LyCI Spin-off Alternatives: Smart LyCI & Pay LyCI
December last year, Lykke launched its Crypto Index, LyCI, which tracks the Top 25 blockchain projects by market cap — rebalanced minute by minute — and its associated Service Token. Now Lykke is proud to introduce two new Crypto indexes: Smart LyCI, Pay LyCI and their associated service tokens, growing its series of products aiming to provide a simple path to the crypto market.
It was not long after Bitcoin’s rise to popularity that similar projects started popping up everywhere. Due to the transparent nature of this technology and its open source features, anyone with some basic knowledge in the area could launch (or to put it more bluntly, clone) their own cryptocurrency. This small cambrian explosion gave birth to projects like Litecoin for example, which promised faster transaction speeds and block times, amongst other improved features. Dash put a twist on governance, speed and privacy — similar to Monero — which made anonymity and fungibility its main focus. And who can forget about Doge?! There is not much to say about Doge other than its appeal relies on its welcoming and friendly community.
This is where Pay LyCI comes in. Pay LyCI tracks the top 10 cryptocurrencies that can be used to buy and sell goods and services. Similar to traditional currency, the value of these cryptocurrencies may rise or fall. As a result, users can benefit hugely from exposure and access to a single weighted collection of these different currencies, so that you have all the benefits of diversification and upside of growth potential.
However, the market is not only composed of this niche of crypto projects. The crypto space had a revival in 2014 with the introduction of Ethereum, as the concept of smart contracts was still in its infancy. It is true that projects like Counterparty, for example, achieved early modest adoption but it was Ethereum and its ERC20 tokens that created a major shift in what this technology could make possible including security tokens, stablecoins and digital collectibles just to name a few.
Inspiring a new wave of projects like Waves, NEO (previously known as Antshares), Cardano, NEM, EOS and Tron among many others, it’s undeniable at this point that smart contracts harbor immense potential.
Smart LyCI tracks the top 10 blockchain projects working on improving how contractual agreements are recorded and settled. Smart contracts aim to facilitate agreements to be carried out among two or more parties remotely, without the need for a legal system, lawyers or courts. They render transactions traceable, transparent, and irreversible by recording the terms digitally on the blockchain.
Both Pay LyCI and Smart LyCI products are useful options for any investor (from casual to expert level) looking to get exposure to these niches and requiring high levels of convenience and flexibility.
