According to the host of Coin Bureau, one small-cap altcoin looks the most promising for 2021, and in our latest altcoin news, we find out which one it actually is.
In a new video posted on YouTube, the host of Coin Bureau says that this one small-cap altcoin dubbed Litentry and operates as an identity aggregation protocol has huge growth potential. He commented:
“When I’m out hunting for small-cap altcoin gems, there are a number of things that I look for, factors that when brought together will substantially increase the chance that the pick will be bang on the money.
Now, these include factors such as solving a pressing problem, being one of the first to do it, while being built in a less saturated ecosystem that has a well-supported token. And one of the most promising projects that I’ve recently found that meets these criteria is Litentry.”
LIT is the 186th ranked cryptocurrency by market cap and it is trading at $8.69 at the time of writing, having dropped 23.7% in the past week as per the CoinGecko. The protocol is built on Substrate and it is designed to perform a decentralized identified DID aggregation, credit calculation, grading, verification and more, according to the Lite Paper. The analyst said that Litentry has the ability to resolve problems emerging in the decentralized finance space by offering similar identity-based verifications in the ecosystem. LIT is able to verify the unique identity of wallet addresses and offers plenty of other services that the centralized finance relies on:
“You have to consider that it’s a project that will be launched as a parachain on Polkadot. You only have to take a look at some of the excitement around Polkadot-based projects to get a sense of how much untapped demand there is here.”
On the market, there’s a growing sense among the community that the DeFi tokens based on Polkadot will see similar price appreciation to the ones that we have seen in the ETH ecosystem back in 2020:
“Whether you believe that or not is irrelevant. As long as the market believes that, price momentum is likely to pick up.”
Speaking of Polkadot, The new Adoriasoft SDK will enable any Cosmos chain to become a Polkadot parachain which means that the Cosmos project will be open to the Substrate ecosystem of interoperable networks.
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