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• 15.01.2022 04:30 pm
Cryptocurrencies

Remember how a decade ago people used to say, "there’s an app for that" (an Apple trademark in fact)? Well, now it seems like you could switch the word "app" for "cryptocurrency." Digital coins are suddenly everywhere, and cover a dizzying array of concepts, technologies, brands, and even memes. To put a number on it, 5,000 different cryptos were created just between September 2020 and September 2021.

With all of this going on, we tend to hear a ton about the headliners: Bitcoin, Ethereum, and the like. But with so many coins emerging, it's also inevitable that there are some pretty interesting examples most people haven't heard about. Below, we'll look at some of these crypto curiosities you might not be familiar with.
 

1. Helium (HNT)

You’ve likely heard of proof of work (PoW) and proof of stake (PoS) consensus types underpinning blockchain technology –– but how about proof of coverage? Helium technically uses a PoW mining system, but really relies on the connection of low-wattage "LongFi" hotspots to build out a decentralised Internet of Things network, incentivising the process via the prospect of earning HNT. Helium already has around half a million hotspots connected globally at the time of this writing, and ultimately aims to compete with traditional telecommunications companies.
 

2. Algorand (ALGO)

A lot of people who got tired of waiting for Ethereum to shift to a PoS consensus model have invested in a relatively well-known blockchain that already uses one: Algorand. The people behind it are very proud of the far smaller carbon footprint of the network as compared to its PoW rivals. It’s also a highly scalable coin model, in part because it is set up such that it never forks.
 

3. Chiliz (CHZ)

Like any cryptocurrency, Chiliz does carry value, but its use case is the interesting part. Those who wish to use CHZ practically do so by using it to purchase fan tokens associated with specific teams and leagues around the sporting world. The tokens can be used to vote on team decisions and win prizes like tickets to games or special merchandise. Since it’s tied to something that people love, and is still adding popular sports teams and leagues, demand for CHZ can be expected to rise in the coming years.
 

4. DeepOnion (ONION)

For anyone with a preference for privacy, the venerable TOR will be a familiar routing technology. Enter DeepOnion, a cryptocurrency built using TOR and designed to maximise anonymity and decentralisation when integrated into services like file validation and online shopping transactions. This should also reduce the possibilities for attack, which –– it goes without saying –– makes this is another potentially valuable option to keep an eye on.
 

5. Holo (HOT)

This is another cryptocurrency based on a network that’s gone all-in on decentralisation. Holochain itself is "beyond blockchain," not a network or a platform, but an open source framework for totally peer-to-peer web applications. It does use hashing techniques, but there’s no global ledger like we see in a typical blockchain. The developers are aiming to create nothing less than the foundation of a next-generation web, and investors comfortable with risk are keen to see if it plays out.
 

6. Banano (BAN)

One of the many "meme coins" to gain recognition, Banano gets a nod for being the most edible. Yes, the idea is silly, but welcome to the modern web! Even memes can be good for more than a laugh: "mining" BAN isn’t just about performing otherwise useless calculations, but rather runs Folding@Home protein fold simulations which helps scientists learn about diseases like Alzheimers, cancer, and Parkinson’s.

We’re just scratching the surface of the weird and wonderful world of crypto. But hopefully this little slice is some indication of the many directions the tech and the market are heading.