An interesting offshoot of blockchain technologies, and one of the key drivers and catalysts for it’s adoption and popularity – is the crypto currency. As of writing, the booming crypto market has just had a recent correction but still holding ground. Nothing like the predicted bloodbath, but that’s not to say it one isn’t around the corner.
To quench my curiosity I’ve gone in bought some Ethereum, Ripple, and NEO to spread the portfolio. I have stayed away from Bitcoin for the time being, as it just feels clunky and over valued – not that there’s any basis for value to be attributed to any crypto currency. However, I have chosen the three currencies for the following reasons:
- Ethereum – in my view is primarily a blockchain platform which doubles as a cryptocurrency in order incentive miners to process the chain. It’s backed a significant consortium of industry heavy weights which lends credence to the platform.
- Ripple – is unique in that it’s a closed system controlled by Ripple that facilitates transactions between financial institutions. In many ways it represents the antithesis of blockchain’s purpose of being de-centralised. However it has the backing of large financial institutions.
- NEO – is China’s largest open source blockchain initiative. Given most of the mining operations take place in China, it seems to have a good basis to succeed. At the same tine, it also poses some potential risk if heavy Chinese government regulation comes into play.