Bitcoin suffers from the law of diminishing returns, which means that the ship sailing toward life-changing returns may have left already. Instead, the most promising altcoins frequently deliver greater percentage gains, which is why they could be the best option for crypto investors during 2023.
- Metacade (MCADE)
- Polygon (MATIC)
- Cardano (ADA)
- Filecoin (FIL)
- Polkadot (DOT)
1. Metacade (MCADE) – Most Promising Altcoin
Metacade is the first community-driven arcade with the potential to support a large number of users over the coming years. GameFi looks set to revolutionize the wider gaming industry, as blockchain technology can deliver an enhanced user experience when compared with legacy titles.
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Metacade is positioning itself as a potential market leader within the GameFi sector, which makes it one of the most promising altcoins right now. The project will become the biggest arcade that can be found anywhere on the blockchain, offering a range of play-to-earn (P2E) games that each have integrated earning potential. Gamers can access many different titles and take part in regular tournaments, as well as earn MCADE tokens by taking advantage of Metacade’s unique capabilities.
Gamers can earn token rewards for contributing to the community in a number of ways, including posting game reviews and helping others to optimize their playing experience. The platform aims to become a hub for all Web3 users and blockchain gamers and will become a decentralized autonomous organization (DAO) over time.
Why buy MCADE?
Metacade offers a comprehensive gaming experience and can serve an important role in the wider GameFi ecosystem. The project will connect its users to unique job opportunities in Web3, allowing gamers to test out brand-new gaming platforms before they are officially launched. In return for providing feedback to game developers while testing out these new titles, Metacade will reward its users with MCADE tokens.
As well as this, the Metagrants program will support the expansion of the GameFi sector directly by providing early-stage funding to game developers. The Metacade community will vote for new projects to receive a Metagrant, which helps to ensure that the highest quality innovations can be created.
The MCADE token recently launched, which represents a unique investment opportunity. The token could reach over $5 during the next crypto bull market, and the price is currently just $0.012. This makes MCADE the number one most promising altcoin for 2023.
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2. Polygon (MATIC)
Polygon is a Layer 2 scaling solution for the Ethereum blockchain and one of the most promising altcoins in 2023. The network provides a high-speed, low-cost method of transacting and can support a large number of users without harming the user experience. This is in contrast to the Ethereum mainnet, which has been widely criticized for being too slow and too expensive when the network is congested.
Polygon supports the development of decentralized applications (dApps) and offers a suite of developer tools. A notable feature is Polygon SDK, which aims to turn Ethereum into a multichain ecosystem by enabling interoperability between all blockchains that support Ethereum Virtual Machine (EVM), including Binance Smart Chain, Avalanche C-Chain, and the various Layer 2 solutions for Ethereum.
The Polygon network can support highly scalable dApps, which has made it one of the most promising altcoins and a popular option for blockchain game developers. Games rely on a high number of blockchain interactions for a large number of users, so it is important that the chain being used can deliver fast and cheap transactions.
The MATIC token is used to pay transaction fees on the Polygon network and to provide rewards to validators. Anyone can stake MATIC to become a validator, which helps to secure the blockchain and support its infrastructure. MATIC can also be used as a store of value or to send money across the world in a fast and cost-effective way.
Why buy MATIC?
Ethereum is the biggest ecosystem of dApps in Web3, and Polygon helps to bring it to scale. The Polygon network enables Ethereum-based applications to offer services to billions of people around the world without losing performance, which can help to usher in the global adoption of cryptocurrency and promote decentralization.
MATIC is currently worth less than $1. The token has proven robust during the bear market and has held up well when compared with other altcoins. While many of the most promising altcoins remain over 90% down from their all-time high, MATIC is only 73% down – a figure that is comparable with Bitcoin and Ethereum. This relative strength indicates that MATIC is one of the most promising altcoins to buy in 2023.
3. Cardano (ADA)
Cardano is the third most promising altcoin. It is a proof-of-stake blockchain that can support a high number of transactions at a low cost without compromising on decentralization. The Cardano ecosystem is home to over 500 projects with a variety of use cases, including NFT marketplaces, decentralized borrowing, and lending protocols, and even more niche blockchain applications that aim to support the environment.
Cardano was one of the earliest adopters of proof-of-stake consensus protocol, which enables the network to deliver a greater level of scalability when compared with proof-of-work alternatives. Cardano’s proof-of-stake protocol is also much less energy intensive, and can be seen as a greener blockchain solution.
The Hydra upgrade for Cardano is scheduled to go live in 2023. The upgrade is a layer 2 scaling solution for Cardano that reduces latency and increases throughput. Hydra will increase the number of transactions per second (TPS) from 250 up to 1,000,000 – a major improvement to blockchain performance.
Why buy ADA?
While Cardano does not support as many dApps or users as other altcoins such as Ethereum, the network is a robust and innovative layer 1 solution that has high potential for the future. When the Hydra upgrade comes into effect, Cardano could become one of the highest-performing blockchains around.
As of 2021, Cardano also supports smart contracts, which can expand the level of innovation occurring on the network. Web3 services rely on automatically-executing transactions, and so Cardano’s move to support smart contracts on the network can help to expand the number of dApps and users over time.
The ADA token is currently priced at $.25, so it has considerable room for growth. The token could reach over $10 during the next bull market, which makes Cardano one of the most promising altcoins to buy in 2023.
4. Filecoin (FIL)
The number four most promising altcoin is Filecoin. Filecoin is a decentralized storage system that helps to protect valuable information using blockchain technology. The Filecoin blockchain is a transparent, immutable method of storing important information, which can ensure that no data gets lost, damaged, or changed over time.
Leveraging the blockchain’s innate level of decentralization, Filecoin can solve some key inefficiencies with traditional cloud storage. Centralized servers can be manipulated or censored, and data can be costly to retrieve. Filecoin allows users to be in full control of their own data, which can avoid any malpractice from unknown entities online.
FIL token is the native currency for the Filecoin blockchain. It is used to process transactions and to secure the network, as miners stake FIL as collateral to ensure trustworthy participation. This provides a disincentive against any malicious behavior, as collateral can be seized in the event of an attack.
Why buy FIL?
One of the key reasons why Filecoin is one of the most promising altcoins is that it solves a unique problem while utilizing the advantages of blockchain technology. The network is extremely secure, using a proof-of-work protocol that has been adapted to data storage. Proof-of-Work is the most secure consensus protocol, making Filecoin a tamper-proof storage system.
FIL has fallen significantly from its 2021 all-time high of $237, and it remains to be seen whether the token can reclaim this price level. However, from the current price of $3,08, this move would be a significant price rise of almost 100x. Combined with its utility, this makes Filecoin one of the most promising altcoins in 2023.
5. Polkadot (DOT)
Polkadot is a Layer 0 blockchain solution that can support an interoperable Web3. The Web3 ecosystem is made up of many disparate blockchains that are designed to be closed-loop networks. It can be difficult to bridge assets from one blockchain to another, and these bridges are often subject to exploits due to being less secure than whole blockchains.
Polkadot can help to solve inefficiencies with blockchain interoperability through its unique design, which makes it one of the most promising altcoins. There are four key components to the protocol:
- Relay Chain. This is the core of the Polkadot network. It serves the function of achieving consensus between all the nodes in the chain and ensures that the entire network is kept completely secure.
- Parachains. These can be purchased by developers and modified for a wide variety of different uses. They operate as independent blockchains that can support different tokens and applications.
- Parathreads. These are cost-efficient alternatives to parachains. They work in a similar way, except they operate on a pay-as-you-go basis instead of being bought outright by developers.
- Bridges. These support blockchain interoperability through connecting parachains and parathreads to a variety of Layer 1 blockchains.
Why buy DOT?
DOT can help to usher in a new era for blockchain technology – a true Web3, by enabling a multichain ecosystem that is fully secure and interoperable. This will allow users and developers to easily switch between isolated networks, which can unlock trapped value over time.
DOT is currently valued at $4.34. It is one of the largest blockchain by market capitalization, and has the potential to break into the top 10 over time. It is one of the most promising altcoins in 2023 and looks to be a reliable investment for the evolution of blockchain technology.
The most promising altcoin: Metacade
The MCADE token has just launched its presale event, which gives early investors a unique opportunity to make huge long-term gains. 140,000,000 MCADE were sold out in just three weeks during the beta phase, and the project is expected to sell out of every funding round quickly.
At the price of just $0.012, MCADE certainly looks underpriced. Investors need to be quick to access MCADE at this price level as it is unlikely to stick around here for long.
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Source: https://invezz.com/news/2023/01/23/top-5-most-promising-altcoins-in-2023-according-to-reddit/