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 Elrond, FOAM, Fantom, Loom Network, and Enigma(Secret Network).
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Elrond is a blockchain protocol that uses sharding to offer extremely fast transaction speeds.
According to their site, Elrond is “a highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy”.
In a world of rising Ethereum gas prices, Elrond’s smart contract execution platform is capable of handling 15000 transactions per second, has 6-second latency, and transactions of cost at one one-hundredth of a cent.
For those new to crypto protocols, sharding is when the immutable ledger is broken into smaller chunks and spread across the network with the intention of scalability and increasing the number of transactions per second the network can handle.
FOAM is a blockchain network looking to build a decentralized proof of location network similar to XYO which I mentioned in a previous newsletter. The goal of proof of location is to address some of the largest issues with GPS: preserving privacy, location accuracy, and censorship. FOAM’s network which is built on Ethereum aims to use proof of location to bring geospatial information to smart contracts. This means the “miners” in this network will be those who operate radio nodes to verify location data for the network. As you can imagine, there are a lot of use cases for geospatial data such as data markets, supply chain, mobility tracking for autonomous vehicles, etc.
The question that remains is if this type of information actually needs to be decentralized. On one hand, I would argue no it does not need to be decentralized because it already exists. On the other hand, just because it exists doesn’t mean it’s readily accessible. Speaking from experience using Google’s Places API there is a lot of data restrictions. So, I think there are definitely business use cases where organizations would love to have access to geospatial data that isn’t currently shared. The question is can FOAM’s decentralized network produce it at the granularity and cost-effectively enough that it can compete with existing geospatial data solutions.
Fanton is a DAG(directed acyclic graph) smart contract platform for defi developers. Fantom aims to solve the problem presented with existing blockchain technology which is the tradeoff between decentralization and scalability and security. Fantom is one of a handful of projects choosing to use DAG technology to scale.
Fantom has also launched smart contract capabilities that are fully compatible with Ethereum also gives it an advantage over the other DAG projects. With the high throughput low cost of transactions, Fantom’s goal is to create the IT infrastructure for smart cities from public utilities, traffic management, resource management to many other sectors.
Loom Network is a multichain platform that enables the creation of beautiful dapps and the ability to onboard users who don’t have crypto wallet software. Built on the Ethereum network, the Loom Network is a proof of stake network where developers use the token to pay to host dapps. The organization is also the creator of CryptoZombies which is one of the most popular Dapp coding schools.
One of the great benefits for developers who decide to build on the Loom Network as mentioned before is the interchain operability meaning the dapp applications built and deployed on the network will be able to interact with users from every major network: think Bitcoin, Ethereum, Binance.
Enigma’s mission is to improve the adoption and usability of privacy-first products. About halfway through last year, Enigma launched the Secret Network which enables privacy-centric smart contracts. Basically, this means the nodes processing the contracts don’t publicly share the addresses attached to the contracts. So as Monero’s privacy token is similar to bitcoin, Enigma’s Secret Network aims to be the Ethereum of the privacy blockchain world and power daily private smart contracts.
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As always, 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.