FTX, one of the world’s largest trading platforms for cryptocurrencies, announced on Twitter that it had expanded its portfolio with four more digital currencies — IOTA (MIOTA), StormX (STMX), Audius (AUDIO) and Sirin Labs (SRN).
As an indefinite contract, users don’t have to own the cryptocurrencies themselves in order to invest in them or to trade them. The ongoing contracts reflect the price development of an underlying asset. Let’s consider these digital currencies in detail!
The IOTA Foundation with its MIOTA token is probably the best known of the four new coins. IOTA differs from other cryptocurrencies because it uses its own type of blockchain technology. Basically, IOTA offers solutions for the management of smart devices in the overall context of the Internet of Things (IoT) and Industry 4.0.
The core technology behind IOTA is the Tangle Ledger, a direct acyclic graph (DAG). The way in which the Tangle Ledger works is very different from Bitcoin’s and altcoins’ one. The system around the Tangle Ledger works without blocks. Transactions are confirmed either by two superordinate transactions or by network nodes. This increases the scalability of the system since no blocks have to be generated.
In other words, the potential range of services is almost limitless, provided the devices have the necessary technology integrated into the Tangle network.
StormX (STMX) is a marketplace that enables users to earn STMX and other cryptocurrencies. To do this, you have to shop in one of the online network’s partner shops or do small tasks using the app.
The StormX partner network already cooperates with more than 700 stores and websites from around the world. This number increases weekly as the adaptation of cryptocurrencies is also growing steadily. StormX can be used as a desktop version and as an app for Android and iOS devices. An extension for Google Chrome is also available.
On the StormX platform, you will find special promotions with well-known retailers such as Walmart, eBay and Wish as well as special cashback offers for hotel stays and online learning courses at Udemy.
The rewards in the form of crypto cashback range from 0.5% to more than 85%. Users have an option to receive their rewards in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dai (DAI), Yearn.finance (YFI), or STMX.
Audius is a decentralized sharing and streaming protocol for music that enables direct transactions between listeners and authors. The project was launched in September 2019. According to Audius, every user should be given the freedom to distribute, monetize and stream any audio content on their platform.
Sirin Labs (SRN)
Sirin Labs is a blockchain development company that created the first blockchain smartphone. SRN is a utility token that serves as a basis of the Sirin Labs ecosystem.
The ecosystem currently consists of the SIRIN OS operating system, the FINNEY smartphone, the SIRIN Decentralized Application (dApp) Store, and the SIRIN LABS Brick-and-Mortar Stores. Each of the company’s products is designed to use its own blockchain. They promote the use of digital currencies and decentralization itself through SRN tokens.