While established cryptocurrencies like Bitcoin and Ethereum enjoy widespread recognition, there are lesser-known, emerging cryptocurrencies with huge potential, investing in which can give you your money’s worth.
In this blog, we will discuss the top 10 emerging cryptocurrencies with huge potential for growth and unveil their histories and features.
New promising cryptocurrencies
Let’s look at new promising cryptocurrencies and learn everything about them without further ado! Here are our top 10 emerging cryptpcurrencies, in no particular order:
Monero (XMR)
Monero, one of the emerging cryptocurrencies, is often hailed as the epitome of privacy-centric cryptocurrencies because of its commitment to user anonymity through privacy-enhancing technologies like ring signatures, stealth addresses, and ring confidential transactions (RingCT).
On Monero, every user is automatically anonymous, concealing details about senders, receivers, and transaction amounts. Monero’s origins trace back to the inception of Bytecoin, the pioneer digital currency utilizing CryptoNote technology, introduced in 2012. CryptoNote technology, a privacy-focused protocol enhancing transaction anonymity and security, became integral to cryptocurrencies like Monero. Seven developers from the Bytecoin project later founded Bitmonero, subsequently shortened to Monero. However, despite being a decade old, and being a crypto with huge potential, Monero has yet to achieve household name status.
Monero has undergone several upgrades to improve privacy, security, and efficiency, including the integration of bulletproofs and the adoption of RandomX. A notable milestone for Monero was the introduction of the Monero-Bitcoin atomic swap which facilitates exchanges between Monero and Bitcoin without requiring a centralized intermediary.
Looking ahead, Monero’s roadmap encompasses the Monero-Ether atomic swap and the adoption of second-layer solutions for enhanced speed and scalability, mirroring Ethereum’s trajectory.
Stellar (XLM)
Stellar primarily addresses challenges associated with the traditional methods of transfer of value. The native cryptocurrency of the blockchain is referred to as Lumen, identified by the ticker XLM. It is a crypto with huge potential. Traditional methods of value involve a multitude of intermediaries and are time-consuming as well- enter Stellar which seeks to streamline this entire process.
Blockchain-based assets, including stablecoins, can also be developed on the Stellar blockchain. The network is open to assets backed by various forms of value, such as gold.
Jed McCaleb, the individual behind the creation of Lumens and a co-founder of Stellar, is also the founder of the Stellar Development Foundation, which forms the team of developers working on the project. Renowned in the crypto industry as the innovator behind the first major Bitcoin exchange, Mt Gox, McCaleb served as the Chief Technology Officer (CTO) of Ripple, a company involved in the development of the XRP Ledger. In 2013, he parted ways with Ripple to establish the Stellar project.
Historically, Stellar’s price reached an all-time high of $0.86 during the 2017 crypto bull run. A significant peak of $0.73 was also observed in May 2021, following a surge in Bitcoin’s price. Stellar’s historical performance, combined with the ongoing management and development by the Stellar Development Foundation (SDF), suggests a growth potential.
XLM is available to trade on Millionero!
Injective (INJ)
Injective is a finance-focused blockchain that supports advanced decentralized finance (DeFi) applications, including crypto trading dApps, lending protocols, and spot and derivative exchanges. It empowers developers to build applications on its platform by providing core financial infrastructure, such as a fully decentralized MEV-resistant on-chain order book.
Injective uses the Cosmos SDK, prioritizing interoperability and enabling communication with other IBC chains, as well as through Wormhole to chains beyond the Cosmos ecosystem.
The native utility token, INJ, is one of the emerging cryptocurrencies and plays an important role in governance, token burn auctions, staking on the proof-of-stake (PoS) network, and securing the network through collateral staking. INJ experienced a 2,700% increase in 2023, the increase was attributed to a rise in futures trading volumes and leverage. Analysts remain bullish, predicting further price appreciation with targets of $60.
Hashgraph’s Technology (HBAR)
Hedera (HBAR) is a decentralized ledger technology (DLT) network, set apart from conventional blockchains by its innovative consensus algorithm known as hashgraph. This algorithm uniquely integrates proof-of-stake (PoS) with asynchronous Byzantine fault tolerance (aBFT), focusing on delivering exceptional speed, enhanced security, and minimal transaction fees.
As one of the most rapid DLT platforms available, Hedera represents a significant leap forward from the earlier generations of public ledger technologies epitomized by Bitcoin and Ethereum. In the Hedera network, consensus is efficiently achieved through nodes that stake its native cryptocurrency, HBAR, one of the new promising cryptocurrencies.
HBAR serves as a medium of exchange for network transactions and also plays a crucial role in maintaining network integrity and facilitating various interactions. HBAR’s supply is capped at 50 billion. This strategic capping of HBAR supply ensures a balanced economy within the Hedera ecosystem, promoting stability and long-term viability.
VeChain (VET)
VeChain is a blockchain ecosystem designed for enterprises seeking to integrate blockchain technology. The mainnet blockchain of the VeChain ecosystem is VeChainThor, utilizing VET as its primary cryptocurrency. Additionally, VeThor Token (VTHO) is employed for fees on the VeChainThor blockchain.
Established in 2015 and launched in 2016, VeChain began with its asset, originally named VEN, operating on the Ethereum blockchain. The transition to its own mainnet blockchain occurred in 2018, resulting in a token swap where VEN holders exchanged their ERC-20 VEN tokens for VET coins.
The VeChain ecosystem comprises VeChain Technology, a company aiding enterprises in adopting blockchain solutions. The VeChain ToolChain, offered by VeChain Technology, provides various components, including software as a service (SaaS) for companies interested in leveraging blockchain.
VeChainThor, a public proof-of-authority (PoA) blockchain, and its native coin, VET, are central to the ecosystem. Masternodes, holding a minimum threshold of VET, determine VeChainThor’s blocks. Running a VeChain masternode requires identity verification by the nonprofit VeChain Foundation, which supports the VeChain ecosystem.
The Steering Committee, part of the VeChain Foundation, oversees the ecosystem, elected by VET holders, and it appoints a chairperson to manage subgroups. The ecosystem’s assets include VET, crucial for operating the VeChainThor blockchain, and VTHO, utilized as a fee payment vehicle for interactions on the blockchain.
Algorand (ALGO)
Algorand operates as an open-source, public mainnet blockchain featuring its native cryptocurrency, ALGO as one of the emerging cryptocurrencies. Builders interested in creating assets like fungible tokens and decentralized applications (dApps) can leverage Algorand, which includes smart contract functionality. Launched in 2019, the Algorand blockchain is designed with an architecture that reportedly makes forking impossible.
The Algorand blockchain employs a consensus mechanism known as pure proof-of-stake (PPoS). This approach has a low entry barrier for those participating in network maintenance, allowing stakeholders to enter and exit freely without lock-up times. Algorand’s unique contribution process involves users with ALGO holdings notifying the blockchain through specific transactions, with participation determined by the amount of ALGO compared to other contributors.
Claiming resistance to various adversarial efforts, the Algorand blockchain boasts speeds of around 1,000 transactions per second (TPS). The nonprofit Algorand Foundation plays a crucial role in supporting the Algorand blockchain and its ecosystem.
ALGO is one of the cryptos with huge potential in 2024. It serves multiple purposes within the Algorand ecosystem, including governance participation. The Algorand Foundation executes decisions voted on by specific ALGO holders referred to as “governors.”
The Graph (GRT)
The Graph (GRT) is a decentralized protocol designed to extract and organize detailed information from the Ethereum blockchain. The Graph operates by making blockchain information more accessible. As a decentralized protocol, it extracts data from smart contracts and organizes it into APIs known as subgraphs. Each subgraph has a manifest describing its contained information, allowing users to query data easily.
Key participants in The Graph’s ecosystem include Delegators, Curators, and Indexers.
- Indexers, by staking GRT, run nodes, earning rewards from indexing and querying. GRT owners can delegate their tokens to Indexers and receive proportional profits.
- Curators play a role in signaling by assigning GRT to subgraphs, influencing their importance.
- Both Indexers and Curators earn rewards based on their contributions.
GRT, The Graph’s native token, incentivizes the ecosystem’s data management and network participation. As one of the emerging cryptocurrencies, the protocol’s growth has been marked by its increased market capitalization, surpassing $1 billion in early 2023.
Key factors driving The Graph’s momentum include the expansion of its subgraph library, heightened community engagement, and strategic integrations with various blockchain protocols. Additionally, the surge in interest in web3 technology, emphasizing decentralization and token-based economics, has bolstered GRT’s prospects.
Ethereum Name Service (ENS)
The Ethereum Name Service (ENS) is a domain naming system established on the Ethereum blockchain, functioning similarly to traditional DNS by enabling the conversion of complex Ethereum addresses into human-readable names. This facilitates easier recognition of addresses, much like traditional domain name services for IP addresses.
ENS operates as an open, decentralized, and extendable naming system, offering an alternative to centralized DNS. Its decentralized nature, built on blockchain technology, mitigates security risks associated with centralized control. ENS is designed to complement, not replace, traditional DNS.
The governance of the ENS decentralized autonomous organization (DAO) is facilitated by the ENS token. Token holders can submit proposals and cast votes, influencing the management and future development of the protocol.
Launched on May 4, 2017, by Nick Johnson and Alex Van de Sande from the Ethereum Foundation, ENS received initial funding from the Ethereum Foundation and a grant from Chainlink in 2020.
The ENS protocol comprises two smart contracts: the registry and the resolver. The registry maintains a list of ENS domains and their crucial information, while the resolver translates human-readable ENS domain names into cryptographic addresses and vice versa. This process involves querying the registry to determine the responsible resolver and then obtaining the answer to the query from that resolver.
ENS has seen significant growth since its inception, with increasing adoption and integration in decentralized applications and wallets. As of 2022, the number of domains created reached 2.8 million, showing its expanding influence.
Shiba Inu (SHIB)
Shiba Inu (SHIB), one of the emerging cryptocurrencies with huge potential, was initially an ERC-20 (Ethereum Request for Comment 20) token on Ethereum, launched in August 2020 by an anonymous individual known as Ryoshi. It was designed to embody decentralization and community engagement, quickly gaining popularity as the ‘Dogecoin Killer’. In May 2021, Ethereum co-founder Vitalik Buterin burned a significant portion of his SHIB holdings, reducing the circulating supply, and donated over $1 billion in SHIB to the India Covid Relief Fund, marking a pivotal moment in SHIB’s history.
The Shiba Inu ecosystem expanded with ShibaSwap, a DeFi application, promoting its utility beyond a meme token. This platform enabled users to swap tokens and earn rewards, contributing to the ecosystem’s growth. Shiba Inu also established a governance model with DoggyDAO, enabling SHIB holders to participate in decision-making processes, embodying a community-driven approach.
Recently, Shiba Inu launched Shibarium, a Layer 2 blockchain, to overcome Ethereum’s scalability issues. This development opened new possibilities for faster transactions, lower fees, and an environment conducive to developing diverse applications. Looking ahead, Shiba Inu is exploring the creation of its own Metaverse, envisioned as a virtual space for community interaction, gaming, and digital asset economy, highlighting its growth potential beyond its origins as a meme coin.
SHIB is available to trade on Millionero.
Dent (DENT)
Dent is a decentralized platform on the Ethereum blockchain, revolutionizing the mobile data industry. Users can buy and sell mobile data services, including roaming-free calls, data plans, eSIM cards, and call minutes. Dent aims to empower users by providing a decentralized, secure, and automated global market for mobile data services.
Dent operates on Ethereum smart contracts, virtual operators, and web applications, fostering a peer-to-peer market for mobile data services. It challenges traditional telecom industry practices, offering advantages such as roaming-free calls and affordable data plans. Dent allows individuals and telecom companies to participate in its P2P market, automatically finding the best deals at lower prices.
Founded in 2017 by CEO Tero Katajainen and co-founder Mikko Linnamäki, Dent disrupts the mobile data industry by combining innovative technologies and blockchain.
Dent’s value lies in its technical capabilities, blockchain-based P2P market, use cases, and the size of its user base.
Conclusion: Top emerging cryptocurrencies
The cryptocurrency landscape is dynamic and ever-evolving, with new cryptos with huge potential continually entering the scene. Staying vigilant and closely watching these new promising cryptocurrencies is crucial for investors and enthusiasts alike.
Start your own crypto trading journey and join the Millionero family today! As you begin investing in cryptos with huge potential and start your crypto journey, we wish you good luck!
Disclaimer: Cryptocurrencies are an inherently volatile asset class, and investments can carry substantial risks. This information is for educational purposes only and should not be construed as financial advice. Always do your own research and conduct due diligence before investing in crypto projects.