This week on Crypto Talk, we are going to continue to evaluate rising cryptos based on their week-over-week percent change in FCAS. To learn more about the FCAS created by Flipside Crypto refer to my previous article or their website.
To reiterate, I use Flipside Crypto’s Public API and aggregate the week-over-week percent change in FCAS score for over 450 crypto projects with the goal to share the projects with the biggest positive change. A positive change in FCAS score would indicate the crypto is experiencing positive growth.
The chart below shows the top 10 cryptos with the largest positive percent changes in FCAS score and highlights 5 with a little more information. For sake of discussion, the chart does not include projects with a fragile FCAS rating. I removed these projects because these projects inherently have large changes in FCAS score week over week.
This week, we will be reviewing XYO, Pundi X, Peercoin, VITE, and Storj.
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XYO is a token built on Ethereum. Their goal is to create a network of individual devices to provide location-based tracking data similar to GPS but without the control of a centralized entity such as a government to power the network. The XYO Network is comprised of an ecosystem of individually owned devices to power a location network built on blockchain. XYO uses a novel Proof of Origin algorithm to prevent falsification of location data that is presented to the network which you can read more about here https://docs.xyo.network/XYO-White-Paper.pdf
There are 4 roles that comprise this network: Sentinels who collect data and are paid when their data is involved in a query, Bridges who act as data pipelines and send data collected by the sentinels, Archivists who store the data, and Diviners who execute and validate location-based queries that are provided to the network in a smart contract.
The example use case the XYO organization provides is the opportunity for eCommerce companies to provide a premium payment option for payment upon delivery rather than on purchase. The XYO network ideally would be able to track the package to the point of delivery at which point the customer would then pay.
Ultimately the development of a decentralized location data network seems plausible but achieving the scale may be difficult. The XYO, however, does open the door for opportunity for cellphone users to be paid for their location data whereas other companies are collecting it without payment. The question is will XYO be able to offer enough use cases for the data for it to be advantageous for a user to provide it.
There could also be alternative opportunities to provide this information for on-premise tracking for manufacturing or inventory organizations where a network could be built within rather than having to rely on a widely developed network but then the question would be, does it need to be decentralized in the first place.
Pundi X has created a retail point-of-sale system for cryptocurrencies. Their goal is to make cryptocurrencies more accessible for everyone and are doing this by developing an ecosystem of products for retailers that simplify the process of accepting cryptocurrencies like Ethereum. Their products are already live in markets across the globe, however, they are focusing their growth on southeast Asia.
Peercoin was one of the first blockchains released (founded in 2012) and was based on bitcoin’s framework. Most notable Peercoin was the first to deploy a proof-of-stake consensus algorithm which in terms of validation and processing is much more efficient. Today, Peercoin uses a hybrid of proof of stake and proof of work consensus. Peercoin’s goal is to fix flaws associated with Bitcoin.
Due to economies of scale, Peercoin asserts there will be an inevitable consolidation of power between large mining organizations or pools. This consolidation would in theory create a divergence of interests between the miners and users/holders of BTC. By using their hybrid proof of stake and proof of work consensus that gives power to the individual holder, Peercoin believes they can prevent monopolization that could plague a cryptocurrency like Bitcoin.
Vite is a feeless public blockchain that has implemented DAG-based smart contract capabilities for fast transactions. Vite has been able to implement DAG using a Snapshot Chain which is a consensus model that uses proof of stake and also mitigates DAG security concerns. Vite has also established a decentralized exchange that removes gas fees by users staking small amounts of Vite. They have also created VitePay, a payment platform, and VitePlus a blockchain solution for larger enterprises.
Storj is one of a few decentralized cloud storage platforms currently competing for market dominance and recently was listed on the Coinbase exchange. Built on Ethereum. Storj allows people or organizations to rent out unused disc space as cloud storage.
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Each crypto above offers a different utility with some offering a more promising change in our landscape than others. While not all projects will reach a point of sustainable adoption, week over week growth in the FCAS is a quantifiable indicator of positive growth.
Next, Crypto Talk newsletter I will continue to present cryptos with growing FCAS scores, as well as, provide additional metrics that can provide insights into the public adoption of new crypto projects.