOS and Windows and enables people to store and manage documents and IDs with cryptographic security. Based on blockchain technology, Identity Wallet helps users manage their identity by creating a ‘SelfKey ID’. This involves adding personal details and KYC documents such as scans of proof of address, passport, ID card or driver’s licence.
SelfKey is aiming to help people manage their digital identity All data and documents are stored locally on the device holding the wallet, not on a server or blockchain. This gives users the ability to manage their own ID documents and verify their identity when applying for products or services.
Conclusion Ultimately, these three projects have clear use cases and should be very interesting to watch this month. I plan to report back on them as developments unfold.
While none of what I’ve written should be misrepresented as a recommendation to buy or sell securities, the three altcoins mentioned – MET, BNB and KEY – do have clear real-world uses. Are you looking for bitcoin-related content for your business, website or blog? I have a wealth of experience in writing on a range of topics, especially technology, blockchain technology, bitcoin, cryptocurrencies and markets. I can write website copy, articles and blog posts that match your brand, engage your audience and move them to action. Head over to my Upwork profile and contact me to discuss your needs! Copyright © Altcoin Sheet. All Rights Reserved | Terms of Use | Privacy Policy Disclaimer: The information on this blog is for educational or informational purposes only.
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