Two Interesting New Cryptocurrencies
pEOS (PEOS) and INCENT (INCNT) are two most of the interesting cryptocurrencies I have seen lately. Strangely, pEOS and INCENT represent very different philosophies of money and capitalism.
Specifically, privacy is the focus and the goal of pEOS’s creators, a whitepaper indicates. In contrast, they base INCENT on rewards points that share a great deal of data about users’ transactions with businesses.
Basically, Incent plans to reward you with altcoins for letting its platform track all your transactions. Meanwhile, they designed pEOS to hide your transactions from everybody. Oddly, I believe there will be a tremendous demand for both pEOS and INCENT, if they work as advertised. To explain, I think each of these cryptocurrencies represents a widespread need in the altcoin market.
Oddly, I believe there will be a tremendous demand for both pEOS and INCENT, if they work as advertised. To explain, I think each of these cryptocurrencies represents a widespread need in the altcoin market.
Will pEOS have Value?
pEOS’s potential value stems from claims its tokens are private and untraceable. To elaborate, pEOS designers are trying to combine the attributes of two popular altcoins; Monero (XMR) and EOS (EOS).
For example, pEOS (PEOS) copies Monero’s stealth addresses, ring confidential transactions, and leveraging ring signatures for privacy. Plus, pEOS tries to harness EOS’s speed and scalability.
EOS is an Ethereum alternative they design to offer higher speeds and more scalability. Older blockchains like Ethereum (ETH) and Bitcoin (BTC) offer limited speed and capacity because of all the encryption.
Is pEOS Scalable?
For instance, Ethereum creator Vitalik Buterin admits his blockchain “can only process 15 transactions per second” (TPS), Invest in Blockchain reports.
Consequently, an Ethereum payment solution could crash if tries to accept over 15 payments at once. Moreover, Buterin concedes Ethereum will need to process 100,000 TPS to be a viable platform.
However, creator Block.One designed EOS for speed and capacity. However, the highest transactions per second reported by the EOS Network Monitor is 3,996. Additionally, EOS was only processing 51 to 57 transactions per second on 12 May 2019, the EOS Network Monitor reports.
Thus under current conditions, an EOS decentralized application (Dapp) could process over three times as many transactions as an Ethereum Dapp. To clarify, I view pEOS as a Dapp that functions as both a cryptocurrency and a payment solution.
Is there a Market for pEOS?
I think there could be a market for pEOS because EOS already works with existing payment solutions. For example, EOS and pPEOS trade on the Bancor Liquidity Network.
To explain, Bancor’s network enables conversion of many Ethereum and EOS tokens by providing liquidity. Essentially, Bancor pegs the tokens to Ethereum and EOS to cash them out in those cryptocurrencies.
In addition, the CarbonUSD (CUSD) stablecoin offers some convertibility to a fiat currency the US Dollar. To explain, a stablecoin is an altcoin that contains a Dapp that tells a trust account to release fiat currency when you spend the cryptocurency.
Theoretically, a stablecoin’s Coin Price is designed to match the cryptocurrency. For instance, they intend the CUSD to be worth $1. However, stablecoin prices can fluctutate. In fact, Bancor reports CUSD’s Coin price fell to 86₵ on 12 May 2019.
Is pEOS legal?
Given these capabilities I think there will be a demand for pEOS as a money transfer mechanism. For instance, a person in Russia could use pEOS to purchase CUSD to move funds into US Dollars.
Unfortunately, such transactions will be of dubious legality. To clarify, authorities could view pEOS as a money laundering or tax evasion tool. In addition pEOs could violate the banking industry’s Know Your Customer (KYC) standards.
However, I think there will be a demand for pEOS particularly in cross-border remittances. Remittances are money that people send to friends and relatives in other countries.
In fact, the Pew Research Center estimates US residents sent $148.489 billion worth of remittances in 2017. Moreover, immigrants sent $41 billion worth remittances to Sub-Saharan African countries in 2017, Pew calculates.
pEOS will interest remittance senders because many of them want to keep such payments private and secret. In addition, a combination of pEOS and CarbonUSD could make it possible to send US dollar remittances through EOS.
What is pEOS (PEOS) worth?
pEOS (PEOS) already has some value. For instance, CoinMarketCap gave pEOS a Coin Price of 85.4₵ and a 24-Hour Market Volume of $49,359 on 16 May 2019.
Conversely, the Bancor Network gave PEOS a Liquidity Depth of $34,118, a 24-Hour Market Volume of $47,277 and a Coin Price of 85₵ on the same day.
Finally, CoinMarketCap ranked pEOS (PEOS) as the 1,9174th most valuable cryptocurrency and gave it a Total Supply of one billion PEOS on 12 May 2019. Thus, I consider pEOS an interesting cryptocurrency speculators should keep an eye on.
What is the value of INCENT?
Currently, INCENT has a little value. CoinMarketCap ranked INCENT as its 399th most valuable cryptocurrency on 16 May 2019.
Additionally, CoinMarketCap gave INCENT a Coin Price of 15.16₵, a 24-Hour Market Volume of $20,232, and a Market Capitalization of $7.232 million on 16 May 2019. Moreover, there was a Circulating Supply of 46.017 million INCNT and a Total Supply of 46.017 million INCNT on the same day.
Thus, Incent has some value, but it has serious problems. For instance, Incent is not convertible into Ethereum. Instead, INCENT (INCNT) is a Waves (WAVES) based cryptocurrency. To explain, Waves is a distrusted Russian Etherreum imitation. However, Waves (WAVES) has not achieved wide adoption.
What Potential does INCENT have?
I think INCENT has a lot of potential because rewards points are big business.
For example, Starbucks (NASDAQ: SBUX) claims its Starbucks Rewards program had 15 million members in June 2018 in a press release. In addition, the coffee shop operator claims Starbucks Reward membership grew by 12% between 2017 and 2018.
However, Starbucks admits only two million members actively participate in the rewards program. Hence, Starbucks is upgrading its rewards to encourage their use.
How Rewards Points Work
To elaborate, Starbucks customers can earn Rewards Points or Stars toward free cups of coffee every time they buy a Cappuccino. Other major brands that use rewards include the American supermarket giants Kroger (NYSE: KR), and Safeway, and the drugstore behemoth Walgreen (NASDAQ: WBA).
For instance, Kroger and Safeway customers earn points towards discounts on fuel and groceries by presenting a loyalty card at checkout. My guess, is INCENT’s developers hope major brands will adopt its tokens as a cheap means of offering a cash reward to customers.
In particular, customers could earn INCENT rewards they can convert into cash via a stablecoin. However, there is no evidence ICENT is integrating into a stablecoin. Thus, rewards program members could receive real cash for their purchases. My guess is the program will work like the cash back feature on many credit cards.
In the final analysis, both INCENT and pEOS show why you need to examine interesting new cryptocurrencies. There are many fascinating new altcoins out there.