A cryptocurrency is a form of digital currency that is decentralized and not controlled by a single entity, such as the government. Blockchain technology is used instead, with Bitcoin as the most popular.
However, a myriad of options is becoming available as the digital currency continues to gain traction. Today, over 10,000 cryptocurrencies are currently being traded on the open market.
Even though cryptocurrency can be used to buy goods and services, most people view it as an investment. Cryptocurrency investment is risky because of its volatility, so you should know what you’re getting yourself into before you buy-in.
In this article, we will walk you through the top 10 coins to buy in May 2022, before they assume a bullish price.
Top 10 Coins To Buy In May 2022
1. Helium
Helium will help wireless Internet of Things (IoT) devices communicate better. In 2013, developers were looking to add decentralization to their IoT offerings while the infrastructure was still in its infancy.
Additional outreach opportunities will be offered to devise owners and IoT enthusiasts through financial incentives.
There are two ways to get your hands on a Hotspot: buy or build your own. Each hotspot in the Helium network generates HNT, the native cryptocurrency of the platform.
The HoneyBadger BFT protocol uses Proof-of-Coverage to allow network nodes to agree even if the quality of the connection is significantly variable.
A non-exchangeable currency called “Data Credits” can also be used by customers to pay for their transactions.
Helium’s proprietary proof-of-coverage (PoC) consensus process rewards users for their contributions to the mining effort (validate transactions).
It is estimated that 223 million HNTs are in existence, of which 100 million are in use.
Helium is a physical blockchain-based decentralized machine network. It is the gateways, which are also miners, who build up the internet. In exchange for connecting machines to their gateway, these gateway operators can collect transaction fees and earn tokens.
2. Quant
Quant is an Ethereum-based token used to facilitate blockchain interoperability. The token covers the costs of Quant’s services, as well as the transaction fees and security of the OverLedger Network.
A 5% change in the value of a cryptocurrency in a single day has no significance in the cryptocurrency world. It’s impressive that an alternative coin like this can go against the market. It is rare for altcoins to deviate from the price movement of Bitcoin.
Of the top 100 most valuable cryptocurrencies, Quant is the only one that hasn’t lost value in the last day. QNT has outperformed the entire cryptocurrency market by more than 80% since 2021.
3. Chainlink
Chainlink is a decentralized blockchain oracle network based on the Ethereum blockchain. A tamper-proof data transfer can be made between off-chain sources and smart contracts on the blockchain using the network.
To verify smart contracts, the project’s creators claim that they can connect contracts directly to real-world data such as events, payments, and other input.
Node operators are paid in LINK, the network’s native cryptocurrency.
Chainlink’s LINK token is an ERC677 token, a fork of ERC20. Off-chain information is fed into smart contracts, which then respond to the token’s information, making tokens data payloads for smart contracts.
By February 2022, more than $60 billion had been deposited into smart contracts via Chainlink and 1,100 projects were using it.
Token trade value covers both data retrieved from smart contracts and deposits made by node operators as required by contract creators, according to Chainlink’s analysis.
4. Hero
Members of the Hero network can use Hero as an ERC20 token on the Ethereum blockchain, which is a decentralized ERC20 token. Without a central bank, players can wager in a custom gaming environment using the Hero network.
By creating a transparent and untrustworthy betting ecosystem, the network can help its members flourish. Trustless betting refers to a set of mechanisms that allow two or more parties to interact and fulfill contracts without relying on the other party.
In addition, the organization’s goal is to fix the current betting system’s issues. There are numerous obstacles to overcome, including a lack of trust, deterioration of social character, and a tendency to manipulate. The Herocoin cryptocurrency, which goes by the symbol PLAY, was introduced to help address these issues.
HEROcoin, which is a decentralized ERC20 token, can be used to bet on future events, such as esports matches. An additional reward mechanism is hardcoded into the coin’s smart contract.
5. Solana
As far as Solana’s tokens are concerned, there is no limit. To get to a long-term fix of 1.5 percent, the inflation rate will initially be 8 percent, but that will drop by 15 percent each year.
37 percent of SOL tokens distributed initially went to investors, 25 percent to Solana’s team and the Solana Foundation, and 38 percent to the Solana Foundation community fund reserve.
The cost of running programs on Ethereum is one of the main drawbacks of the platform. “Layer 2” technologies have been developed by Ethereum as a result of this. Solana claims that an improved underlying infrastructure provides faster and cheaper transactions to address scalability issues.
The proof-of-stake consensus mechanism used by Solana operates with green Earth than Bitcoin’s proof-of-work mechanism for reaching consensus.
Fast transaction times and low fees are hallmarks of the native cryptocurrency of the Solana blockchain, known as SOL.
6. Hedera
A smart contract is not required to create, mint, and manage fungible or non-fungible tokens on the Hedera platform using the Hedera Token Service (HTS). The Hedera network’s service offerings also include Web3 file sharing and identity management.
In the Hedera ecosystem, the native HBAR token plays a significant role. When it comes to storing data and managing tokens, the energy-efficient cryptocurrency is most commonly used by developers. The HBAR token can be used for transaction fees.
To maintain the integrity of the Proof of Stake network, all nodes must stake their HBAR tokens there. One-third of the supply of HBAR is required for bad actors to influence consensus underweighted voting. The first five years following the release of the token will also be physically impossible.
In the blink of an eye, 10,000 HBAR transactions are completed (TPS). If you don’t want to jeopardize the network’s security or stability, all you need is a single shard on one ledger. Hashgraph consensus has a low computational burden, which reduces transaction fees.
Transaction fees for HBAR are typically as low as 0.0001 cents. For HBAR token transactions, the on-ledger finalization time is less than five seconds.
7. Polygon (MATIC)
Polygon was previously known as Matic Network. An Ethereum token, Polygon (MATIC), is used to power the Polygon Network, an Ethereum scaling solution. Polygon’s efforts to speed up and reduce the cost of Ethereum transactions are based on layer 2 sidechains or blockchains that run alongside Ethereum’s main chain.
Ethereum tokens can be deposited into a Polygon smart contract, use within Polygon, and then return to the Ethereum main chain via the smart contract. There are two uses for it: to pay transaction fees and to participate in proof-of-stake (PoS).
Such solutions as Polygon are designed to help the Ethereum network grow and become more functional. According to this protocol, Ethereum transactions can be sped up and reduced in cost by using side chains.
Uniswap and Sushiswap are two of the many decentralized exchanges that allow you to buy MATIC tokens. Polygon Bridge is a third option for exchanging Ethereum assets for Polygon currency.
8. Aave
AAVE is the Aave platform’s primary token. The ERC-20 token, the platform’s currency, is primarily used as a governance token. Aave improvement proposals on the platform are voted on using the token (AIPs). Additionally, users who deposit AAVE as collateral receive a transaction fee discount and no fee for borrowing AAVE.
AAVE, a deflationary token, is burned with the majority of the system’s fees. Using a wallet that doesn’t have the private key of the token owner is known as “burning.” This means the tokens are gone forever. Burning tokens is the only way to increase the value of a token.
9. Cosmos
At the heart of the Cosmos (ATOM) ecosystem is a cryptocurrency that makes it possible to scale and interoperate multiple blockchains. Creating an “Internet of Blockchains,” a decentralized network of blockchains able to communicate with each other, is the goal of the project’s creators. Evidence in the form of a “chain” At the same time, you earn more ATOM by staking your coins.
The native currency of Cosmos Hub, ATOM, serves three purposes in particular. When it comes to transaction fees, Atom’s gas-based payment system is used. To ensure the network’s smooth operation, ATOM is an essential part of its consensus mechanism. Using the total number of ATOM staked, coins are created and the token is inflated.
10. Immutable X
Tokenization of Ethereum’s Immutable (IMX) platform, which aims to enable near-instant transactions with no gas fees, is powered by Immutable. Immutable X (IMX) allows users to stake in the protocol, vote on its future, and pay transaction fees.
Immutable X’s global shared NFT order book, it is possible to increase NFT liquidity and trading volume. NFTs can be bought and sold on any marketplace based on Immutable X.
Conclusion
Several of these cryptocurrencies were developed to compete with Bitcoin. Even if you’ve done your homework, you’ll need to weigh your options. It is possible to talk about the total market capitalization of all digital currencies (including Bitcoin) or just the total market capitalization of Bitcoin alone (including all other cryptocurrencies combined).
