Chinese cryptocurrencies
These days, a lot of cryptocurrencies appear regularly, but among them there are few that are truly promising for investment. We have conducted an analysis and selected for you the TOP 10 best Chinese cryptocurrencies that you should pay attention to.
- NEO (NEO)
- NEM (XEM)
- Ontology (ONT)
- Zilliqa (ZIL)
- Aelf (ELF)
- Nebulas (NAS)
- Elastos (ELA)
- Waltonchain (WTC)
- LoopRing (LRC)
- Wancoin (WAN)
NEO (NEO)
“Chinese Regulated Ethereum” is the name given to NEO, the largest Chinese cryptocurrency created by Da Hongfei and Erik Zhan back in 2014. At first the coin was called AntShare, and only in 2022 it received its current name. This year was also the most successful for the NEO cryptocurrency - in 12 months the value of the token increased from $0.16 to $162.
NEO cost chart
// Source: Сoinmarketcap
Back in 2016, an ICO took place, which attracted $97.5 thousand and 8169 bitcoins (BTC). Since then, the project has continued to develop, and the company has been increasing its development staff. At the moment there are at least 10 teams working there.
Despite Chinese bans on the crypto industry and a noticeable mainstream push for strict regulation, NEO has ambitions to become the country's No. 1 cryptocurrency. Primarily due to the fact that its platform is developed from the very beginning taking into account the requirements of regulators. It is the centralized approach that makes the coin stand out from most Chinese cryptocurrencies.
Another difference with the NEO blockchain is its compliance with regulatory requirements for “digital identity.” Everyone who works on the platform - be it an individual or an organization - is verified with a unique digital identity, verified at the conclusion of the transaction. Even network nodes are required to undergo identification before they can carry out transactions or any actions. NEO also supports asset protection, i.e. assets are confirmed by digital identification and protected by law.
The founders of NEO plan to achieve interconnection of various blockchains - public and private. Essentially, the platform offers a middle path between a completely decentralized, unregulated and anonymous blockchain system, and a traditional, regulated system of bank accounts and credit cards.
The company plans to release a new version of the NEO 3.0 platform in 2022. According to Zhang, the goal of its development is to “enable NEO to support large-scale commercial applications.” The basic infrastructure of the new crypto platform will be very different from the previous blockchain, so old tokens must be replaced. However, users will not have to do anything - outdated tokens will be destroyed, and in return new ones will be sent directly to their wallets.
As of June 26, 2022, NEO's market capitalization is approximately $1.42 billion, and the value of each coin is just over $20. In the global CoinMarketCap ranking, this Chinese cryptocurrency occupies an honorable position of 16.
You will learn more about the NEO cryptocurrency from the video below:
NEO Cryptocurrency Review
Binance Coin
As of October 27, 2020, the cost of the Binance Coin token is $32.19, capitalization is $4,647,976,350.
Issued by the Binance cryptocurrency exchange: service users can use coins to pay commissions and receive discounts. The volume of discounts is reduced twice every year: from 50% in the first year to 6.75% in the fourth.
Over the year, the token has grown by 55.92%, at the end of October 2022 it has a volatility index of 53, which means a high risk of a price decline in the next 2 weeks. The company follows a policy of buying back and destroying excess tokens - as a result, out of an emission of 200 million, only 100 thousand should remain. In the long term, this means an increase in the Binance Coin rate.
NEM (XEM)
The NEM (XEM) cryptocurrency has earned attention for its solutions to some of the most classic problems in the cryptosphere. Despite the fact that the project suffered greatly in 2022 from bear market pressure, it is considered one of the most successful in the industry. The development of the platform began in 2014, and the release of the Chinese cryptocurrency NEM - the XEM token took place in 2015.
NEM system structure
// Source: platform analytics
Essentially, the NEM cryptocurrency is the basic platform for developing public and private networks using already created modules. Through the open API, users can interact with the platform network and perform actions such as entering into contracts for intellectual assets and customizing their properties. This reduces the barrier to entry to the platform and increases security.
It is noteworthy that the entire blockchain code was developed independently, and experts note its strong technical innovation. One of these innovations is the POI (Proof Of Importance) algorithm, which, by the way, is what NEM operates on. Currently, the lion's share of coders' attention is focused on the Catapult platform engine software. Although the progress of blockchain development is hampered by a small number of developers, third-party specialists are actively using the platform’s capabilities to create a variety of dApps.
XEM cryptocurrency is used to pay for transactions and services on the blockchain. Today, the coin is the 20th largest cryptocurrency in the world by market capitalization, amounting to more than $891 million. The price of the coin is $0.106.
XEM cost chart
// Source: Coinmarketcap
In general, after the crisis in 2022 and early 2022, the company is not quickly, but confidently restoring its basic functions.
XRP (Ripple)
As of October 27, 2020, the cost of the Ripple token is $0.253148, capitalization is $11,459,024,318.
A promising cryptocurrency for investment, growth is guaranteed in the foreseeable future. Economists call the platform the new Visa. The Ripple protocol is used by a number of influential financial systems: American Express Bank of America, HSBC Bank, the largest financial groups in Spain (Santander) and Saudi Arabia.
Among the advantages of the project, the developers cite its speed and environmental friendliness - transactions are carried out instantly, without proof of work and without energy consumption for mining. The practicality of the platform and the new opportunities for international payment systems that the Ripple protocol opens up are emphasized.
Ontology (ONT)
Another promising Chinese cryptocurrency is Ontology (ONT). It ranks 21st in the CoinMarketCap rating and is currently trading at $1.77. This is a very good result, considering that not much time has passed since the launch of ONT in March 2022. The coin was initially priced at $2.62 but peaked at $11.18 on May 3rd. However, the price dropped after that and never rose that high.
ONT cost chart
// Source: Coinmarketcap
Interesting fact: the blockchain was developed by the team that created NEO. Like NEO, the platform is focused on integrating businesses into the crypto-economy and has fast and efficient throughput. In addition to excellent sharding, among the technical characteristics of Ontology, it is worth highlighting the Triones consensus system, which provides distributed blockchain agreement through the VBFT agreement algorithm. Triones nodes operate on five continents.
The founders abandoned the idea of financing the ICO project, replacing it with the distribution of part of the ONT tokens to the most active users of the NEO network. It was a good move. But if at first coins could only be obtained through Airdrop, since cryptocurrency mining was not provided, now the crypto asset is available on many exchanges and exchangers. For its safe storage, OWallet and Neon Wallet wallets are provided.
Also, thanks to the addition of ONT to the Crypto.com Wallet & Card application, users can purchase coins via credit card and bank transfer, without commissions. And the Visa MCO card allows you to convert cryptocurrencies into fiat money and spend them in more than 40 million services and retail outlets around the world.
One of the company’s latest major decisions is the launch in May of a stablecoin version of Paxos Standard (PAX) on its platform, which is designed to make it easier for retail and institutional partners to do business in the Ontology ecosystem. The new token (PAXO) is based on the OEP-4 Ontology token standard and enables atomic swapping between the main Ontology blockchain and other blockchains.
“The launch of PAX on the Ontology blockchain will significantly accelerate the delivery of real-world business applications to the platform, create more success stories related to the transition of traditional business to distributed, and provide corporate partners and institutional investors with regulated, reliable and secure paths into the world of digital assets,” noted Andy Gee, one of the co-founders of Ontology.
AI Matrix Network (MAN) - Artificial Intelligence on Blockchain
If you think Nebulas has too much ambition, wait until you hear about the Matrix AI Network. Developers strive to make smart contracts accessible to all users in their native language. This will be achieved through a combination of artificial intelligence and blockchain technology. The exciting ideas are based on NLP (natural language processing) with computer interpretation of information. The information is then placed directly on the blockchain to form a self-configuring smart contract.
This will allow each user to easily create smart contracts for legal agreements, exchange of funds or any selected assets. The Matrix asks users to specify the basic requirements of a smart contract and then uses AI to automatically write a script that becomes an executable program. This could facilitate decision making by creating a user-friendly database of users' cumulative experiences. And this is one of the key tasks facing the project as a whole.
Although it may seem like something out of a science fiction novel, even a quick glance at the people involved is enough to understand that the project could be a real step towards creating a society that interacts with artificial intelligence.
Zilliqa (ZIL)
Zilliqa (ZIL) is one of the fastest blockchains on the market, with its speed increasing exponentially as the network size increases. Sharding provides excellent network scaling, with a throughput of 1000 and even 2000 transactions per second. The Zilliqa cryptocurrency deservedly took 58th place in the Coinmarketcap rating. Today, the coin’s capitalization is $176 million, and the price of 1 token is $0.02.
If you look at the Zilliqa trading chart, you will notice that the coin reached its all-time high on May 10, 2022. Then the price rose to $0.23. However, on December 5 of the same year, the altcoin fell to its lowest point of $0.012.
ZIL price chart
// Source: Coinmarketcap
The platform went live in 2022. The idea of “sharding” is key to the project. It was implemented by dynamically dividing the nodes of the blockchain network into shards (subgroups). Each fragment is processed independently and reaches consensus using the secure Proof-of-Work (PoW) protocol. Shards can process transactions in parallel, thereby significantly increasing throughput. In addition, the Zilliqa team is also working on creating a new smart contract language, Scilla, that will be able to work with a wide range of applications such as automated auctions, collaborative economies, and financial modeling.
ZIL is currently listed on various exchanges including BITBOX, Binance, Huobi, Bithumb and OKEx. The most popular coin trading pairs include ETH, USDT and BTC.
Top Chinese Cryptocurrencies 2022 – Thirteenth Edition
The Center for Information Technology Development (CCID) under the Ministry of Industry and Information Technology of China published the 13th edition of the ranking of crypto projects on Tuesday.
The total number of projects included in it has grown to thirty-seven - two new projects have been added compared to the previous (May) issue.
In addition to the overall ranking, CCID assessed all 37 projects on underlying technology, application potential, and creativity.
EOS is still at the top of the overall ranking, followed by Ethereum and then TRON. The TRON project first appeared in the ranking in February, immediately in second place.
However, in the latest ranking, TRON dropped to third place, giving way to Ethereum. BTC is now ranked 11th, up one notch from May.
BCH has also improved its performance and is currently ranked 26th, up from 29th place previously.
Aelf (ELF)
Aelf (ELF) is a blockchain cloud computing platform and is ranked among the top 100 cryptocurrencies on Coinmarketcap. The coin ranks 80th, with a value of $0.213 and a capitalization of $105.6 million. The total supply of Aelf tokens is 1 billion ELF. The peak price of $2,717 occurred in January 2022, immediately after a private ICO in December 2022, when a quarter of all coins were distributed. Investors included Alphabit, Blockchain Ventures, ChainFunder, Draper Dragon and FGB Capital. Of the remaining tokens, 120 million ELF was allocated for mining and marketing.
ELF cost chart
// Source: Coinmarketcap
The company managed to create an OS specifically for the development of the blockchain ecosystem. The Aelf testnet, considered the “next generation Ethereum,” launched in August 2022. The mainnet was scheduled to launch in early 2022, but is still in beta testing.
However, the advantages of the platform are already quite tangible: it is not only fast - up to 15,000 transactions per second, but also uses the same mainchain / sidechain architecture, which is implemented in projects such as the Lisk or ICON cryptocurrency. And while the main network uses DPoS consensus, each side chain can choose its own consensus protocol to determine how it interacts with the main chain. This is critical to enable interoperability with both blockchains and legacy data.
ELF is traded in pairs with BTC, ETH, USDT for over $31 million daily. Crypto exchanges that accept ELF include Binance, Huobi, OKEx, Allbit, Upbit and Bithumb.
Polkadot
As of October 27, 2020, the price of the Polkadot token is $4.82, capitalization is $4,107,176,427.
The system is a scalable heterogeneous multichain. The Polkadot concept includes a new approach to the creation and implementation of network protocols: privileges belong not to miners, but to holders. The rating system is designed to reduce privileges in accordance with the decrease in business reputation. New parallel blockchains are created by linking tokens, and inactive ones are deleted.
There are no restrictions in the system; theoretically, this threatens inflation. The token showed a growth of 200% in August 2022. The currency was predicted to enter the TOP-3, but the prophecies did not come true - in October 2022, the value of the token and capitalization decreased by 1.5 times.
Nebulas (NAS)
The next-generation decentralized platform Nebulas (NAS) provides a search engine for all blockchains and has its own token, which is listed on leading crypto exchanges such as Binance, OKEx, Huobi, Gate.io and others. At the moment, NAS is trading at $1.59 and is listed on the Coinmarketcap web service at 93 positions, with a capitalization of $77 million.
The coin debuted with a price of $2, but then the prolonged crypto winter made its own adjustments. The decline in the value of the altcoin forced the company to lay off 60% of its employees last year. As a result, the solution to the peripheral tasks outlined in its roadmap was suspended. Just 7 months earlier, the team managed to raise $60 million in an ICO.
NES cost chart
// Source: Coinmarketcap
The blockchain was created in 2022 on the basis of Ethereum, and the main network NOVA 1.0 started operating only at the beginning of April 2022. Nebulas Rank (NR) is the main algorithm on the platform, used to rank addresses, smart contracts, decentralized applications (dApps) and other objects on the blockchain. In addition, algorithms (DIP) and algorithms (PoD) are used. Nebulas also produces its own wallet software, available for download on the project's website.
The prospects of the coin are evidenced by the fact that it took 6th place in the Chinese ranking of public decentralized networks.
Rating of world public platforms
// Source: cena.com
Chainlink (LINK)
As of October 27, 2020, the cost of the Chainlink token was $12.34, capitalization $4,807,189,655.
The project was launched in the summer of 2022. It demonstrates impressive growth - the token doubled its capitalization in just a few weeks, largely thanks to competent PR. The currency reached its historical maximum in July 2022 – $20, then a sharp drop followed. Now the coin is gradually regaining its position.
Chainlink is a decentralized oracle network that ensures the functioning of smart contracts without the participation of third parties. It has practical application in the financial sector - it connects smart contracts with off-chain resources via API.
In October 2022, Ben Chan, former CTO of BitGo and architect of WBTC, became vice president of engineering. The new vice president's goal is to increase scalability and reduce transaction fees. A new increase in the LINK rate is expected.
Elastos (ELA)
Elastos (ELA) is one of the most ambitious and promising Chinese cryptocurrencies. Its goal is to create a new type of decentralized Internet, SmartWeb, based on blockchain technology. The platform also offers features such as identification, scalability and dApp building, which, by the way, are protected by Elastos Runtime. For example, the main blockchain is protected through PoW and uses Bitcoin computing power. In other words, by revealing a block in the Bitcoin blockchain, the miner simultaneously reveals a block in the Elastos blockchain.
Elastos held an ICO in 2022, but in February 2022, a group of investors accused it of fraud and filed a lawsuit in the New York Supreme Court for violation of the initial coin offering procedure. Regardless of how good or bad these accusations are, prices for the Elastos token immediately fell by 20% and continued to decline sharply throughout this year.
Today, this Chinese cryptocurrency costs $4.03, having dropped in price by almost 13% in 24 hours. In the Coinmarketcap ranking it ranks 101st by market capitalization of $62.9 million.
ELA cost chart
// Source: Coinmarketcap
Tether
As of October 27, 2020, the cost of the Tether token is $1, capitalization is $16,378,170,113.
The token is pegged to the US dollar in a 1:1 ratio. Currency developers claimed in 2022 that Tether is 74% backed by US dollars. Wall Street Journal experts doubt this, but the exchange rate is still equal to the dollar, and the currency is used in many American “adult” services with which PayPal has broken off cooperation.
Tether refers to stablecoins, which are more stable than classic cryptocurrencies - hence their name (stable). There is an opinion that the cryptocurrency future belongs to stablecoins: they successfully combine the best properties of digital currency and the security of traditional money.
A stablecoin can be tied to any real value. In Russia, a project related to real estate is preparing for an ICO (initial offering of digital currency).
Waltonchain (WTC)
The Waltonchain token (WTC) is built on a blockchain that tracks radio frequency identification (RFID) data throughout the supply chain. Its total supply is 100,000,000 WTC. The coin is in 104th place on the Coinmarketcap list, with a market capitalization of $61.76 million. The maximum price of $46 was noted on January 27, 2022, but at this time the altcoin costs significantly lower - $1.48.
Through a crowdsale held in September 2022, 25 million tokens worth about $10 million were sold. Another 30 million coins of this Chinese cryptocurrency were reserved for mining rewards. By the way, when mining WTC, a combination of three consensus algorithms is used: PoW and PoS on the main network; PoL. in exchange with leading nodes. In fact, the Waltonchain network is a fork of Ethereum, so WTC is based on ERC-20 and is compatible with Ethereum wallets.
WTC cost chart
// Source: Coinmarketcap
In March last year, beta testing of the network began, ending in April 2022. The blockchain's native cryptocurrency is now traded in pairs with ETH, BTC, XRP and USDT on various exchanges such as Binance, Huobi, OKEx and CoinMex.
Valuation model
CCID officials said Tuesday that the scoring model used has not changed and projects continue to be assessed on overall performance.
And also in the following three areas
- basic technology;
- application potential;
- creativity.
The first category – basic technology – mainly evaluates the level of technical implementation of a public blockchain.
The center's website says that the focus is on issues such as functionality, performance, security and the level of decentralization of the network.
This subcategory accounts for 65% of the overall index.
“The average of the overall core technology index fell slightly from the previous period,”
– says the CCID website.
The second subcategory, application potential , mainly evaluates the comprehensive level of blockchain support for practical application scenarios.
The center says the sub-index accounts for 20% of the overall index.
For this assessment, four key aspects are considered: “node deployment, wallets, developer support, and application implementation.”
Representatives of the center note that “the five main indicators have not changed compared to the previous rating.”
Read also: Abra wallet review you should definitely read
The third category, creativity , mainly focuses on continuous innovation enabled by blockchain.
According to the center, the index ranks projects based on factors such as the number of developers, the relevance and frequency of code updates, and the number of projects that influenced the code.
This subcategory accounts for 15% of the overall index.
LoopRing (LRC)
Loopring (LRC) is a Chinese cryptocurrency that experts suggest has an exciting future. The underlying protocol used by blockchain is “ring matching.” The transaction is not limited to the exchange between two parties. For example, a particular exchange transaction may be complex and involve a series of exchanges. With ring matching, each of these multiple requests can be executed as the same order/transaction on the chain.
“Matching Rings”
// Source: WhitePaper Loopring
The LRC token is an ERC-20 token. At the time of writing, the market capitalization of the coin is $50.7 million, and the cost of one altcoin is $0.053. In the Coinmarketcap rating, the coin is in 116th place.
LRC cost chart
// Source: Coinmarketcap
Monero
As of October 27, 2020, the price of the Monero token is $136.24, capitalization is $2,416,893,953.
Unlike most altcoins based on Bitcoin principles, the Monero platform uses its own CryptoNote algorithm, which shuffles data within the blockchain. The use of ring signatures and shuffling make transactions anonymous. It is resource-intensive: transactions take up 8 times more space than Bitcoin.
Used to pay for confidential transactions - although the level of anonymity is inferior to the Beam, Grin, Zcash and Dash systems. Tighter financial regulation is negatively impacting the value of all privacy tokens, and Monero's price is growing very slowly - three years ago it was $95.14. It is obvious that the Monero currency will be in demand to pay for transactions - including illegal ones - but one cannot expect large returns on investments.
VeChain (VEN) - Targeted and distributed business ecosystem
The developers of the VeChain project strive to create a reliable business ecosystem on the blockchain and integrate a number of technologies that are adapted to various sectors of the economy. Such technologies include RFID chips for supply chain tracking, identification tags and NFC sensors for detecting counterfeit products (a segment worth nearly half a trillion dollars globally).
The VeChain blockchain is based on Ethereum and, in addition to the technical concept, the project is distinguished by the fact that it is actively building partnerships with large companies. The team appears quite capable of securing deals with global players and has established working partnerships with companies such as Kuehne + Nagel (one of the largest logistics companies in the world), PricewaterhouseCoopers and BMW.
The team, led by Sunny Lu, former CIO at Louis Vuitton, consists of senior managers with extensive experience in finance, information security and blockchain project management. As for future plans, VEN is currently undergoing a rebranding, Vechain is now generating its own dividend coin called THOR (similar in principle to GAS and NEO) which can be used for transactions in decentralized applications.
Adapted translation of the article.
Blog. Mining, blockchain and cryptocurrency markets
Purchase and delivery of ASIC miners from China and Hong Kong, a reliable seller is located in Moscow
Our WeChat page sinocomclub
