3 Blockchains to Watch Outside Ethereum
Hands down, cryptos are one of the investments to beat this year.
But today, I want you to know about the technology behind it ALL.
Blockchain networks are just as important an investment — if not more!
Through blockchains, crypto traders can rest easy knowing these encrypted networks make it next to impossible for hackers to change or cheat the system.
You know our favorite and biggest blockchain play — Ethereum. But it’s not the only one.
Right now, Ian’s watching three incredible blockchains evolve as the crypto boom continues! Check it out:
Amber Lancaster: Hello, Bold Profits Nation. Welcome to Market Talk Monday. Today, Ian Dyer — Senior Investment Analyst and Editor of Crypto Flash Trader and two elite trading services — is here to answer a question we received via Twitter from faithful Bold Profits member Eva.
Also, he’s here to reveal his three blockchains to watch now. Hello, Ian. Thanks for joining me today.
Ian Dyer: Hey Amber. Thank you for having me.
Amber: It’s always good to have Ian on. We learn so much. If you are new to this channel or a regular viewer, please remember to subscribe to this channel. It helps with our content. Also, give us a thumbs up if you like the content. Of course you can visit us at BoldProfitsDaily.com to sign up for our free investment e-letter.
What Is Solana?
Ian, Eva posed this great question via Twitter about Solana. By the way, I did a little research of course. It’s the seventh-largest crypto with a market cap of nearly $40 billion. It’s up nearly 9,000% this year alone. I hear it’s being called an alternative to Ethereum.
In Eva’s question she asks,
“Can you talk about Solana crypto when you have a chance? Ian has spoken in the past about this blockchain and I’ve seen some articles about this being much more efficient than Ethereum. Thank you!”
Ian, first, please give us your definition of Solana and what you see going forward as far as Eva’s question is concerned.
Ian: Solana definitely has gotten popular. It’s basically an alternative blockchain network to Ethereum. Essentially, it’s a different network you can make transactions on. The main benefit right now to Solana is it’s cheaper to use, so the transaction fees are low.
If you’ve been using Ethereum or paying attention to it, the user growth recently has driven transaction costs very high. A lot of people have tried to find alternatives. Solana has been one of the biggest recipients of those users who are looking for something else.
It’s also very fast. Solana has been successful. I will point out, as none of these are perfect, Solana had an outage last week. It was almost 20 hours long. The market really loves alternatives to Ethereum, but it might be getting ahead of itself with that.
We’ll see how it goes. I have definitely been looking for the best alternatives myself from an investment standpoint. Solana, I believe, is one of the leaders in terms of adoption. If they can fix these bugs that caused that outage they can be in for the long haul in the crypto network in general.
Amber: That’s good to hear that they could be a contender in the future. Thanks for addressing Eva’s question for us. She’s a wonderful person who follows us on Twitter. Shout out to Eva!
The Front Runner In Blockchain
Ian, I have one other question while you are here. We have been reading a lot about blockchain, including Solana, I would like to get your take on three blockchains we should be watching now and why they should be on our radar.
Ian: Sure. The first one is Tezos. This is another Ethereum alternative. It’s similar to Solana in that it has faster speeds at the moment. It has lower fees. Keep in mind, all these faster speeds, lower costs and network improvements come at a cost of decentralization.
Ethereum, by far — other than Bitcoin — is the most decentralized blockchain. When you are looking for an alternative, keep that in mind. Tezos has been one of the frontrunners. I have used it quite a bit. What sticks out to me for Tezos is their NFT platform: Hic et Nunc.
It’s Latin for “here and now.” It’s been their biggest success so far. Even before the NFT craze that happened on Ethereum for the past three or four weeks, Hic et Nunc was seeing high volume and more users than OpenSea, which is the main one on Ethereum.
We’ll see how that goes. I believe Tezos has a future. I am bullish on it.
Two Blockchains Putting Down Tons Of Money
Two and three are kind of a tie between Kusama and Polkadot. The reason is that they are very similar, but they are different than anything else I have seen because they are a network of blockchains.
They are not just one blockchain. They are going to auction off spots to blockchains to have a piece of their network. It’s an interesting concept that’s never happened in crypto before. Kusama has had a number of these auctions already. These blockchain projects are putting down a ton of money.
The winning bid for the first one was around $200 million. These are very popular within the crypto ecosystem. Polkadot hasn’t had any auctions yet, but it’s much bigger than Kusama. They are seeing how the project plays out with Kusama before they do anything themselves.
Kusama is like their speed trial network for lack of a better term. We’ll see how Polkadot does in the future. Kusama is looking very solid. I think Polkadot will follow.
Amber: Ian, I love that you have given us those three blockchains to watch. We will be watching them. Thank you so much for joining us today and sharing your insights.
Ian: Thanks again for having me.
Amber: Have a great week ahead. See you soon. Thank you again to Ian for joining us today and sharing his perspective. Ian recently launched his Crypto Flash Trader service a few months ago. I checked out his track record as of this past Friday’s close to see how it’s performing.
I thought I would like to share it with you to keep you abreast of how he’s trading. I’m happy to share with you that, thus far, Ian has closed his fourth winning trade in a row with closed gains ranging from 17.9% to 60.1% in as few as 10 trading days.
Congratulations to Crypto Flash Trader members who are experiencing this chain of flash gains.
Remember, you can follow Paul, Ian and me on Twitter: @MampillyGuru, @IanDyerGuru and @ALancasterGuru. That concludes this week’s Market Talk. Thanks for tuning in. Have a great week ahead. Until next time, take care.
Editor, Profits Unlimited
Editor’s Note: Check out the details about Paul’s blockchain chip play for the Fourth Industrial Revolution here.