Maidsafe, Decred outperform as cryptocurrencies recover
|The major cryptocurrencies trade with improved sentiment, as it seems that the global conviction on the future of cryptocurrencies is building a solid case for investors.
While speculations of a 2017-like rally fade, a slower yet sustainable rise in prices seems to be a more plausible scenario. Though, we do not rule out the possibility of sudden two-sided price moves during the summer months, when the trading volumes tend to be thinner compared to the rest of the year.
Meanwhile, the consolidation in Bitcoin’s price, which is still the sentiment gauge for the cryptocurrency markets, offers a solid basis for the rise of altcoins such as Maidsafe and Decred that we will discuss in detail in this article.
MaidSafe increasingly attractive to investors
MaidSafe is a Scottish company developing the SAFE network since 2006. SAFE aims to give its users the possibility to share their digital resources such as extra hard disk space and processing power with other users. MaidSafe aims to ‘create a secure, autonomous, data-centric, peer-to-peer network as an alternative to the current server-centric models’. In other words, the company aims to replace the centralized data storage by a decentralized framework.
MaidSafeCoin is the currency used on the SAFE network.
There is no doubt that the business model that MaidSafe is currently proposing is highly promising. It is probably the future of online data-storage. Its decentralized structure will offer one advantage over its server-centric peers: the security. There will be no single point of failure to access all data. The data will be distributed and saved across the network. Hence, the SAFE network could be a relief to internet users, who are increasingly worried about the safety and the misusage of their data.
So, it is not a coincidence if the model is increasingly attractive to investors; it has a huge potential.
MaidSafeCoin gained past 45% to $0.4290 in the last three weeks versus the US dollar and more than 25% versus Bitcoin.
MaidSafeCoin could be an interesting alternative for traders seeking opportunities within the crypto-space.
We maintain our positive stance on MAID and set our three-month target at $0.60.
Decred eyes $100
Launched on February 8, 2016 by Bitcoin developers, Decred is an autonomous digital currency, aiming to solve the blockchain governance issues. In other words, miners and users have the same influence on the network thanks to Decred’s innovative hybrid proof-of-work (PoW) proof-of-stake (PoS) consensus voting system.
Smart contracts and cross-platform wallets are available for use. In addition, Decred users can execute atomic swaps between different digital currencies, hence they could exchange their cryptocurrencies without using a third party such as a cryptocurrency exchange. This is believed to be a key advantage for crypto-traders who are often concerned with security issues that have been raised by numerous cyber-attacks on exchanges worldwide.
Based on its advantageous features, some believe that Decred is the new Bitcoin. Yet, Decred’s market cap is actually around $606 million versus Bitcoin’s $126 billion. So, Decred still has a long way to go. This being said, it appears to be an interesting alternative investment in the crypto-space for those seeking for promising crypto-assets.
Decred gained up to 37% against USD and past 20% against Bitcoin over the past week. Currently trading near $75 per unit, Decred has a potential to regain the $100 handle within the next three-month period.
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