The global Cryptocurrency market is down at the moment. With investors’ trust getting weaker by the day and USDT dominance increasing, there has been a strong downtrend. However, despite the ongoing market trend, potential moon-worthy cryptocurrencies such as Big Eyes Coin (BIG) are stepping into the crypto space with the hope that they will revive the currently weak crypto market.
Similar to cryptocurrency giants like Polkadot (DOT) and Filecoin (FIL), Big Eyes Coin (BIG) also has a singular goal of becoming a mainstream coin in terms of market dominance and then expanding its popularity based on its utility. Let’s learn more about all three cryptocurrencies and how they can revive the global cryptocurrency market.
Introducing Big Eyes Coin (BIG):
Community-driven tokens have become a thing since the advent of the mighty Dogecoin and Shiba Inu tokens. The whole idea of a community-driven token is to be powered by its community with unique features, let’s say, the cuteness or quirkiness of the project’s mascot. Like the prevalent concept, Big Eyes Coin is a dedicated community token planning to make its name in the DeFi ecosystem with its big and cute cat-eyes mascot.
The project’s primary motive is to ensure an influx of cash flow into the DeFi ecosystem. It has been seen across the global cryptocurrency market that community tokens have raised considerable investments for the betterment of their community and charity in the past years. Big Eyes Coins’ motive takes a little step further by planning to establish a self-reliant system for its hypergrowth. This growth is empirical to establishing a detailed NFT-rich space that will allow users to enjoy the exciting new content and highly-engaging events. Hence, more and more people will be attracted to the project.
Understanding the Big Eyes Ecosystem
Since this is a community-driven project, a whopping total of 90% will be owned by the community and shall be available at the official launch.
Charity is a Necessity
As per the team’s official plan, the Visible Charity Wallet holding is 5% of the supply of the total tokens that are saved primarily for preserving the oceans.
Dynamic Tax System
The project’s cute plans deserve cute cat-like reactions from investors to ensure the project’s longevity. Without the same level of passion and support from their investors, it is tough for the project to survive. For this reason, the project has incorporated a dynamic tax system to ensure trackable changes for different activities such as Auto Burn, LP Acquisition, and the management of the Marketing Wallet management.
Tax-Free operation is a dream for many people. However, it is never fulfilled in the real world. But the entire system is tax-free thanks to Big Eyes Coins’ intelligent management.
Polkadot (DOT) – The Secure Protocol
The enhanced security and communication protocols allow the DOT network to communicate with blockchains built on Ethereum and Bitcoin blockchains. The Polkadot protocol is built on the Substrate framework. This allows the network to transport data between cryptocurrencies.
The Polkadot token is responsible in two capacities. It serves as a governance token for DOT holders. This allows community holders to get involved in the management and development of the protocol. Secondly, it can be used for staking the cryptocurrency, the primary method for verifying transactions.
How Does it Work?
With the involvement of parachains, most of the heavy lifting is lifted from the main relay chain of the Polkadot network. This is why the network can process more than 1,000 transactions per second. Compared to Bitcoin (BTC), which can only handle seven, Ethereum only has the capacity for 30 transactions per second. Moreover, with the increased network adaptability, the frequency of transactions per second is expected to increase dramatically to approximately a million transactions per second.
What is the Concept of Staking on Polkadot’s Protocol?
Polkadot has received a great deal of praise for its use of a proof-of-stake consensus mechanism, which is fundamentally and systematically different from the famous proof-of-work system of Bitcoin. This singular-most defining difference in Polkadot’s Protocol exists to ensure the network’s security. Moreover, per the project, the verification process of its transactions and creating and distributing new DOT tokens are relatively healthier and smoother than Bitcoin. There are two types of stakeholders in DOT’s mechanism, validators and nominators.
- Validators are responsible for most of the work. They add new blocks of transactions in the relaying chain of transactions. Their participation and offering of services yield them a newly created DOT as a reward.
- Nominators provide investors with an indirect ability to participate in the staking process. The nominators assign some of the investor’s DOT holdings to a specific validator who has a reputable record and can support the network.
Filecoin (FIL) – The Profitable Coin
With the rapid increase in the importance of syncing data over multiple devices, the world is realizing and moving towards cloud storage options. While many centralized systems are available for cloud storage solutions, decentralized systems’ space is relatively empty. This is where Filecoin Protocol steps in.
With its detailed and dedicated decentralized protocol, Filecoin Protocol allows users to participate in an activity to provide useful storage space in exchange for a rentable amount. The free space on your computer that has been unused for months can now be utilized for people who need it, thanks to Filecoin. As for the people who need the service can easily select the amount of storage they need and subscribe to the following package on the network.
Since the concept of a peer-to-peer network is so well-designed and consists of distributed management, it transforms the system into a gigantic data storage hub spread worldwide. Moreover, its capability to accept extension relies on the number of systems added to the overall storage management. This will result in easy management of an increase in demand.
Since its introduction in 2014 by Juan Benet and Protocol Labs, Filecoin hasn’t looked back and expedited its speed. The initial idea of the protocol was to transform it into a blockchain system similar to Bitcoin. However, the basic plan incorporated a decentralized cloud storage mechanism that will allow every node in the network to store data. Moreover, Filecoin Protocol comprises a proof-of-retrievability component.
Understanding the Working of Filecoin
The primary target of the Filecoin protocol is to introduce and establish an enhanced system for both individuals and organizations to fix the issue of storing data in a distributed mechanism across the world. Similar to most of the distributed systems’ cryptocurrency networks, Filecoin’s infrastructure is also built on a distributed, peer-to-peer network system. The Filecoin project allows the participants to participate in the sharing process whenever they have free storage available. To unlock their participation, they become storage miners responsible for providing storage space through the Filecoin network. On the other hand, clients are responsible for acknowledging the network’s services by paying FIL tokens to store and retrieve data.
Most new cryptocurrency projects require early token holders to stick with them through thick and thin and support them through the demanding crypto environments. However, it gets considerably tricky due to the cryptocurrency market’s volatility.
This is why investors today are incredibly cautious when choosing their areas of investment to ensure their investments aren’t lost. Luckily investing in the up-and-coming project Big Eyes Coin and mid-cap giants like Polkadot or Filecoin might be an exciting and fruitful decision for most investors.