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Top 3 Storage Cryptocurrency Platforms For High Returns – InsideBitcoins.com

Crypto TeamBy No Comments6 Mins Read

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All cryptocurrencies are storage platforms. That’s because, at the very least, pretty much all cryptocurrencies store the data representing their transactions. However, a steadily rising number of platforms are emerging as dedicated storage blockchains. Rather than simply supporting the transfer of digital currencies and assets, their primary use is to store data of various kinds. We take a closer look at the most significant of these in this article on the top 3 storage cryptocurrency platforms for high returns. It covers not only the most popular storage platforms, but the best-performing.

Top 3 Storage Cryptocurrency Platforms For High Returns

1. Filecoin (FIL)

Filecoin (FIL) is the biggest storage cryptocurrency right now in terms of market cap. It has risen by just over 7% in the last 24 hours, to $85.50. This represents a rise of only 1.5% in the last week, but a larger jump of 17% in the past month.

Filecoin (FIL) price chart - top 3 storage cryptocurrency platforms for high returns.
30-day average in red, 90-day in blue and 200-day in green.

Filecoin reached its all-time high of $236.84 on April 1. Its rise to this record high was helped by at least two key factors: 1) institutional interest, with Grayscale Investments announcing in mid-March a fund that would invest in FIL (among other coins; and 2) a 43.2% cut in FIL daily issuance planned to take effect from April 15.

For those less familiar with Filecoin, it’s a decentralised market for storage. Basically, it lets users pay miners for storage of anything from documents to NFTs. It famously held an ICO in late 2017 that raised $257 million. Its mainnet went live in November 2020, and since then it has experienced steady growth.

Most recently, the growth in the NFT sector has spurred a parallel growth in Filecoin. In May, Filecoin announced its own NFT.storage service.

More recently, Filecoin also announced a partnership with Polygon (MATIC). This partnership sees the creation of a storage bridge between the two platforms, with any developer now able to store Polygon data on Filecoin.

Such launches have helped Filecoin to grow its ecosystem in recent weeks. This growth has also been helped by Filecoin’s launch of its new Web3.Storage service, which went live on August 3.

Basically, Filecoin is growing steadily and surely. That’s why it’s one of the top 3 storage cryptocurrency platforms for high returns active right now.

2. BitTorrent (BTT)

BitTorrent (BTT) is down today, having fallen by 1.3% over the last 24 hours. This puts it at $0.00407150, which is a very modest 0.4% rise over the last week. BTT is also down by 15% in the past month, but up by 1,000% in the last 12 months.

BitTorrent (BTT) price chart - top 3 storage cryptocurrency platforms for high returns.

BitTorrent is a file-sharing application based on the Tron blockchain. It had been in operation prior to its collaboration with Tron, as a non-blockchain-based file-sharing protocol. However, it extended its protocol and incorporated its own native token (BTT) in early 2019.

Since then, BitTorrent has grown in tandem with the Tron ecosystem. It currently boasts around 1.4 million active miners throughout the world, and total revenues of 10.7 billion BTT (about $43.6 million).

Its ecosystem is likely to expand healthily in the coming weeks. That’s because BitTorrent is preparing for the launch of BitTorrent Chain on October 30. This is a layer-two cross-chain bridge between Ethereum, Binance Smart Chain and Tron (and by extension, BitTorrent).

The launch of BitTorrent Chain is likely to increase adoption and usage of BitTorrent’s file-sharing protocol significantly. This is why it’s one of our top 3 storage cryptocurrency platforms for high returns.

3. Arweave (AR)

Arweave (AR) is one of the best-performing coins of the past year. Right now, its price stands at $55, which is actually a 3% fall over the last 24 hours. That said, it represents a 15% jump over the past week and an impressive 220% rise over the past month. As for its one-year performance, AR has appreciated by 1,100% in the 12 months.

Arweave (AR) price chart - top 3 storage cryptocurrency platforms for high returns.

As a decentralised information storage network, Arweave lets users store documents and applications in perpetuity. This might make it sound a lot like Filecoin. However, Arweave distinguishes itself via its novel architecture, using a “blockweave” instead of a blockchain. Basically, the blockweaves enables nodes to act as validators without having to possessing the network’s complete history. In theory, this enables it to be more scalable than other platforms, something also helped by the use of a proof-of-access consensus mechanism and also the use of “blockshadowing” (i.e. not sending the full block to nodes).

These technicalities aside, Arweave has gained more traction recently thanks mostly to Solana. That’s because its network underpins many of the NFTs and NFT platforms also operating on Solana. Because of this, Solana’s recent growth has led to a similar growth for Arweave.

It’s largely because of Arweave’s association with Solana that its transactions volumes have regularly set new records in recent weeks. Monthly transactions rose by 15.5% in August, nearly hitting 1.8 million.

 

More recently, Arweave rolled out a technical innovation known as bundles. As the name suggests, these involve bundling transactions together so as to increase speed and efficiency. Since they launched in early September Arweave has become one of the busiest blockchains.

 

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