Potential New Additions to Coinbase
By Corey Hoffman
On July 13th, The Coinbase Blog published an article stating that Coinbase is exploring five new coins to add to their trading platform. Cardano, Basic Attention Token, Stellar Lumens, Zcash and 0x are the assets that are being considered. Over the past year, there has been ongoing speculation as to when and which coins would be added to the popular exchange. Interestingly enough, the price range of these five coins is from as low as $0.13 all the way up to $182.52. Coinbase’s impressive team will internally be exploring and weighing in all factors when determining which coins they will be adding. The following is an in depth look into what makes each coin unique.
Cardano, created by Charles Hoskinson, is a smart contract platform with its main focus working towards regulation while having a secure and private blockchain. Similar to projects such as Ethereum, the blockchain was evolved from a scientific philosophy. Cardano’s platform is written in Haskell, which is a sophisticated programming language and it is being built in two layers, CLL and CSL. The CCL contains the data when values are transferred. The CSL acts as the balance ledger and is used to confirm transactions. Both layers are unique in that they provide a business, or any user of the platform, the ability to separate their ledger accounts from the information of the transactions their making. This ultimately leads to high end security.
Basic Attention Token
Stellar is a platform connecting banks and financial institutions to one another by facilitating transactions across multiple different platforms in hopes of making payments between people quicker and cheaper. The project was developed by David Mzieres, Graydon Hoare, and Jed McCaleb who are joined by a team of CEO’s and professors that come from well known companies and universities. With industry leading speeds and fees costing pennies, Stellar has set its sights on trying to partner with large banks in order to accelerate their growth. The digital coins of Stellar are referred to as Lumens. Following a similar path of Stellar’s network fee transactions, the fees associated with Lumen are close to zero.
Zcash, is a leader in the blockchain privacy sector and focuses on the exclusivity of being a platform where users can control who has access to their transactions within the exchange. Zooko Wilcox the founder, has developed a decentralized open-source currency that provides well-built privacy barriers. With a team assembled from some of the top Universities in the world, alongside Wilcox are computer scientists who have graduated from Johns Hopkins, MIT, and Berkeley. Originally created to be a “better version of Bitcoin”, Zcash has improved on the privacy of the coin, allowing users to be more selective about what can be seen on their ledgers. This has be done by using an algorithm which is almost identical to the one Bitcoin uses.
0x (ZRX) is the final coin that was mentioned by Coinbase to potentially be added to their exchange. 0x is a decentralized exchange that allows many different tokens to be traded on the Ethereum blockchain. This protocol significantly reduces the speed of transactions, while also eliminating unneeded fees. The end goal for 0x is to have all assets ranging from stocks, currencies, and cryptos, to be traded publicly as tokens on their blockchain platform. 0x uses relayers, which act as facilitators for potential trades. The use of relayers is essential to eliminate many unnecessary procedures and transaction fees. Using the 0x currency (ZRX) allows the transaction to fully be completed once small fees are paid.
Although there has been no deadline set with regard to when and which coins Coinbase will add, the crypto community will be eagerly awaiting an announcement from the exchange. Until then, the price fluctuations and the development of these projects will be under close watch.