The crypto market is seemingly recovering from a long period of a downward trend and investors are beginning to show confidence. Apparently, crypto enthusiasts are thinking about investing in newer coins and reviving their Blockfolio as they march into August.
While it’s important to always conduct your own research before you invest in any crypto project, in this article we give you a list of the top 5 projects to be keen about in August 2018. This compilation is based on two reasons: either the project has some upcoming big events or this month gives you the opportunity to scoop more details about the project.
Elastos has one prime goal: to generate a new, smart internet model powered by the blockchain technology. By utilizing the blockchain technology, Elastos seeks to initiate a safe and reliable internet in which users will connect to the internet through Elastos Smartweb. This will avoid devices connecting directly to the internet.
In so doing, it will be difficult for cybercriminals to attach devices directly. The Elastos framework is heavily secured with layers of conventional security software and the blockchain layer, making it even more difficult to compromise.
Elastos has gone through nearly 16 years of construction, in which it tried and tested various approaches and technologies. In 2017, the project implemented the blockchain technology, which seemed to be the missing piece of the project. Subsequently, Elastos conducted one of the best ICOS of 2018.
The Elastos project is rather complex, with several technical features. The Smartweb embraces the following four pillars:
- The Blockchain
- Runtime and virtual machine
These pillars work together to create “internet of the future,” where users will benefit from their creations and contributions to the new model, while enjoying a new digital environment that is secure and sheltered.
Why should you check out Elastos?
Elastos project is full of progress, based on its regular updates. This is expected to continue in August, together with many developments planned.
For example on August 1, the project plans to release close to 2 million ELA coins, which were purchased in the private sale earlier in 2018. This will obviously result in some price action, even though it’s still difficult to predict what exactly it will do. With a circulating supply of 5, 330,077, only 40% of that will be added to the market.
August will also be the month to release the code for Elastos mobile web applications framework. This event will make the project partially open-source, which will be a big attraction for decentralization enthusiasts. Once released, the code will enable anyone to observe all the activities of the project that seeks to revolutionize the internet. Additionally, Elastos fans will get clearer instructions and resources ideal for the Elastos Smartweb.
On the same note, the team plans to refurbish their website to provide visitors with adequate resources to help them understand and to be part of the project. The website redesign will also envision long-term rebranding that will boost project awareness.
Finally, as the project nears its first crypto anniversary, the team plans to light a bonfire to burn 453, 416 ELA tokens. Since the total supply of the coins is already on the lower end, the burning event could lead to some affirmative price action. The coin burn event will happen between August 24 and 27.
Scalability is one of the major issues the blockchain industry currently faces. Slow turnaround time and high fees levied on transactions continue to be a major hindrance to the adoption process. The IOST team understands this problem and seeks to provide a lasting solution. The project believes that existing agreements and structures of most blockchains are the main causes of the scalability problems.
To provide a lasting solution to this problem, IOST team has devised a unique and highly complex structure of blockchain design, which embraces 5 major innovations:
- Efficient distributed sharding
- Proof-of-Believability consensus protocol
- Micro State Block
These concepts are not the easiest to explain and to understand. To scoop more details about them, we advise visiting this page to learn more about these materials. What this means is that IOST has acquired a high transaction throughout while maintaining security and decentralization. This is an achievement on its own.
The IOST will be the foundation of the IOST community, which will host DApps and smart contracts in various popular programming languages. Besides, the platform provides data storage services and a remarkable network of advisors, partners, and investors.
Why should you check out IOST?
Despite being a new kid on the block, IOST already has its public testnet up and running. Launched on July 3, the testnet accomplished between seven and eight thousand transactions per second. Besides, it confirmed the functionality of the technical components of the IOST blockchain structure such as Proof-of-Believability consensus protocol.
A decentralized information/news distribution protocol, incubated by world class VCs and #Bluehill, is about to be announced & built on top of #IOST. It will become one of the first applications that’s got millions of daily active user – and it’s not a ponzi game. Stay tuned. pic.twitter.com/NSmH9qodpa
— Jimmy Zhong (@jimmyzhong_iost) July 24, 2018
With the victorious launch of the testnet, the IOST team plans to release its first DApps. Recently, IOST co-founder Jimmy Zhong posted on Twitter about the impending opening of the decentralized information and news distribution protocol. The tweet also highlighted the recent Korea coverage of Crypto Heroes, which is the first game to play on the IOST network.
The releases, scheduled for later this year or early 2019, aim at perfectly catching a growing market and strengthening IOST as a player in the crypto space. In the beginning, IOST scheduled its mainnet to launch in mid 2019. However, according to information from IOST co-founder Jimmy Zhong, it might happen in late 2018 or early 2019. This is an impressive sign in a sector that experiences incessant delays and extended deadlines.
Bytecoin seeks to revolutionize the digital market by focusing on two main principles—privacy and security. The cryptocurrency is perfect as a value of exchange and focuses strongly on anonymity. The platform has achieved the high level of anonymity based on the execution of ring signatures, which requires a ring of private keys instead of just one or two. In the end, the transactions remain untraceable to a single network member. Bytecoin is one of the first platforms to implement the ring signature feature, but has not been on the mainstream. In addition, Bytecoin utilizes Cryptonote, which is a cryptographic protocol that formed the foundational layer of Bytcoin’s network. It is also another method of ensuring anonymity.
Bytecoin employs its own version of Proof-of-Work protocol (LINK), known as Egalitarian Proof-of-Work. This algorithm is similar to that of Bitcoin, but comes with advantages over the conventional Proof-of-Work especially when it comes to fair and more distributed mining scheme.
Why Should You Check Out Bytecoin
Bytecoin will have two major events in August: a planned hard fork and the release of its public testnet. The release will happen on August 17, which will give users a chance to start evaluating the performance of the testnet. The testnet will enable all Bytecoin fans including merchants, retailers, and investors to examine the project. They will also start utilizing the new Bytecoin code and performing test transactions on the testnet.
The testnet will prepare the stage for the hard fork launch, which propel the network to greater heights of adoption. The hard fork, which is scheduled for August 31, will include a number of minor, but valuable changes on the Bytecoin protocol.
The release consists of one principal feature, which is the decision to set dynamic transaction fees. This is a valuable addition to Bytecoin because of the possibility of increasing miner rewards. It might also create a market price for transactions taking place on the network.
#4. High Performance Blockchain (HPB)
High Performance Blockchain (HPB) is a Chinese project that seeks to solve the problem of scalability in the crypto space. The team has devised both hardware and software solution to make blockchains cheaper and faster. This step gives the project a unique touch because it is one of the few blockchain initiatives with hardware.
The HPB team builds hardware accelerator chip drivers. Users can customize the chips to provide hardware acceleration support for public chains that are struggling with scalability issues. This eventually makes them faster. Importantly, the chips are able to power complete blockchain ecosystems. All the same, it’s not clear at what stage the team is with the creation of these chips.
However, other things are yet unclear about this project. For instance, the functionality of the HPB token is still unclear. With that in mind, the project is promising and shows much potential on delivering its promises such as the development of the accelerator chips and the improvement of transaction speed. The project claims to facilitate one million transactions per second if it launches its mainnet. If that happens, HPB would be among the fastest blockchain-based platforms in the industry. This, in turn will attract more developers and users to its community.
Why should you watch HPB?
According to earlier plans, the HPB mainnet was set to launch in the second quarter of 2018. However, there was a delay, which led to a serious negative price action as the price of the cryptocurrency dropped significantly.
The launch of the mainnet will now happen on August 28, even as the HPB’s token already suffers a major decline in price. The ultimate version of the mainnet should launch in 2019, which makes the August launch quite a limited mainnet. All the same, the inclusion of hardware is impressive, even though the development might require time.
With these in mind, HPB remains an interesting project since the NEO Foundation is a prime investor in the project, implying that some serious work is taking place behind the scenes. Besides, the project’s founder Wang Xiao Ming is a prominent blockchain personality in China with three published books on technology.
#5. DeepBrainChain (DBC)
The DeepBrainChain (DBC) is a NEO-based project that focuses on creating a decentralized marketplace for the AI applications and solutions.
DBC is a computing community aimed at supporting the generation and trading of Artificial Intelligence algorithms. Currently, there are high barriers in the AI market due to the high cost of R&D and this makes the AI production only gainful to a few companies that are capital rich.
Against this backdrop, DBC seeks to minimize the computational expenses by at least 70 percent. This will enable many businesses to join this emerging market.
The DBC platform will be a decentralized and neutral network where hardware users will be the nodes supplying computational resources needed for AI processing. The nodes will earn DBC tokens in exchange for their contributions. In addition to hosting computations, the DBC network will also host a secure, AI-friendly data trading platform.
Why should you watch DBC?
In June 2018, BDC made a major announcement regarding their Skynet project, which is meant to revolutionize the AI sector. The Skynet project has a primary purpose of recruiting AI computing power suppliers worldwide to fuel the mainnet foundation. Suppliers that join the network at this stage will receive early bird perks as promised.
In line with the Skynet project, the DBC AI Training Net will be live on August 8 according to an earlier announcement. A major function of the DBC network, the training net is meant to consolidate computing resources. It also serves as a protocol for providers and parties in need of more computing power. Parties that utilize the AI Training Net can find suppliers of computational power to meet their demands in training AI algorithms.
Since the AI Training Net is highly efficient and decentralized, it helps the DBC platform provide computational power at affordable prices compared to the current industry rates. The release of the Training Net will be one of the major achievements for the DBC platform and will determine whether there’s a real-world demand for the DBC network.
As the DBC team says,
“DeepBrain Chain’s TestNet has successfully run multiple A.I. and machine learning real-life training scenarios, meaning that the project is one step closer to commercialization. At the moment they have completed MNIST, natural language processing, voice recognition, driverless car testing, machine arm grabbing, smart production A.I. detection, medical tumor detection, planet inspection, and many other types of training.”
Therefore, the AI Training Net of the DBC network will be the first major milestone in the process of commercialization.