In the past one week, fairly new cryptocurrencies like Cardano, Stellar Lumens, and IOTA saw 57-60% increase in its valuation. They were amongst the highest gainers in the top 25 list of cryptocurrencies. Top 2 cryptocurrencies experienced growth at the following levels, Bitcoin’s percentage growth in volume in the past one week is seen at 17.68% and Ethereum experienced a growth rate of 23.36% which was seen to be surpassed by the above three cryptocurrencies by more than double.
Cardano’s volume growth rate over a period of 7 days was 58.92%, increasing its total volume from $50,166,700 to $203,732,000, Stellar’s volume growth rate over a period of 7 days was 59.82%, increasing its total volume from $24,843,800 to $106,239,000 and IOTA’s growth rate percentage over a period of 7 days was 57.40%, increasing its total volume from $20,633,900 to $53,058,500.
Cardano claims its blockchain technology is built from scratch, they have used scientific methods and extensive research in creating the blockchain technology and their cryptocurrency. They have learned from the first and the second generation cryptocurrencies, i.e. Bitcoin and Ethereum which have quite a few flaws in their system. According to Cardano, they tackle the problem of slow transaction process that Bitcoin does and also builds a more secure blockchain than Ethereum. This gives them an advantage and has reflected on their growth percentage over the past 7 days as well.
A developer from Cardano says:
“As a whole, the protocol’s design is geared towards protecting privacy rights of users, while also taking into account the needs of regulators. Cardano is the first protocol to balance the requirements in a nuanced and effective way, pioneering a new approach for cryptocurrencies. While the platform has been solidly composed, we recognize the need for it to evolve and adapt to changing needs.”
One of their major innovations is Ouroboros, it determines how individual nodes reach consensus about the network. Its algorithm is a crucial part of the infrastructure that supports the ADA cryptocurrency and is one of the major innovations in blockchain technology.
IOTA’s Tangle based on DAG [Directed acyclic graph] model helps it establish a unique position in the cryptocurrency market. The Tangle is the data structure at the heart of IOTA, first introduced in the Tangle whitepaper. IOTA uses a DAG instead of a blockchain to store its ledger, with the main motivation being scalability. A blockchain has an inherent transaction rate limit, because all participants agree on the longest chain, and discard forks and side branches. The Tangle, on the other hand, allows different branches of the DAG to eventually merge, resulting in a much faster overall throughput. This enables better investment opportunity and hence reflects on its growth rate.
According to a developer at IOTA Tangle overcomes the following fundamental issues of blockchain while maintaining its spirit
- Scaling: the Tangle does not have a built-in maximum throughput.
- Fees: there are no miners, and therefore no miner fees. Each transaction sends the full input amount.
- Miners versus users: IOTA has no miners, and therefore no incentives to slow the network down to raise fees, and other conflicts of interest.
Recently, Stellar sped up its development process of Atomic Swap, Stellar Lumens will be available on Buybit and Coindirect, it is also expanding its reach to Asia and has its new Lightning Network integration intended to improve security and scalability. These moves by Stellar has highly impacted its growth in the past 7 days. It’s current position and its past performance see high possibilities of growth in the future.
There is one other currency in the top 25 cryptocurrency list which experienced growth as high as IOTA, Cardano, and Stellar, namely, OmiseGO[OMG] which saw growth percentage of 59.30%.