We have recently announced our latest cryptocurrency addition to be used as collateral on the INLOCK platform, being Cardano (Ada).
So in this article, I try to shed some light about the reasoning behind choosing the next coin to be added.
We, at INLOCK, have always strived for providing a transparent environment for our customers, where they are able to construct their custom collateralization portfolios according to their convenience.
Certainly, this does not mean that we will enlist each and every fancy coin out there, because it is known that on crypto exchanges the volumes are manipulated more often than they are not. Therefore, the INLOCK team (consulting with the advisory board) constantly monitor and curate these coins and analyze their trading volumes. The coins available initially (BTC, ETH, LTC) along with the latest addition being BNB — which use-case is far beyond to mere speculation — were selected using the same methodology. Binance keeps on developing its ecosystem, adding new services: the next major milestone will be Binance Chain. With this new service, even EThereum one of the most significant players in the cryptosphere will get a new challenger to those already trying to replace Ethereum or fight its dominance.
The ICO craze caused enormous damages to the Ethereum ecosystem, and those who develop services on top of Ethereum, know exactly what the system has many flaws. The Ethereum core devs are actively working on developing “Ethereum 2.0”. There are many concurrent developments being done in parallel, many of them are in the production phase already. In 2016 many claimed Ethereum to be a Bitcoin killer, these challengers state no less than them being Ethereum killers. These challengers are: Cardano, EOS, Tron, Neo.
Extending the INLOCK portfolio options the team evaluated and curated these projects based on value, real use-cases and community support to decide which one should be next to be listed on the INLOCK platform.
The aspects of selection, therefore:
- Instead of exchange volume, we checked the on-chain traffic, focusing specifically on dApp transactions.
- Real community activity, major conference appearances
- The usability of the founding protocol/tech and the strength of consensus
- How cohesive the community is, and what is the general perception of the project within the crypto-community
Based on the characteristics above, Cardano was the top contender. With this addition the spots available for platform-like coins are now full for the short term — we will focus on different type of blockchain/cryptocurrency projects to further diversify the available portfolio on INLOCK.