Justin Bons is the founder and CIO of Cyber Capital, Europe’s oldest cryptocurrency fund. He has been a full-time encryption researcher since 2014. He published “Fourteen Reasons Not To Invest In BTC” on June 13, 2023. It listed more and more complete reasons than the before article. In fact, there is no need to comment. My reader, Lu Bo, asked me to comment. For speed, I will comment paragraph by paragraph or sentence by sentence.
The Road to Innovation in Cryptocurrency
Satoshi Nakamoto opened Pandora’s box and released hope and the devil. What is hope? What is a devil? Graham has a saying: “Stocks are a voting machine in the short term, but a weighing machine in the long term.” In the fourteen years since the advent of Bitcoin, the leading cryptocurrency projects have withstood the test of time, and their currency prices can undoubtedly reflect the value of the projects. Analyzing the gains and losses of these projects will be instructive to friends who are still on the road.
The emergence of the cryptocurrency foundation is the need for ICO (initial coin offering). It has not yet been found who first proposed the cryptocurrency foundation. The earliest ICO appeared in the form of “token crowdfunding.” This article describes why cryptocurrencies need foundations rather than companies.
Speaking of airdrops, we have to talk about Gavin Andresen, who made significant contributions to the development of Bitcoin. Gavin set up a website called Free Bitcoins. Users can receive 5 Bitcoins if they post their Bitcoin payment address on the website. It can be considered the origin of cryptocurrency airdrops to popularize Bitcoin. This purpose was inherited by subsequent airdroppers and used to promote the project. However, the market and product functions have changed, and airdrops have not kept up with this change.
In this series, we analyze 10 of the top 12 cryptocurrency projects. As the last article in this series, this article is written at the request of readers to study the commonalities of these leading projects further. By analyzing the people and things involved, we may see the future development trend of cryptocurrency.
Rune Christensen co-founded MakerDAO in 2015. The project issued the decentralized mortgage lending stablecoin DAI, which has a price ratio of 1:1 with the U.S. dollar and the equity currency MRK. In addition to its governance function, this currency also has the stabilizing effect of underpinning DAI. On September 17, 2023, DAI ranked 12th on the Coinmarketcap with a market value of 5.3 billion. Equity currency MRK ranks 37th, with a market value of US$1.25 billion. The idea of stablecoins originated from J.R. Willet in 2012. No one outside of the industry knows about Willett. He was responsible for the initial public offering of digital currency (ICO). The cryptocurrency industry is full of such geniuses.
The Open Network (TON) was initially launched in 2019 by Telegram founders Pavel and Nikolai Durov as “Telegram Open Network.” On September 4, 2023, the total circulation of TON tokens was 5,093,825,297, the annual inflation rate was 0.6%, and there were 3,370,488 online accounts. The TON project covers all blockchain technical ideas and aims to replace all blockchain projects.
Justin Sun respectfully calls him Brother Sun and is nicknamed “Sun Cut” by people. On September 11, 2023, TRX ranked tenth on the coinmarketcap website, with a market value of US$6.9 billion. The total market value of Justin Sun’s TRON currency TRX in 2018 reached US$13 billion, and it once entered the top ten and fell all the way. At that time, many Chinese-issued blockchain projects were ranked ahead of him, among which There was no shortage of cryptocurrency veterans and people with auras. Time is like a butcher’s knife. Only Brother Sun is back in the top ten in the same environment.
Anatoly Yakovenko, a Ukrainian-American and former Qualcomm engineer, released the Solana white paper – “Solana: A new architecture for a high performance blockchain” in November 2017. Anatoly called up his old friend Raj Gokal in early 2018 and founded Solana together. It targets Ethereum and launched in 2020. At first, it did not receive much attention and popularity from the market because cryptocurrency is no longer in the early stage of the market, and successful projects in the early stages are the mountains that stand in the way of follow-up people.
Dogecoin was born on December 6, 2013, and was co-created by Americans Billy Markus and Jackson Palmer. Dogecoin has no technological innovation; even “mining” is done with Litecoin and others. However, on the Coinmarketcap website on September 5, 2023, doge has surpassed Litecoin nearly 1 time. It must be doing something right.
Cardano is a blockchain platform project that uses a proof-of-stake (POS) consensus mechanism to issue the token ADA. Cardano is often described as the “Ethereum killer” because it aims to have cheaper transaction fees than Ethereum, be more scalable, and have higher transaction speeds.