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Will Cryptocurrencies offering distinctive utilities hold in future

Posted by : Siddharth Jalan on | Aug 16,2018

Initially, cryptocurrencies were launched aimed to be used as a virtual currency. Just like other fiat currencies i.e. USD, INR etc. its objective was to act as a mode of payment. But over the period of time, blockchain technology has been evolved by developing significant modern age utilities apart from being a virtual currency. Some cryptos to be name in this regard are EOS, Sia and Ripple. Let’s have a look at the utilities offered by them.

Digital Storage offered by SIA
Sia is a decentralized storage platform secured by blockchain technology. The Sia Storage Platform leverages underutilized hard drive capacity around the world to create a data storage marketplace that is more reliable and lower cost than traditional cloud storage providers.

Advantages of decentralized storage platform:
: It encrypts and distributes your files across a decentralized network. You control your private encryption keys and you own your data. No outside company or third party can access or control your files, unlike traditional cloud storage providers.

Affordability : On average, Sia's decentralized cloud storage costs 90% less than incumbent cloud storage providers. Storing 1TB of files on Sia costs about $2 per month, compared with $23 on Amazon S3.

Redundancy : Sia distributes and stores redundant file segments on nodes across the globe, eliminating any single point of failure and ensuring uptime that rivals traditional cloud storage providers.

Marketplace on blockchain : Using the blockchain technology, it (Sia) creates a decentralized storage marketplace in which storage providers compete for your business, which leads to the lowest possible prices. Renters pay using Siacoin (cryptocurrency), which can also be mined and traded.

Thus, the future prospect of Sia is quite bright in terms of business usage and Siacoin price prediction is prospectively going to be positive.

User-friendly EOSIO platform
EOSIO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the “EOSIO Software”). This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.

Advantages over Bitcoin
EOS application platform, unlike Bitcoin, allows anyone to write code and publish it to the blockchain and run it on the blockchain without needing to ask for permission. This parallelism gives EOS horizontal scalability, i.e. the ability to run multiple things at once and is one of the main revolutionary feature of EOS that is being introduced on the blockchain platform. So, developers can now easily integrate and link one blockchain app with another and create cheaper applications.

EOS's transactions are confirmed in a half of a second, whereas Ethereum and Bitcoin can take minutes and hours, especially when congestion hits their networks. Ethereum can only handle 20 transactions per second and Bitcoin can only handle 2-3 transaction per second. EOS is about to break this set through up to 2000 transactions per second.

EOS price in terms of its token is revolving around $8 approx. and its market cap is $7 billion. But with the modern age utilities offered by EOS over bitcoin prove that such tokens are here to stay for a foreseeable future and EOS price prediction is also prospectively positive.

Ripple is the crypto built on blockchain technology that is scalable, secure and interoperates different networks. It provides an optional access to the world’s fastest and most scalable digital asset for payments, XRP.

Unique Advancements
Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.

With approximately $18 billion in market cap, Ripple is standing on less than halfway to its biggest competitor Bitcoin. As against the $8216 current market price of bitcoin, Ripple enjoys the edge of low per unit rate of $0.46 which in turn set a positive impact on the common psychology. Thus, looking forward from Ripple to Bitcoin, it is gaining a higher pace in its transactions by users of cryptocurrencies. What adds flow to its transactions, is the astounding low transaction time of approx. 3 seconds, thanks to its ‘off ledger’ transacting mechanism, as against approx. 1 hour of Bitcoin.

As we look around the unique features offered by these cryptos, we get fair idea of how blockchain tech is being explored to its full potential. Even this nothing but a beginning of advancement in the digital world. More services are yet to be introduced by such cryptos and new cryptos under development. Thus, they definitely hold firm ground to exist and even grow further in near future.