The passion for cryptocurrencies, particularly Bitcoin and Ethereum, has prompted a slew of new businesses to launch their own digital coins to capitalise on investor interest in the fast-growing digital asset class.
While there are a plethora of cryptocurrencies in
circulation, we'll look at some of the strangest and silliest coins that have
arisen in recent years.
Dogecoin:
The passion for cryptocurrencies, particularly Bitcoin and
Ethereum, has prompted a slew of new businesses to launch their own digital
coins to capitalise on investor interest in the fast-growing digital
asset class.
While there are a plethora of cryptocurrencies in
circulation, we'll look at some of the strangest and silliest coins that have
arisen in recent years. Unlike Bitcoins, which have a maximum limit of 21
million (which is expected to be achieved by 2040), Dogecoins have no such
restriction, and there are already more than 100 billion in circulation.
When the cryptocurrency first gained traction, the online
community behind it drew notice by supporting unusual causes such as funding
Jamaica's bobsled squad at the 2014 Winter Olympics.
In the same year, the Dogecoin community donated $55,000 in
digital tokens to a Nascar driver in the United States. Tesla CEO Elon Musk is
another enthusiastic backer of "Doge," whose frequent tweets have
added to the digital token's craze.
Musk's Twitter bio used to read "Former CEO of
Dogecoin." Other celebrities have also supported it on social media,
including rapper Snoop Dogg and rock musician Gene Simmons.
Potcoin:
As the name implies, Potcoin is a network that permits the
purchase of legal marijuana. It is a digital currency that lets users secretly purchase and trade cannabis items.
The digital coin is a financial system that connects
marijuana companies and consumers on a decentralised peer-to-peer platform,
allowing participants from all over the world to trade securely.
On June 12, 2017, the Potcoin community-sponsored Dennis
Rodman, an American former professional basketball player and an unofficial US
Peace Ambassador to North Korea, to visit the country and negotiate peace with
Kim Jong-un.
While it is uncertain whether this attempt effectively
promoted the community's pacifist principles, it was extremely beneficial for
the coin's and project's renown. Overnight, the potcoin community surged by
600%.
CannabisCoin, KushCoin, Bongger, Ganjacoinpro, and others
are among the many cannabis-themed currencies available.
Kodakcoin:
Kodakcoin is the most recent corporation to jump on the
cryptocurrency craze. At an event in January, Kodak unveiled Kodakcoin as a way
to manage digital picture rights and compensate photographers for image usage.
To go along with it, Kodak introduced a new Kodak KashMiner mining setup.
The digital currency will be compatible with Kodak One, a
new platform that aims to make it easier for photographers to licence their
work.
Trumpcoin:
Trumpcoin is a cryptocurrency that supports the Trump
administration and its supporters, whom it refers to as "Patriots."
The Trump coin characterises itself as fervent "supporters of Trump who
love Freedom, God, Family, and a feeling of pride in contributing to society,
and stand firm against leftist groups and intimidation," according to a
blog post.
200,000 of the six million available Trumpcoins have been
put aside for distribution to the Trump administration once the currency reaches the substantial value,' according to the blockchain startup.
Shiba Inu:
Shiba Inu (SHIB) is an Ethereum-based cryptocurrency that is
named after a Japanese hunting dog breed. Shiba Inu is popularly regarded as a
Dogecoin alternative; in fact, proponents of the cryptocurrency refer to it as
"the Dogecoin killer."
It was dubbed "the Dogecoin killer" by Shiba Inu
founder Ryoshi because the value of SHIB is "primed and ready to eclipse
the value of Dogecoin." Even if SHIB never reaches $0.01, Ryoshi believes
it will be valued proportionally more than Dogecoin because of its publicity
and usability.
Garlicoin:
Garlicoin is a meme coin based on garlic bread memes that were
launched in 2018. It used to be incredibly popular, but it still has a sizable
following of dedicated fans who continue to support and help it grow.
A group of Reddit users decided it would be amusing to build
a cryptocurrency based on garlic bread, and they did it. Garlicoin is produced
by mining and has a supply limit of 69 million units.
Mooncoin:
With a maximum supply of 384 billion coins, Mooncoin was
designed especially for frequent, worldwide micro-transactions. This figure was
calculated by multiplying one coin by the distance between Earth and the Moon
in millimetres.
It also has its own programming language, MoonWord, for
building decentralised apps (DApps) and storing blockchain records.
Mooncoin and Dogecoin have been compared frequently, and
there are some similarities. Both were developed around the same time and are
designed for rapid micro-transactions.
Also, because all three employ the Scrypt algorithm, which
is quicker and more difficult than Bitcoin's SHA-256 mining equipment protocol,
both are based on a Litecoin notion.
However, there is a significant difference in the
fundamental currency supply structure: Dogecoin has no limit circulating coin
supply (i.e., infinite supply), but Mooncoin has a maximum cap on the total
amount of coins that can be produced, making it deflationary and appealing as a
store of value.
Written By - Tanya C
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