Category Archive Crypto Press Release

To be honest, there hasn’t been any coin which has come close to the success and popularity of bitcoin. The success of bitcoin was like a dream which no one saw coming.

In the 10 years since its creation, the price of bitcoin increased from $0.000763 per BTC in 2009 to $49,965 per BTC in September 2021.

In other words, someone who had invested in buying 1 bitcoin in 2009 became multi-millionaire in 2022.

So, what I am trying to say here is that what happened with blockchain was an unrealistic thing and is not likely to happen again. But that doesn’t mean that no other coin will ever be able to repeat the success of bitcoin.

In fact, there are some highly potential cryptocurrencies in the market which are as prominent as BTC in 2022, if not more.

5 Coins Like Bitcoin That Is Worth Investing

Let’s find out about some of the Altcoins like Bitcoin that are worth your investment and can make you rich in 2022.

Litecoin (LTC)

Litecoin, which was launched in 2011, proved itself a worthy opponent to the success of bitcoin. It was, at the time, called silver to bitcoin’s gold.

LTC rose to popularity very soon and became one of the most trading digital currencies of its time. It follows the same concept of a global, public payment network which is decentralized and PoW based.

Dash (DASH)

DASH was originally launched as darkcoin to represent the dark side of bitcoin.

It was launched in 2014 and operates on a decentralized mastercode network which is even more secure and anonymous than bitcoin’s network.

The best thing about DASH is that it can facilitate nearly untraceable transactions.

Ether (ETH)

ETH is certainly one of the best altcoins for trading purpose.

The best thing about the Ethereum network is that it extended the application of the blockchain technology by enabling other crucial features like Smart Contracts and Decentralized Apps based on blockchain.

Ethereum is what made blockchain distinct from the bitcoin.

Ripple (XRP)

Ripple was founded in 2012 as a global, real-time payment network which can be used for performing instant, low-cost cross-border transactions.

The major difference between Ripple and most other altcoins is that this one doesn’t require mining.

Bitcoin Cash (BCH)

Bitcoin cash (BCH) was a product of discussions and arguments over bitcoin’s scalability. It was created mainly with the purpose to overcome the issues that limit bitcoin.

For instance, the block size in BCH is 8 MB, as opposed to BTC’s block size limit of 1 MB.

Tokenomics is the economics of tokens (cryptocurrencies). It is the study of token behaviour to read and analyse the token value over time as well as the factors that affect the token price.

What is Tokenomics?

Tokenomics usually include things like the total number of tokens, token distribution, token holding, token listing, trading, etc. The overall purpose is to incentivize positive growth of the respective token.

Until now, money or currencies were only issued by central banks under the guidance of governments. But cryptocurrencies have changed that. These are decentralized currencies which can be issued by just anyone, even individuals seeking to create their own micro-economies around the blockchain network.

So, basically, tokenomics is all about tokens: how they are created, sold, traded and increase/decrease in value.

How Does It Works?

So, how does it all work? Let’s see. The economics of tokens is governed by factors like token distribution, price, governance, adaption, etc. Let’s discuss each in details.

Token Distribution is how coins/tokens are circulated in the market in order to increase their applications as well as value. This is achieved in many ways. For instance, cryptocurrency mining is an activity where miners are rewarded with new coins. ICO (initial coin offering) is another method that companies utilize to distribute their tokens in the market.

Importance of Tokenomics

Another thing of importance in tokenomics is the price stability of tokens. Cryptocurrencies are volatile in nature, as their value change very frequently owing to demand and supply. Networks need to take care of this by maintaining sync between the supply and demand of their tokens in order to create a stable price.

Since cryptocurrencies are not controlled by any centralized entity such as banks or the government, the team behind a project is itself responsible to devise the rules for the creation (mining), distribution and trading of its tokens. While some projects choose to release all their tokens at once, some others prefer to hold a few tokens in reserve to be released later. The ‘burning’ of tokens is another popular method followed by some networks to help control the volatility of their tokens.

Governance of tokens also involves devising the rules for incentivising people who purchase, hold or use the said tokens. For instance, some networks reward their users for holding the tokens rather than selling them back.

Future Adaptation Of A Token

Moreover, tokenomics also details the future adaptation of a token and defines how the token will change over time. The team or developers behind a crypto project do not know whether their product will work in the future, this is why they need to make provisions to alter the way tokens are operated in the future, if need be. This is crucial in order to maintain a constant interest in the token.

For example, the supply (release, sell and trading) of Bitica coins is completely governed by the underlying rules devised by the team. A total of 18 million coins will be released, not more than that. The rules for the distribution of tokens are also mentioned in the project whitepaper and on the website.

The X20 is a new cryptocurrency mining/hashing algorithm which was founded by the Pieta.Network on the concept of the X11 and its successor hashing algorithm.

The fundamental working is the same, which is to increase the hashing of the mining process to make the overall process (and transactions) more efficient and secure. However, the X20 algorithm was created with another major purpose of reducing energy consumption in the crypto mining process.

How does the X20 Algorithm work?

The X20 algorithm is a proof-of-work mining/hashing function which provides a cost-effective alternative to high-end mining hardware such as Application-Specific Integrated Circuits, or ASICs.

The X20 algo works by enabling 20 round of hash functions, instead of just 1 or 2) for each mining transaction, therefore, encrypting each new value with 20 separate hash functions, thus increasing the security and efficiency of blockchain transactions.

Now, the X20 algorithm also speeds up the block creation process to less than 20 seconds by reducing the block size to 2 MB, in the Pieta project. The increased efficiency not only improves the mining speed but also makes it more energy efficient by keeping the mining hardware cool, as more blocks are now produced in less time and with less effort.

As the mining algorithm becomes more powerful, less power is required to produce each new block.

How can the X20 algorithm benefit us?

The biggest advantage of the implementation of the X20 algorithm in the mining process is the increased productivity and profitability for the miners.

But that’s not all, it also makes the overall process more energy efficient.

Benefit for the Environment

As the X20 algorithm limits energy consumption in the mining process by keeping the hardware cool, the emission of harmful gases and carbon is also limited by a great extent, thus making the bitcoin mining process more friendly to the environment. It also helps limit the cost of energy in mining.

Benefit for the Miners

The main benefit of X20 is for the miners who are troubled by the high cost of mining hardware and energy. The use of this algorithm is expected to reduce energy consumption in mining by as much as half, thus effectively reducing the cost of mining and increasing profitability. Low energy consumption means that the overall profits of miners will increase.

Pieta, in addition to the new X20 algorithm, also focuses on the use of green solar energy in the cryptocurrency mining activity, thus limiting the adverse impacts of mining on our ecosystem.