In this article, we discuss 5 cryptocurrencies trending on Reddit in March. If you want to read our detailed analysis of these currencies, go directly to 10 Cryptocurrencies Trending on Reddit in March.
5. Solana
Solana is a cryptocurrency that has distinguished itself in the crypto industry by providing fast transaction speeds and low transaction costs. These advantages make the platform more friendly for projects such as non-fungible tokens (NFTs), decentralized finance applications, and other software-related products. The network is already home to more than 400 such projects, including top music streaming and gaming apps.
Solana can offer faster transaction speeds because it uses a protocol called proof-of-history to validate transactions. New blocks on the network are confirmed over two times every second. The network also ensures that the cost of each transaction is less than one cent.
4. Ethereum
Ethereum is a cryptocurrency that has become the most popular Bitcoin alternative. The network is famous for providing security that allows smart contracts and applications to run without interference from third parties or any frauds. The transaction speeds allow for the smooth running of applications without downtimes. Ethereum has been the second-largest coin by market capitalization for years now.
In late 2020, Ethereum announced that it was transitioning from a proof-of-stake consensus mechanism to proof-of-work. The move was aimed at improving transaction speeds and also allowing the network to run with less energy, deflecting some of the blame regarding the anti-environment power consumption of crypto networks.
3. Ripple
Ripple is a cryptocurrency that is different from other coins because it does not use blockchain mining to confirm transactions. Rather, the coin uses a consensus mechanism that operates through different bank servers to confirm transactions. This makes Ripple the ideal candidate to act as a bridge between digital and paper money. Ripple has collaborations with over a hundred banks already.
Ripple is also preferred for cross-border transactions since it is fast and cheap to move money through the network. The coin is among the ten largest currencies by market capitalization and is also popular among the Reddit crowd.
2. Donut
Donut is a coin built on the request of Reddit as part of a project to try out a Community Points Initiative. The coin can be used to purchase banner space in select Reddit forums with memberships in the hundreds of thousands. It has recently gained a lot of attention among Redditors. Donut is an ERC20 token. This means that it is an Ethereum spinoff and brings with it a lot of Ethereum-linked advantages.
Interest in Donut has been limited outside of Reddit since the coin offers little real-life use case outside of the Reddit universe. This has also led to comparisons with meme coins. The project is community-driven.
1. Terra
Terra is a blockchain network that is focused on serving fintech ecosystems. The network maintains stablecoins whose value is tracked using algorithms that monitor the prices of different physical currencies. This is different from other stable coins that are usually tied to one currency. Terra was founded in 2018 and has since emerged as one of the ten largest coins by market capitalization across the globe.
Terra has stablecoins tied to currencies like the US dollar, the euro, the Chinese yuan, the Japanese yen, the British pound, and the South Korean won, among others. It is one of the most popular stablecoins on Reddit.
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