Over the last few days, I have been looking into a few potential alternative cryptocurrencies that have caught my eye. Follow me on Twitter to get the latest updates.
Disclaimer: Invest at your own risk!
Among those that I tweeted about, I think that there are a few worth mentioning. One of them is is WorldCoin (check out their really awesome homepage here). I have not examined it thoroughly, but it does look like they have a strong development and marketing team behind them. What is distinct about WDC is that it boasts a block time of only 30 seconds, and is currently tied with Franko as the coin with the fastest transaction times. Read WorldCoins full specifications on Cryptocointalk.
In addition, The Worldcoin Foundation is about to launch Scharmbeck, an "an online FinCen approved Worldcoin financial service", that acts as a secure online wallet and exchange, much like Coinbase. Read more about Scharmbeck on this Facebook post, and this Reddit discussion. However, there are also some bad points about this coin, including a premine (read more here), as pointed out by Hazard.
In response to Hazards post, a Worldcoin representative, Sagefit, has come forward to address the issue. In his comment to this post, he mentioned:
"We would like to comment on the Hazard post if you will allow us. Please recognize that Hazard is a known Worldcoin hate-monger and has twisted much into a smear campaign. I will quickly rebuttle a few things he brings up.
Number one there are many people involved in Worldcoin. This means that if we were in fact going to insta or premine then 400k would not even be close to a suitable level. Lets keep in mind there was 35 million coins. 400k divided by 10+ early adopters would mean but 40k, or less, each. This was hardly a pre or insta mine, nor was it an unfair release. There are no "whales" holding more then 1% of WDC unless they have done so fairly.
Secondly our connection to real solid was that of a bug fix. He did help us fix a 51% attack but we otherwise have no connection. We are also in the midst of releasing a fix to stop 51% attacks completely. Lastly I would like to clarify why Hazard dislikes us. He was an early supporter of UNOCS and lost money in it. UNOCS was a failed business attempt but certainly not a scam. No one came out on top during it, it just did not come to fruition as intended. Many people lost money during its collapse but I must reassure everyone that we are NOT UNOCS. Yes a developer was involved but no that is not the direction we are taking with this. Scharmbeck is real and about to enter beta, with a huge media release. It is not a failed attempt as it is already fully working.
Please reconsider using any "Hazard" posts as an example of Worldcoin information. We can promise you that his "news" is nothing but false claims and negative hype."
WorldCoin does indeed have some controversial issues surrounding it. But I personally believe in its potential for growth, based on the work that the development team and community are putting in. If youd like to purchase WorldCoins with Bitcoin and Litecoin, head on to Cryptsy.com and get trading!
WorldCoin has already been around since May 2013, and has only recently picked up more traction with the new marketing and a growing community. However, and more interestingly, I want to investigate these very new cryptocurrencies; NXT, and DogeCoin.
NXTcoin (NXT) is a new cryptocurrency that is branding itself as a 2nd generation crypto that uses "a 100% new Proof of Stake currency with many exciting features in the pipline". It has 1 billion total coins, that are ALREADY fully in circulation. Mind-boggling huh. Read NXTcoins specifications here on Cryptocointalk here. In fact, NXT has not officially launched yet. Read more about NXT on this wiki.
If its still too confusing, heres a few videos that explains how NXT is different from Bitcoin:
Youtube: Introducing Next Coin - Bitcoin Litecoin - Nextcoin
Vimeo: What is NXT?
Here are also some points brought up by Reddit user
Olliby in his post, How I think NXT could be a greater success:
No promotional webite - every coin needs a basic go to official website to show theyre a genuine product.No Cryptsy support - traders of smaller crytpo-currencies love using Cryptsy, so talks need to begin to get this started.Poor GUI - The actual visuals are great but the need to load a command prompt first makes the whole thing seem clunky, a single executable file is needed.Tech support - A single email you could contact (on an official website) for all tech support issues would be great. I honestly think someone who has a big investment in NXTCoins could dedicate 30mins of their day to answer questions.Lastly, this unofficial NXT forum is also a great treasure trove of information about this new cryptocoin. Read more here. If you are interested in purchasing some NXT, you can do so at this exchange, Dgex.com. I have tried it myself and seems to be legit, although it is quite difficult to get a position closed. If you have any questions, feel free to ask in the comments section below. You can also view NXT market prices on this spreadsheet.
DogeCoin (DOGE) is a totally ridiculous coin that is basically a clone of Litecoin with a shorter block time of 60 seconds (Source: Cryptocointalk - Dogecoin). In the short time since its launch, the DogeCoin Subreddit has grown to a size of 2500 subscribers, or as they like to call it, "rich shibes". You can find the current trading prices of DogeCoin at these sites, Dogepay, and DOGE Calc. I dont know how this is going to go, and it still sounds ridiculous to me. But in the alternative cryptocoin scene, Ive found out that, albiet unfair, early adopters always win.
If youre interested to buy them, there are currently two options. Buy them from other sellers on forums, such as this subreddit, or this doge forum here. I personally dont recommend the first option, because there are lots of scammers out there on the Internet. The second option is to buy them from an exchange, currently theres only one that I know of; CoinedUp.
Disclaimer: Invest at your own risk!Well, this is just a preliminary investigation into these potential alt coins. Please do not take this as investment advice. Do your own research before investing in any cryptocoin!
If youre interested to see how other crypto enthusiasts portfolios look like, check out this Reddit discussion: What does your Crypto Portfolio look like?
I hope this post was helpful for you. If you have any questions, please shoot away in the comments section below! Wishing you an awesome week ahead, peace.
Fancy a donation?WDC: Wc9MN3SURdTHyBJ2G4s2fPYNgyxEyi9LoF
NXT: 6635869272840226493
DOGE: D97CRC3JDgpdBZJppuDKHxRG6BSniLnkzS
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