Guide

The cryptocurrencies we support

The crypto space can be baffling for newbies. With all the acronyms and jargon, it can be hard to know where to start.

Trustology’s mission is to accelerate the crypto economy by enabling the adoption of cryptoassets on a global scale. We believe the first step is educating our audience about cryptoassets so they understand what they are investing into.

To give you a flavour of what’s on offer in the market today for assets, let us introduce to ten of the most popular cryptocurrencies.

Bitcoin

Bitcoin BitcoinBTC

Launched 03/01/2009

The original cryptocurrency that started it all, bitcoin was created in 2009 by a mysterious individual or group working under the name Satoshi Najamoto.

Nobody’s ever been able to prove who was behind it, but the blockchain technology underpinning it has the potential to change the world. In short, it allows value to be transferred between individuals without the need for a bank, government, payments provider or any other intermediary: it’s purely peer-to-peer.

As well as a quick and cheap way for people to make payments across borders, it can be used as a ‘safe haven’ to protect financial assets from inflation and has become a popular investment vehicle.

Ether

Ether EtherETH

Launched 30/07/2015

Ether is the cryptocurrency generated by the Ethereum platform. Created in 2013 by the then-19-year-old Vitalik Buterin, Ethereum’s USP is its potential as a platform, with its most enthusiastic supporters calling it a possible ‘world computer.’

It essentially uses the structure of the Ether cryptocurrency or any other Ethereum generated cryptocurrency like ERC-20 tokens, to guarantee the integrity of information exchanged between individuals.

What does this mean?

The two key features are ‘smart contracts’, where money can be set to be paid automatically by software when a pre-agreed set of conditions have been met, and ‘decentralised applications’ (DApps), which allow large numbers of people to collaborate on an equal footing. These two simple but powerful functions have great potential in everything from banking to gaming to voting in elections.

DAI

DAI DAI (SAI and DAI) DAI DAI

SAI Launched 18/12/2017
DAI Launched 18/11/2019

There’s no denying that cryptoassets are known for wild price swings which can see any currency quickly go up and down in value.

One solution to this volatility is decentralised stablecoins, which are cryptos whose values are pegged to other cryptos. Stablecoins usually need some kind of authority, usually a bank, to guarantee their value – but not DAI. Utilising crypto backed by crypto, DAI seeks to change the “stablecoin” game. It uses Ethereum generated cryptocurrencies to maintain a steady value for its tokens. Thanks to smart contracts on the Ethereum blockchain, its value will always be $1 USD, no matter what.

In 2019 MakerDAO launched the long awaited multi-collateral DAI giving users much more in the way of collateral options and a new DAI Savings Rate. This paves the way for new collateral assets to back DAI beyond ETH. It also means a change in terminology as existing DAI tokens were only ever single-collateral DAI (SAI) backed by ETH. So we’re moving from SAI to DAI and users can easily upgrade their tokens easily through MakerDao’s migration portal.

Maker

Maker MakerMKR

Launched 18/12/2017

The Maker platform is how Dai stays valued at USD$1.

MKR is really a governance token for the overall Maker platform, acting as a second line of defense, it is responsible for maintaining the DAI stable coin’s steady value of USD$1. In fact, in December 2019 MakerDAO transferred control of its native currency, MKR, from the Maker Foundation to Maker Governance. This allows token holders to have more voting control on changes to its Protocol with a one-token, one-vote system. The two tokens’ values are algorithmically interlinked, with MKR tokens governing the cryptocurrencies if the amount of ETH locked up is insufficient.

This is a complicated process, but it works in a similar way to a conventional bank, who must only keep in reserve a small proportion of the money they have actually lent out.

Ox

Ox OxZRX

Launched 15/08/2017

Cryptocurrencies are still currencies in that if you want to use a specific one in a specific setting, you’ll often have to convert your asset into the cryptocurrency that’s most appropriate for what you want to do. It’s the same idea as converting your pounds to euros when you go on holiday.

0x was first developed in 2016 to meet the need for a ‘bridging token’ that would allow different tokens to be exchanged peer-to-peer, while also allowing anyone to set up their own decentralised token exchange.

The token itself is used to pay trading fees to individuals who run these exchanges, and its owners have a say in the governance of 0x in proportion to their holdings.

Holo

Holo HoloHOT

Launched 30/07/2015

When you’re talking crypto, you’re never far from the word ‘decentralised’ finance. This typically refers to projects that are using cryptographic (encrypted) tokens and blockchains enabling anyone to issue, transfer and own financial instruments such as cryptocurrencies.

Holochain – the blockchain Holo powers – is instead described as a distributed network, thanks to its inventive model that prevents most nodes in the network from having to do the redundant processing that can slow down some blockchains.

This more efficient way of sharing information is potentially game-changing in cloud computing and data storage: watch this space.

Basic Attention Token

Basic Attention Token Basic Attention TokenBAT

Launched 01/06/2017

We’ve all heard about how we now live in the attention economy, with brands competing for our eyeballs and the internet giants making billions in the process.

Brave Software has inverted the conventional digital advertising model by rewarding you for your attention instead of some distant company that sees you only as a source of data.

The company’s web browser allows users to choose to replace the ads served up by Google, Facebook et al with ads from companies who in turn pay the users as compensation for their attention.

These payments are made in BAT, a token on the Ethereum blockchain.

Augur

Augur AugurREP

Launched 27/10/2015

Distributed applications – dapps – are one of the most exciting things about blockchain technology, and Augur was an early example that served as a proof-of-concept for a whole industry.

It’s basically a gambling platform, allowing any user to create a betting market on the outcome of any event they want.

The bets are settled using smart contracts, and the REP token (short for Reputation) is used to reward users who provide accurate information that determines who has won the bet.

OmiseGo

OmiseGo OmiseGoOMG

Launched 14/07/2017

If you’re ever in Bangkok and want a Big Mac delivered, you’re likely to be using OmiseGo without realising it.

Developed by Thai financial services firm Omise, this is a token that both facilitates the transfer of other tokens from one blockchain to another and allows you to transfer your digital assets into conventional payment systems like Visa or SWIFT.

And yes, it partnered with McDonald’s Thailand on their mobile delivery app.

Chainlink

Chainlink ChainlinkLINK

Launched 20/09/2017

A smart contract is only as good as the data it receives: the sources of these data are known as ‘oracles’.

Chainlink is a service that incentivises people to provide these oracles with accurate information: good input guarantees good output.

It does this by rewarding people who contribute data with LINK tokens.

If users want information that’s not already on the blockchain, they can submit a request to Chainlink’s network; further smart contracts match the requesting contract with the appropriate oracles.

Vectorspace

Vectorspace VectorspaceVXV

Launched 23/06/2018

VXV is a cryptocurrency token launched by Vectorspace AI that operates on the Ethereum platform.

Vectorspace AI is focused on context-controlled Natural Language Processing (NLP) and feature engineering for hidden relationship detection in data for the purpose of powering advanced approaches in Artificial Intelligence (AI) and Machine Learning (ML). They are known for generating alternative or specialized near real-time on-demand datasets for the purpose of detecting context-controlled hidden relationships between entities including cryptocurrencies, stocks and other assets using their VXV utility token and VXV wallet-enabled API key. They are interested in how they can get machines to trade information with one another or exchange and transact data in a way that minimizes a selected loss function.

VXV can be purchased on www.probit.com

USDTether

USDTether USDTetherUSDT

Launched 06/10/2014

Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar. The idea was to create a stable cryptocurrency that can be used like digital dollars. Coins that serve this purpose of being a stable dollar substitute are called “stable coins.” According to their site, Tether converts cash into digital currency, to anchor or “tether” the value of the coin to the price of national currencies like the US dollar, the Euro, and the Yen. Tether (USDT) is issued on the Omni, TRON, and ETH blockchains.

Binance

Binance BinanceBNB

Launched 03/07/2017

Binance Coin (BNB) is an exchange-based token created and issued by the cryptocurrency exchange Binance. Initially created on the Ethereum blockchain as an ERC-20 token in July 2017, BNB was migrated over to Binance Chain in February 2019 and became the native coin of the Binance Chain.

Binance Coin has seen massive growth in interest throughout the years. Several rounds of token burn events have appreciated BNB price and pushed it up as one of the top-10 cryptocurrencies by market capitalization. BNB can be traded in over 300 trading pairs across 120 exchanges tracked.  (Source: CoinGecko)