Remember the spring of 2017? Altcoins were booming. Every other week new ERC-20 tokens were minted, shilled, pumped, and dumped. For the day-trader, it was a feeding frenzy like no other. Newbies went broke as the skilled got rich. And early adopters sat staring at green for months.
All of it seemingly based on obscure whitepapers, contemporary looking websites, hype, and Twitter announcements. Now, it’s happening again. This time you can leave your Ethereum at the door. The star of this show is Monero.
Monero, as you know, is everyone’s favorite untraceable and fungible cryptocurrency. It’s a community project and open source, using a proof-of-work mining algorithm CryptoNight. Like Bitcoin before it, it’s going through a sort of renaissance; forks aplenty. With over 50 different CryptoNight coins, including Monero forks such as Wownero, there’s a lot of ideas brewing.
You can forget Initial Coin Offerings (ICOs) too. These projects are focusing on development first. Build a product and let it grow naturally. Here are some of the most intriguing projects in the space.
Figure 1. Wownero Doge.
Top CryptoNight Projects
Wownero plans to meme its way to the moon and become Monero’s DogeCoin with over-the-top ring signatures and bulletproofs. Others like Loki plan on bringing Monero’s famous anonymity to messenger applications. While less-inspired projects like Sumokoin and MoneroV have embraced the status quo and ASCIIs. And projects like Masari promising the ever elusive low hanging fruit that is ‘scalability.’
Others are a bit more ambitious. Projects such as Haven Protocol hope to create a stable off-shore banking system utilizing a dual coin blockchain. While Graft aims to become the Paypal of crypto by servicing real-time payment solutions and atomic swaps. Not to mention BitTube; the anti-censorship Youtube clone with a built-in cryptocurrency payment system.
There’s even an “Ethereum of Monero” named Dero looking to bring proof-of-work and anonymity to smart contracts. Using the familiar Golang coding language. Like in the golden age of ERC-20 tokens, the possibilities seem endless.
No ICOs; Development First, Funding Later
These aren’t Initial Coin Offerings (ICOs) either. As Turtle Coin’s homepage points out; there are all too many projects pumped on promises and no product. For the most part, Monero forks and the CryptoNight coins like them are unfunded projects with nothing more than a few passionate devs and lofty goals; believing value will create itself.
Figure 2. Turtlecoin.lol Homepage.
There’s no shortage of ideas or coins. With small market capitalizations and lots of room for ‘mooning,’ it’s a penny trader’s dreamland; an early adopters clearinghouse. Even in this bear market, these little-known coins are being pumped and dumped on a daily basis. All happening on courageous homebrew exchanges like TradeOgre.com.
The “Penny Stocks” of Crypto
Figure 2. Tradeogre.com
Established in January 2018 Trade Ogre has become a consistent, and little known, exchange with coin offerings rarely seen on major exchanges. Offering more than just Monero forks and CryptoNight coins, such as Ethereum and XRP, Trade Ogre’s is an altcoin feeding frenzy all to itself. Its user interface is simple and Trade Ogre is K.Y.C free (no need to verify your ID). It even has 2FA.
Intuitive and easy-to-use, Trade Ogre’s offerings may even seem overwhelming; much like Cryptopia’s. All you need is some Bitcoin, or Litecoin, an email you can verify and you’re ready to go. You may need to invest some time downloading, learning how to use new wallets, and visiting a couple Githubs. But that’s part of the fun.
If you’d like to join Monero’s renaissance without trading, your Bitcoin mining is always an option as well. You can view a list of CryptoNight coins and mine at https://cryptoknight.cc/. Most of which are listed for trade at Trade Ogre and Cryptopia.
Figure 4. Cryptoknight.cc Mining Pools.
Either way, let’s hope this trend continues and more exchanges like Trade Ogre begin popping up; as well as a few more coins. Be careful out there!
Disclaimer: the author is involved in the Wownero project as a designer and artist.
Learned something new in this article? Subscribe to the Block Explorer newsletter to get exclusive crypto insights before they appear on the site.