Crypto’s Top 50 (Part Nine): Augur (REP), Digibyte (DGB), ICON (ICX), Verge (XVG), and Revain ( R)

January 18, 2019 / by Steven Lubka

This is the ninth part of a series that will cover all of the top 50 Cryptocurrencies and provide an introduction to what the coin does, why it matters, and any important highlights. The goal of the Top 50 series is to give readers a basic understanding of each coin that simplifies a thorough technical understanding into a few easy to understand points. The ranking of coins changes on a day by day basis and may not always reflect the order in this article.

41 of 50 Augur (REP)

Augur is a decentralized prediction market that runs on top of the Ethereum blockchain. Augur allows users to place “bets” on the outcomes of real-world events like “Who will win the 2030 presidential election?” or “Which team will win the Superbowl?” Correct bets earn money for the user while incorrect bets result in a loss. The market ends up creating an interesting array of data about what generally informed people are thinking regarding a specific event. It does this by ensuring each person who is using the market is willing to risk capital and thus filters out the general uninformed public by requiring skin in the game.

Augur runs on the Ethereum blockchain to ensure trustable outcomes and enable users to know the markets are not being manipulated in terms of bets placed or creating fake confidence and traffic. Augur ideally operates in a decentralized manner without control points.

42 of 50 Digibyte (DGB)

Digibyte is a blockchain that has been in operation since 2014 and focused on speed and security. It happens to be the longest blockchain in the world, but this is only because it has a blocktime and has been in operation since 2014. In the time it takes Bitcoin to print one block, Digibyte has printed 40 blocks.

Digibyte uses a shorter blocktime and multiple mining algorithms. It uses five different mining algorithms to promote mining decentralization and resistance. It features about 280 transactions per second and over 40,000 full nodes. This means it is a meaningfully decentralized blockchain, one of the most decentralized in the world. Digibyte has fought for a decentralized network and has attempted to manage this through its Multishield advancement. Multishield is a method for Digibyte to balance the five different mining algorithms so no one group becomes dominant.

43 of 50 ICON (ICX)

ICON is a platform focused on providing a framework to allow various blockchains to interact with each other through smart contracts on different chains. It also supports a unique governance system that allows each blockchain to run governance nodes in the ICON ecosystem. ICON uses a variation of the Tendermint consensus protocol, but with several modifications to support its specific goals.

ICON governance involves both C-Nodes and C-Reps. C-Nodes are community nodes that vote among themselves within a given blockchain community, while a C-Rep then represents those decisions to the larger ICON governance structure.

ICX functions as a bridge currency that allows one blockchain to exchange a currency into another blockchains currency through ICON’s decentralized exchange. ICON utilizes Artificial Intelligence to help manage these price conversions at the appropriate values.

44 of 50 Verge (XVG)

Verge is a privacy coin that achieved immense popularity in 2017 due to certain promotional activities, mainly by third parties. Verge was originally a fork of DogeCoin known as DogeCoin Dark. It provides users with fast, private transactions. All transactions can be shielded so that the transactions are totally private and anonymous.

Verge uses five different mining algorithms and uses a 30-second block time. Notably, Verge is an accepted currency on Pornhub. Since its surge to popularity, Verge has been accompanied by a significant amount of controversy.

45 of 50 Revain ( R)  

Revain is a platform that is designed to improve the review industry. The review industry refers to all the ways in which customers and users leave reviews for products and businesses online. On Revain, all reviews are permanent and cannot be deleted. Reviews on Revain must pass certain quality and verifications tests which incorporate technology developed by IBM’s AI divisions. These tests are designed to filter out fake reviews which are a tremendous problem for the industry. Revain incentivizes proper reviews to receive rewards which creates an incentive system to encourage real users to leave real reviews while filtering out fake reviews.