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Top Three Crypto Coins With a Great Potential: Hedera, Stellar and Chronoly.io

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Top Three Crypto Coins With a Great Potential: Hedera, Stellar and Chronoly.io

Investors looking for outsized gains in the cryptocurrency market could be looking to Hedera (HBAR), Stellar (XLM) or Chronoly (CRNO). Those three projects have the potential to move sharply higher in 2022 while other projects may still languish at their bear market lows. Hedera is engaging in partnerships with world-leading companies, Stellar has signed up to provide blockchain payments for MoneyGram, while Chronoly.io is providing asset-backed investment in the form of NFTs backed by real-world luxury watches.

Hedera (HBAR) Can Gain on Fees, Green Credentials

Hedera (HBAR) lost a large portion of its 2021 gains, with the coin seeing a collapse from $0.50 to around $0.06. Those highs in September coincided with a high in the general market and Hedera suffered in the downturn. In 2022 Hedera and its HBAR token can benefit from the coin’s credentials as a smart contract platform and for its green credentials. Hedera is a smart contract platform that claims to be 10x faster than rival projects. The project is also carbon negative and has predictable gas fees. That can position it to gain against other Ethereum rivals.

Hedera (HBAR) also boasts some big-name corporations that have invested or provided guidance. Google (NASDAQ:GOOGL), Boeing (NYSE:BA), and IBM (NYSE:IBM) are among the firms to have collaborated on the project. The latest of these partnerships is with global video game publisher Ubisoft, which will provide support to advance Hedera’s moves into entertainment and gaming. That could see the project tapping into the play-to-earn model which was a winner in the cryptocurrency space last year.

Will Stellar lumens go up? XLM Price prediction

The Stellar Lumens (XLM) project is in a similar position to Hedera with the coin slipping from 2021 highs around $0.70 to its current value of $0.11. Stellar will also look to build on partnerships in its quest for recovery after a recent tie-up was announced with Moneygram. The international payments company will work with Stellar to provide money transfers on the blockchain through the USDC stablecoin. MoneyGram currently has around 150 million customers and the news will pivot Stellar’s XLM coin towards the long-expected model for Ripple XRP.

Chronoly (CRNO) Brings Diversification into the Digital Age

The Chronoly.io project is not creating value through partnerships but is leveraging NFT technology and the world’s top watch brands to create a decentralised marketplace. The Chronoly.io ecosystem is built around its multichain marketplace that will enable users to purchase a fractional share in a luxury timepiece, like a Rolex or authenticate pre-owned watches on a decentralised ledger. This will provide valuable liquidity to the luxury watch market and also removes other drawbacks in physical alternative assets, by removing the high barriers to entry through fractionalisation and the need for delivery, storage, and insurance.

Each watch held in the Chronoly vault has an NFT minted which is fractionalised and available to be traded on the Chronoly.io marketplace. The Chronoly native token (CRNO) can be staked by holders for an annual yield, and can be used to get discounts on trading fees and other exclusive benefits on the Chronoly marketplace. Early investors into the project have already been rewarded as the token has risen 400% from $0.01 to $0.05 in the presale. This project is still in its early stages and will likely gain as investors become more aware of the CRNO token.

Find out more about Chronoly.io by visiting the official website, Telegram or Twitter (NYSE:TWTR). Learn more about the presale by clicking here.

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Cryptocurrency

Poloniex rolled back support for stablecoins on Binance Smart Chain (BNB Chain)

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Crypto exchange Poloniex (one of the key investors of which is the creator of the ecosystem TRON Justin Sun) stopped supporting stablecoins on Binance Smart Chain (today – BNB Chain). Poloniex tech support announced this in a tweet.

Tech support later deleted the tweet, but it is still viewable on the websites that linked to it. When trying to open an announcement about the termination of support for Binance Smart Chain stablecoin, the exchange’s website takes you to an authorization form.

According to the saved copy of the announcement, the exchange stopped supporting USDT, USDC, TUSD and BUSD based on the BEP20 protocol back on November 24. However, support for other BNB Chain-based tokens remained in place.

The exchange said that it stops not only deposits but also withdrawals of stablecoins on BEP20, but is ready to convert assets to their counterpart on other networks: Ethereum (ERC20) or TRON (TRC20). It is not clear what exactly caused the change. At the same time, Poloniex representatives on Telegram ignore users’ questions about the reasons for stablecoin support stopping on BEP20, but note that users can still deposit tokens on BEP20.

Earlier, we reported that MakerDAO will exclude renBTC from DAI stablecoin reserves due to the drop in renBTC price.

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Binance Launches Proof-of-Reserves System

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Binance has released a Proof-of-Reserves system based on Merkle Tree, an algorithm for verifying crypto exchange reserves. The Proof-of-Reserves system proves that the company holds user funds in full. When a user deposits one bitcoin, the exchange’s reserves increase by one bitcoin in real time, proving the transparency of balances and the safety of funds.

The first version of Proof-of-Reserves is available for bitcoin (BTC). Similar functionality will soon be available for ETH, USDT, USDC, BUSD and BNB. Binance will also bring in an independent third-party auditor to verify the data.

“Given recent events, it is clear that the community will demand more from crypto exchanges than what is currently required of traditional financial institutions. That’s why we are excited to provide our users with this newest feature to verify crypto exchange reserves,” said Binance CEO Changpeng Zhao.

He added that Binance’s community is larger than that of any other crypto exchange. Therefore, it will take several weeks to get data for most assets.

“We are working to get the next update out as quickly as possible. As much as possible to meet community expectations,” Zhao noted.

Right now, users can check funds in two ways: through the Binance website or by copying the source code into a Python application and cross-referencing.

Also, the ZK-SNARK tool will soon be introduced, providing privacy and simplicity for confirming reserves. The service will help audit users’ balances and confirm that they have assets to cover collateral.

Earlier, we reported that New York City restricted the cryptocurrency mining business.

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Polkadot offers money for fighting crypto fraudsters

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Blockchain project Polkadot has launched Anti-Scam Bounty, an anti-crypto fraudsters program to improve the security of its ecosystem. As part of the new program, Polkadot will pay users cash rewards for helping them fight crypto fraudsters.

Users are required to find fraudulent websites, fake social media profiles and phishing apps that masquerade as Polkadot. They also need to protect Discord servers from hacker attacks. The tasks include creating training materials for users, as well as developing a special Anti-Scam toolbar to protect against fraud in the company’s ecosystem.

“Decentralizing anti-cryptocurrency scammer list efforts and moving them online is no easy task, mainly because most of the anti-scamming happens in Web2,” Polkadot said in a statement.

Each task is overseen by members of the Polkadot community. They will interact with implementers and suggest their own initiatives to better achieve results. Users will receive USD Coin (USDC) awards for helping to fight fraud. The program is now run by three mentors from the Polkadot community and two employees from the Web3 Foundation.

“The threat to Polkadot’s brand development is real, but that’s not our only concern. We don’t want Polkadot to be a free ecosystem. We want it to be a secure ecosystem where users don’t have to constantly worry about getting caught and scammers should think twice before casting their nets,” Polkadot said.

Polkadot concluded by reaching out to scammers, promising that they will have a tough time in the ecosystem.

“So pack your bags and go for it. Or better yet, get a job and stop stealing from people!” the authors of the release concluded.

We previously reported on why the collapse of FTX won’t kill the crypto industry.

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