In order to tackle the challenges facing cryptocurrencies and platforms today, such as wastage of energy resources and scalability issues, a few alternatives have come up. Some are already existing and functional, while others are still being conceptualised. We have compiled a short list of some of these new concepts:
Cardano is a blockchain platform started by the Cardano Foundation. Cardano is said to be the first blockchain protocol to evolve out of a scientific philosophy and is completely open source. It uses a special proof of stake algorithm called Ouroboros, which can result in a scalable, secure system which still allows room for regulation, such as, best practice and law enforcement.
The Cardano Foundation aims at bridging the gap between users who want privacy and freedom and regulators who are concerned about lack of transparency and prevalence of criminal activities in the ‘crypto’ world. The project indicates that it wants to provide a more sustainable ecosystem that can help find the balance between privacy and regulation. One of the ways that it hopes to do so is through operating as a decentralised autonomous organisation that allows tracking of financial transactions and trusted timestamping among other features. Another method applied will be the use of smart contracts.
Cardano also has its own cryptocurrency, ADA, which can be used to transfer to other people, pay for goods and services or deposit funds on an exchange. ADA has recently been giving other ‘digital coins’ like Bitcoin and Ethereum tough competition on cryptocurrency exchanges with its 'bearish' moves. By late March, 2018, the value of ADA was roughly at $0.2050.
It is an open source cryptocurrency that is mined through proof of research (POR). Based on this system, GRC rewards its miners for completing scientific research, used by institutions and universities.Gridcoin promotes itself as being more ecological than many of the existing cryptocurrencies which consume a lot of energy to solve their calculations.
GRC uses most of the energy consumed to come up with solutions for some of the world’s challenges.Additionally, it is based on a peer-to-peer network which distributes GRC, based on each user’s contribution. Furthermore, users can take part in any major decision-making process, concerning the network. This is done via a block-chain-based voting system.
Gradido is a research project whose major goal is to promote world peace and prosperity for everyone. It aims at changing the current global financial, debt-based system into one that serves the people. This will involve the generation of money through people’s contributions to the common good.
The Gradido system will be self-regulating, which will help keep its currency stable. The system is also based on money creation that does not involve the accumulation of debt. Furthermore, it shall encourage the giving out of an unconditional basic income for every person in the world.
In line with the UN’s Sustainable Development Goals, Gradido wants to: Help alleviate poverty, tackle disease and starvation, stop wars and protect the environments. However, the project’s real life practice and impact remains to be seen.
ThankPoint is a cryptocurrency inspired by the values of the Gradido project. ThankPoints are created by the Thanks project, whose goal is to build a new monetary system based on sustainability, freedom and humanity.ThankTokens are given out to every participant on a daily basis and are distributed through personal, community and environmental incomes.
The project emphasises that every person on earth is valuable and should have access to a basic income, including child benefits and pension. Unlike existing fiat currencies, ThankTokens are designed to gradually loose some of its store of value, just like nature does. The premise behind this system is that it will help break the cycle of debt-creation.
Steem is a blockchain-based platform that pays its community for participating in social networking on the Steemit website. The blockchain produces different types of tokens, with the most common one being Steem. Steem tokens are used to pay the Steemit users for creating, promoting and commenting on content.
Steem tokens are distributed to the most valuable and active contributors on Steemit, through community voting. Over time, as a user’s Steem tokens accumulate, they can ‘cash in’ their rewards for fiat currencies on online exchanges.Steemit offers interesting incentives to its community, such as the ‘Proof of Brain’ token rewards algorithm, which motivates people to post good and useful content as well as to discover popular content.
Disclaimer: This article does not endorse any platform, cryptocurrency or organisation. Neither does it constitute investment or trading advice. Additionally, the views expressed in this piece are those of the author and do not necessarily reflect the stand of 1bank4all's Founding Association.
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POR- Proof of Research
UN- United Nations