Proof-of-work is not dead. Here are the best PoW cryptocurrencies to invest in
Proof of Work (PoW) cryptocurrencies are those mined by solving complex mathematical calculations. These coins have mostly fallen out of favor among investors as the overall concerns about carbon emissions remain. Here are some of the best proof-of-work cryptocurrencies to buy.
Kadena is a fast-growing blockchain project that was created by an experienced team of ex-JP Morgan employees. The platform hopes to become a leading network for building scalable decentralized projects.
Unlike other Ethereum-killers that use proof-of-stake, the platform uses an advanced proof-of-work methodology that scales as more coins are mined.
Notably, Kadena is one of the fastest blockchains in the world. According to the developers, it can handle over 480,000 transactions per second (tps).
In contrast, Bitcoin processes less than 10 tps while Ethereum handles less than 20. Therefore, there is a likelihood that the Kadena price will keep rising as more developers embrace the network.
Demand for privacy cryptocurrencies has been rising in the past few months. With the Russian invasion of Ukraine, investors believe that cybercrime will continue in the coming months. As such, attacks on critical infrastructure platforms like pipelines and the financial sector will increase.
Most of these hacks will be ransomware, where hackers lock a network and demand payments. Therefore, since Bitcoin is a bit vulnerable, analysts believe that most hackers will opt for privacy cryptocurrencies like Monero.
Monero is a proof-of-work cryptocurrency that is known for its security and advanced privacy features. Therefore, there is a likelihood that its price will continue rising as demand rises.
Bitcoin was the first cryptocurrency ever started. In the past few months, the coin has become extremely successful as its market cap has jumped to above $800 billion.
Bitcoin is also the most popular cryptocurrency among retail and institutional investors. Therefore, while its price has dropped remarkably in the past few months, there is a likelihood that it will rebound
For one, on-chain data shows that activity in Bitcoin's ecosystem has been steady despite the performance of the coin. Further, with regulations improving, there is a possibility that Bitcoin will keep rising.
In addition to these three, there are other popular proof-of-work cryptocurrencies you can consider. For example, Ravencoin is a cryptocurrency that was developed by cloning and improving Bitcoin's original code. Further, Zcash is a PoW coin that offers strong privacy features.