These are the 3 coins to watch for March 2019 - Cryptocurrency

27 Feb, 2019 | Updated: 27 Feb, 2019
by Will Heasman
Analysis
These are the 3 coins to watch for March 2019 - Cryptocurrency

What are the cryptocurrency projects that are planning big releases, upgrades, updates or even launches of their mainnet in March? Which coins are worth keeping an eye on? These are the three coins to watch for in March…

So far 2019 has brought quite a few bullish developments, both in terms of adoption and technological advancement, and with the myriad of different cryptocurrencies our there its often quite difficult to keep track; so we thought we’d make it much easier.

First up:

IOST (IOST)

An abbreviation of ‘The Internet of Services Token’, IOST does exactly as its name suggests, aiming to provide an enterprise level blockchain infrastructure for a decentralized economy. In order to achieve its goal of eventually mass adoption, IOST focuses on one of the major issues plaguing blockchain technology: scalability.

In order to do so, the project implements novel solutions such as dynamic sharding alongside its proprietary consensus algorithm, ‘proof of believability’ enabling the platform to provide over 8000 transactions per second (TPS).

Mainnet launch    

The IOST mainnet, dubbed Olympus v1.0, is set to go live on the 10th of March, bringing with it a slew of decentralized apps (dApps) which are already prepped and ready to be deployed once the public chain goes live.

These dApps were built ahead of schedule, ensuring that there would already be plenty for users to sink their teeth into come March 10th. dApps range from games, to wallets and even decentralized exchanges, all built by a global network of over 150 companies, including Huobi, DDEX, IBank Digital asset, and CoinGecko.

In a press release Jimmy Zhong, CEO of IOST spoke of the necessity of forwarding planning, when it came to the mainnet:  

“The real value of a network is dependent on the applications that come with it, not just the technology behind it. Ultimately, mainstream users do not choose operating systems – they choose the applications which bring the most efficiency and enjoyment into their daily lives. Launching our mainnet alongside a number of DApps that are ready to engage with is a meaningful step for the IOST ecosystem, and our hope is that it will play a positive role in the widespread acceptance and adoption of blockchain technology.”

The Mainnet comes equipped with a few novel features:

Proof of believability (PoB)

This hybrid consensus algorithm of the proof of stake model was developed specifically by IOST, enabling high throughput while ensuring reliability and compliance of nodes.

Nodes are validated based on their contributions and behavior. In order to maintain an equilibrium of fairness, IOST implements a non-tradable sub-token dubbed ‘Servi’ rewarded to nodes exhibiting ‘good’ behaviors. Nodes holding the most Servi are more likely to be chosen as validators. Validators are picked based partly on their “believability score” made up of the following criteria:

-  the amount of IOST in the node

-  the number of earned Servi tokens

-  the number of positive reviews of the node

-  the previous actions/transactions of the node

While the IOST network randomly chooses validators algorithmically, nodes exhibiting these four factors in abundance have a higher chance of being chosen.  

Global partnership program

Using the aforementioned PoB consensus algorithm, IOST aims to foster further contributions from a wider demographic. Meaning anyone from individuals to organizations both technical and non-technical. Holders of IOST can participate by voting for their preferred node partner.

With the aim of mass participation in mind, there is no restriction on the number of node partner validators, nor candidate requirements, bar holdings of at least 2.1 million IOST.

IOST plans to add a further 500 node partners to the 200, already on board.  

March is shaping up to be an exciting month for IOST. Best keep your eyes peeled.

IOST (at the time of writing) sits at a price of $0.007276 USD

Next up:

Ethereum (ETH)

We couldn’t ignore the #2 cryptocurrency, especially not with the anticipation surrounding its upcoming hardfork(s)…

According to a blog post released last week, Ethereum will undergo the long-deferred network upgrades, at block number 7,280,000, predicted to take place on the 28th of February, and thus March is a big month for the project as well. 

 Constantinople + St. Petersberg upgrades

This upgrade is by no means punctual, in fact, Constantinople has been delayed twice. The first delay occurred back in 2018, due to multiple bugs found by developers on the ETH testnet, Ropsten. This led to the reinstated deadline of January 2019.

Come January, yet another bug was found; a bug so severe that it may have led to an exploit which would have allowed attackers to continuously withdraw user funds. (Yeah, not great).

Due to this, Constantinople has actually caught up with another scheduled network upgrade, dubbed St. Petersberg, meaning that these two upgrades will take place at the same time. However, St Petersburg will act as more as an eraser, deleting the previous and failed Constantinople upgrade from the Ropsten testnet.

Two of the most notable upgrades in Constantinople include:

EIP 1052 (new opcodes)

This Ethereum protocol improvement (EIP) specifies a new opcode, which essentially makes contracts more efficient.

Contracts often need to validate or check other contracts via their bytecode. The current opcode used to check bytecodes has proven overly expensive, especially for larger contracts, however, the new opcode, checks only the hash of a contract’s bytecode, making it cheaper to do certain things on chain.

EIP 1234 (Difficulty Bomb Delay and Block Reward Adjustment)

This is the upgrade is likely to affect everyone who uses Ethereum from miner to investor. 

The term ‘difficulty Bomb’ denotes the increasing difficulty of mining Ether. as mining algorithm becomes more complex, the less Ether is mined, this is purposefully implemented as a quasi-monetary policy, and works along the same lines as Bitcoins quadrennial reward halving, in which (surprise surprise) the reward for mining BTC is cut in half.

The innate issue with the difficulty bomb - and perhaps where the term ‘bomb’ comes into play - is that eventually, the lack of reward will drive miners away, leaving Ethereum exposed to centralization, or network collapse. Some refer to this as “Ethereum’s ice age.”

In order to avoid this, a switch to from proof of work (PoW) to a proof of stake (PoS) consensus algorithm is on the books, however, before implementation of PoS (and in order to avoid the big freeze) EIP 1234 steps in to delay the difficulty bomb by 12 months; offering a block reward adjustment (from 3 ETH to 2 ETH) to level the playing field.

ETH currently sits at a price of $136.69 USD

Last, but not least:

Sirin Labs Token (SRN)

SRN was created by the blockchain technology development company, Sirin labs, to be utilized within the company’s ecosystem. SRN is used to make purchases across Sirin’s range of products, including the company’s hardware devices, and their decentralized applications.

Finney: “the world’s first blockchain phone”

Notably, Sirin recently unveiled one of the first blockchain-based smartphones ever created, built firmly with the crypto revolution in mind.

Named after the cypherpunk Hal Finney - a developer of PGP code - the Finney boasts supreme security, with encrypted calls and texts, includes an integrated cold storage wallet with multiple blockchain support and even allows for crypto conversion.   

Sirin announced last year that they would encourage customers to purchase the Finney using SRN tokens; going as far as to help customers in their stores to “navigate exchanges in order to purchase SRN tokens” as well as offering a 20% discount for those who pay in SRN.

Finney was officially demonstrated this week at the Mobile World Congress, one of the largest conferences for telecommunications in the world, bringing Finney, Sirin Labs and SRN further into the spotlight, as we enter March.

SRN is currently at a price of $0.028096 USD

That concludes our coins to watch for March, join Chepicap next month for more cryptocurrencies to keep tabs on!

Read more:  These are the 3 coins to watch for February

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Disclaimer:

This is not investment advice, price doesn’t always react to developments - this is simply an overview of coins that could be in the spotlight the next month.

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