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The popular Uphold digital money platform with more than 1.7 million customers globally has announced that it is adding four new cryptocurrencies to its trading platform. Uphold is a multi-use platform that is used by businesses to pay people around the world, or to accept customer payments in cryptocurrencies and convert them automatically into local currencies. It is also a popular trading platform to buy, sell, hold, or send cryptocurrencies.
As of November 30, 2021, there are four new additions to the Uphold Exchange. Algorand (ALGO), Avalanche (AVAX), Elrond (EGLD), & Fantom (FTM) are added and designated as Tier 4 assets. Tier 4 are digital assets that users can buy, hold, sell and send.
We will take a closer look at the four cryptocurrencies Uphold has added to its platform. These new digital assets will be available to the United States and other regions Uphold caters to except the UK & Europe.
1. Algorand (ALGO)
Algorand is a Pure Proof-of-Stake blockchain platform that uses algorithmic randomness to solve blockchain’s trilemma. Unlike a majority of blockchain projects, Algorand requires minimal computation as it realizes the unique combination of the Proof-of-Stake algorithm rather than Proof-of-Work. As Algorand is a public blockchain platform, developers can use it to build decentralized applications on top of it. The name Algorand is derived from Algorithmic Randomness (Algo + Rand).
It aims to solve the inefficiencies of ledgers, which is the heart of every blockchain project, whether it be Bitcoin, Ethereum, or any other. These include scalability, waste of energy, and high cost of transactions. Algorand uses the advantages of both centralized and decentralized blockchain projects. It is efficient and effective, like a centralized platform and governance model of decentralized projects to ensure accountability.
2. Avalanche (AVAX)
Avalanche (AVAX) is a blockchain ecosystem that was designed to function as a secure, globally distributed, decentralized network. The project has been referred to as a “platform of platforms” by its developers. Uniquely, the protocol leverages three distinct blockchains to create an interoperable and trustless framework for developers to build upon. Additionally, Avalanche offers payment solutions in the form of a cryptocurrency (AVAX).
Avalanche was built to solve multiple issues found in most blockchain networks today. The platform combats centralization by providing a viable alternative to networks like Ethereum. It also builds upon some of the shortcomings of that network with more programmability, features, and functionalities.
3. Elrond (EGLD)
Elrond perfectly sums up what it stands for, “A highly scalable, fast and secure blockchain platform for distributed apps, enterprise use cases, and the new internet economy.” Founded back in 2017, the Elrond network aims to provide faster and cost-effective transactions via smart contracts operated by a distributed network of computers.
Elrond was launched to address the issues related to blockchain scalability. Elrond Network is a truly powerful network. It can process nearly 10,000 to 15,000 transactions per second with an average cost of $0.001.
4. Fantom (FTM)
Fantom (FTM) is the world’s first Directed Acyclic Graph (DAG) based smart contract platform. This fourth-generation blockchain provides developers and users with some significant upgrades in terms of functionality and usability when compared to the market’s leading blockchain, Ethereum.
Fantom’s developers keenly focused on creating a reliable, secure, and fast network for transactions. The final goal of the project is to one day become the “nervous system for smart cities.” The developers envision a day where these living metropolises leverage Fantom’s core protocols to remain connected and conduct daily business.
Buy & Sell on Uphold
Uphold is an extremely unique platform on both desktop and through a mobile app that allows you to trade cryptocurrency, metals, stocks, and other assets with ease. The company was founded in 2014 and is based in the United States. Readers who wish to learn more should read our Uphold Review or visit Uphold.
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.