Cryptocurrency has developed more than several individuals could ever imagine. At the beginning, it was only about Bitcoin and Ethereum. However, today the crypto market has thousands of other coins. Some are extremely popular and are ever in the news. There are those that are strong yet not attention gaining. Those are the so-called underrated cryptocurrencies.
In this essay, I am going to discuss some of the very underrated cryptocurrencies this year. These are expected to have good potential, good use cases, and good development teams but unlike others, they are not getting the well-deserving amount of attention. As a Nigerian absorbing all the information about the crypto market, I think it is necessary to shed some light on these gray values. They are not popular today but they possess what it takes to develop and astonish many investors.
- VeChain (VET)
One of the coins that appear to me very underrated is VeChain. The project deals with the idea of supply chain management. It assists the companies in monitoring goods between the factory and the last customer. When using VeChain, companies will ensure the authenticity of a product and the establishment of its history, as well as the ability to track it in real-time.
In a region where counterfeits are rife as in the case of Nigeria, something like VeChain will transform the situation. Consider checking a product using your phone and get to know within seconds, whether it is original or not. This is the type of a future VeChain is creating. It is a very good use case, however VET has not caught on as much as one would expect. It is highly manned and already collaborates with large corporations in China and Europe.
- Algorand (ALGO)
Algorand is one more underrated but strong project. It is a fast, secure and inexpensive blockchain. A lot of blockchains are either too slow or too expensive. And Algorand has a solution to this. It is capable of processing thousands of transactions in a second and is almost free.
Among the things that I love about Algorand, there is the cooperation of the real world institutions. As an example, some of the governments are developing their digital currencies with the Algorand. Even Nigeria can take examples of this and develop superior blockchain systems. Unfortunately, there are not a great number of people who discuss ALGO the same way they discuss Ethereum or Solana. However, it is technologically proficient to compete with giants.
- HBAR Hedera Hashgraph
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Hedera does not resemble other blockchains. It employs the alternative technology named “Hashgraph” that is faster and more efficient. Transactions, smart contracts, and others, are covered by HBAR, the token of Hedera.
Hedera is already collaborating with big companies such as Google, IBM, and LG. This itself proves that this is a serious project. However, people continue to overlook it due to lack of being constructed in a similar way as Bitcoin or Ethereum. Nevertheless, it positively works out that unusual solutions are usually the best. HBAR is cheap, fast and safe, and in the future, it may play an enormous role.
- Quant (QNT)
Quant is actually doing something very unique. It is not some other coin. Rather, it houses integrating various blockchains with each other. At the moment, as blockchains can be compared to islands,they do not communicate smoothly with each other. However, Quant constructed a bridge between them. It is able to connect Bitcoin, Ethereum, Ripple and many more using its Overledger technology.
This type of inter-blockchain communication will be quite critical in future. Think how much more relaxed you can be to transfer money across blockchains. Such is what Quant is doing. However, due to the fact that the project is highly technical most individuals ignore it. Nevertheless, its potential value is tremendously large.
- Zilliqa (ZIL)
Zilliqa was among the initial blockchains that employed a technique termed as sharding. This assists it in transmitting more transactions within a short time. It is fantastic to create smart contracts, applications such as games or financial tools.
Zilliqa has also just entered gaming and metaverse. The Zilliqa is a cheap and easy platform to develop Web3 applications by Nigerian developers. However, ZIL is far from getting the hype Solana or Avalanche gets. However, as time goes by and more individuals find out about its convenience due to its high speed and low connection cost, it will probably increase in popularity.
The reason why these coins are underrated is that they are the most expensive ones.
These cryptocurrencies have numerous reasons as to why they are underrated. On other occasions they will lack the necessary marketing. In other cases it is due to the fact that people are fond of following hype instead of using research. In addition, a large number of these coins are finding solutions in real life industries which might not be thrilling to the average trader who only wants to make fast profits.
Nevertheless, with the maturity of crypto world investors will begin to focus on real value. The coins that have good technology, usability, and powerful teams will increase. This is why more attention should be paid to such coins as VET, ALGO, HBAR, QNT, and ZIL.
Being a Nigerian, I think that we have excellent prospects to develop in the crypto industry financially and technologically. However, we have to look further than Bitcoin and Ethereum. The number of underrated coins that can bring actual change, particularly in such segments as finance, supply chain, governance, and digital identity, is numerous.
Anyone should do his own research before investing. And do not overlook these silent giants simply because they are not on Twitter or the Tik Toks. Most of them are establishing great platforms that may translate to colossal success in future.