From Doge to DASH, here’s how 5 new crypto assets got started
This article is sponsored by eToro.
When it comes to crypto-assets, many immediately believe that bitcoin is the predominant digital currency. However, in recent years, we have seen digital software engineers become more and more creative when launching their businesses online, paving the way for the electronic financial market.
There is no shortage of exciting ways to buy and accumulate goods in the digital age; that’s why we’ve compiled a list of some of the most popular crypto assets you might not know existed.
For your convenience, many of them are available on eToro, so you can keep up to date and view live charts instantly.
Known as the âpeople’s currency,â Dogecoin is a satirical cryptocurrency launched by Australian entrepreneurs Billy Markus and Jackson Palmer. Its initial concept was born out of skepticism around digital currency.
Its logo and name are inspired by the Japanese Shiba Inu dogs, the breed being the face of the brand. Dogecoin hit a market cap of over $ 85 billion at the start of 2021. Although they started off as a joke, Markus and Palmer laugh all the way to the bank.
Shiba Inu (SHIB)
Shiba Inu is another wacky cryptocurrency as it serves as a memes-based alternative to Dogecoin. This is a relatively new cryptocurrency, established in August 2020, under the anonymous name “Ryoshi”.
The cryptocurrency pays homage to Dogecoin through its business name and branding. Although Shiba Inu started out as a playful meme currency, it has now evolved into a decentralized ecosystem. The coin quickly rose to prominence as investors were drawn to the charming company logo as Elon Musk began to tweet his obsession with it.
Uniswap is one of the most innovative crypto-assets in the financial market while using an unconventional brand logo of a pink unicorn. As of October 2020, it was the largest decentralized exchange and the fourth largest cryptocurrency exchange by daily trading volume.
What makes Uniswap so distinct is the way they use cash pools rather than serving as a market maker. Users and bots considered âliquidity providersâ provide liquidity to the exchange by adding tokens to a smart contract bought and sold by other Uniswap users. As of March 2021, Uniswap was producing fees of around US $ 2-3 million per day for liquid providers.
Dash is a unique cryptocurrency because it uses a different consensus method than most digital currencies. Rather than requiring transaction confirmation from all nodes on the network, Dash is executed by âMasternodesâ which can instantly confirm a transaction. These Masternodes are an honest governance hub as they must have 1,000 of their own Dash staked.
Dash has seen many incarnations when the company was initially launched in 2014 as ‘Xcoin’, then renamed Darkcoin, eventually adopting its current name in March 2015.