Crypto has been pretty stagnant for the majority of 2018. The once seen roller coaster ride of 2017 is a thing of the past. 2018 has seen more government intervention, financial criticism, and the overall state of the blockchain economy is in disarray. We have seen many profound financial pundits become major critics of the blockchain movement. For example…
CEO of INTUIT and Co-Founder of PAYPAL
“Bitcoin is a scam. In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen … Cryptocurrency is best-suited for one use: Criminal activity. Because transactions can be anonymous — law enforcement cannot easily trace who buys and sells — its use is dominated by illegal endeavors.”
As many people know it, pricing action within the blockchain economy is dominated by news. Good news and bad news, there is no way around it: Crypto prices are speculative investments at this point in time.
Herein lies the good news.
Blockchain technology has the potential to change our economy for the upcoming future. Most investors need to understand one basic principle when it comes to blockchain investing.
Research more and be patient.
With there being thousands upon thousands of crypto’s on the market today, a good portion of these are scams. Dogecoin and BitConnect come to mind right away. These are definitive scam coins, and with a little research into the underlying technology, business use cases, and reading the white page document for these coins, nearly all investors can understand this. Another important note to consider is that blockchain technology is extremely new. The market is going to be volatile to start off with, just like most IPO’s are when they first come to the worldwide stock exchanges.
With all of this FUD (fear, uncertainty, doubt) surrounding the news around blockchain, it is important to find blockchain companies with a track record of sound business practices, a competent team, and a history of partnering with prestigious companies.
There is one coin that stands out to me for the rest of 2018 and beyond. That coin is simple token. For those of you who don’t know what simple token is…
Definition is directly from the whitepaper of OST (not owned by 21stFinance)
Simple Token [“OST”] is an EIP20 token and OpenST is a protocol to support token economies in mainstream consumer applications. The business and technical challenge we set out to solve is to enable mainstream consumer applications to benefit from deploying their own branded crypto-backed token economies, in a scalable and cryptographically auditable manner, without needing to mint and maintain their own publicly-tradeable EIP20 tokens. The OpenST protocol enables the creation of utility tokens on a utility blockchain while the value of those tokens is backed by staked crypto-assets on a value blockchain.
The impact is that OST can pair off of ETH smart contracts, enhancing the power of the technology. By creating the framework for other companies to brand and create their own tokens, OST has made the blockchain creation process simple (irony). The way I view OST is that it is the construction company of blockchain creation, and the company will pair with ETH backed smart contracts to ensure that quality blockchain products are built. If that isn’t real world value, then I don’t know what is.
Sitting at a market cap of around $17 million and $0.04 per coin, the price isn’t astronomical as well.
Another important thing of note about Simple Token is that they have one of the best teams put together in the business. CEO Jason Goldberg is the head of the project and with over 18 years of experience in internet entrepreneurship, OST has a leader that can walk the walk.
With that being said, there a lot of valuable blockchain startups on the market today, but with the combination of real-world value, a reasonable evaluation, and an experienced team, 21st Finance is looking out for OST in coming years.
For more information:
- OST | Blockchain Infrastructure to Empower New Economies
- OST (OST) price, charts, market cap, and other metrics | CoinMarketCap
Originally published on 21stFinance.com
My Top Crypto Pick for 2018 and Beyond was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.