3 VIABLE OPTIONS TO CONSIDER IN THE CURRENT MARKET RECESSION: ApeCoin (APE), Klangaverse (KLG) and Chainlink (LINK)

ApeCoin (APE), Klangaverse (KLG) and Chainlink (LINK):

As the total number of cryptocurrencies in the market crossed 20,000 for the first time in history, the industry is still feeling the effects of the record-breaking crypto crash of 2022. The fallout has been one of the epic proportions. Unless you’re completely unaware, more than two-thirds of the market capitalization has been wiped out in recent weeks. We will examine current and prospective cryptocurrencies to assess where the market is right now.

ApeCoin (APE)

ApeCoin (APE) ranks at number 43 overall. It has a fully diluted market cap of 4.37 trillion dollars, and one token is available for an impressive 4.35 dollars. The price of a single token has only gone down by 1.85% in the last 24 hours.

APE is an ERC-20 token built on the Ethereum blockchain. It is secured by Ethereum’s proof-of-work (POW) consensus mechanism. APE token holders have governance rights via a decentralized framework that regulates the ApeCoin DAO (Decentralized Autonomous Organization). Users can vote on how the ecosystem fund should be utilized.

ApeCoin (APE) grants access to specific parts of the ecosystem that cannot be entered otherwise, like games and services. Third-party developers can use APE as a tool for participation in games, services, and other options.

Chainlink (LINK)

Another cryptocurrency we will consider is Chainlink (LINK). It ranks higher than APE at number 22 and boasts a considerably higher market capitalization of 6.96 trillion dollars too. One LINK token can be purchased for 6.96 dollars. The value of a token has fallen by a mere 2.24% in the last day, which shows that like APE, it has not been adversely affected by the current crypto crash.

Chainlink (LINK) was founded in 2017 by Sergey Nazarov, the CEO, and co-founder of Chainlink Labs. It was meant to function as a blockchain abstraction layer that would facilitate smart contracts. It consists of a decentralized oracle platform that enables users to safely engage with external payment methods and data feeds on blockchain networks.

The entire LINK network is made up of node operators, data providers, smart contract designers, security auditors, and much more. Chainlink’s USP is that it became one of the first networks at the time of its release that allowed the transmission of off-chain data into smart contracts.

Since then, Chainlink (LINK) has gained trusted partners and turned into one of the key players in the field of data processing. Some of its prominent partnerships include Huobi, Alpha Vantage, and Brave New Coin.

Klangaverse (KLG)

Now that we’ve studied a couple of well-established cryptocurrencies, we will look at a new one called Klangaverse (KLG). It is being developed as a music platform, built on the Binance Smart Chain (BSC). The makers of KLG have recognized an issue in the music industry that they believe they can solve. Although the music industry generates more than 43 billion dollars in revenue, artists only see 12% of those funds. They have no control over the dissemination of their tracks.

Through Klangaverse (KLG), a decentralized streaming platform, artists can avail a comprehensive solution. They can produce and distribute their music in the form of NFTs (Non-Fungible Tokens) and collect payments that are transferred straight into their wallets.

Besides adequate compensation for artists, KLG also boasts a payment system that ensures security and transparency. The blockchain smart contract accumulates hashes of statistics of songs minted as NFTs, which is how revenue is calculated. This data is available for public viewing and can be validated as well. In the coming months, KLG will also introduce governance measures like Klangaverse DAO so that users can vote on new attributes, revenue sharing, and other changes.

Conclusion

As it stands, the KLG ecosystem is decentralized, and the idea is to augment it so that it reaches 300,000 community members, developers, and artists by the end of 2022. Although the year has been challenging because of the crypto crash, there is plenty of hope that Klangaverse (KLG) can prevail like Apecoin (APE) and Chainlink (LINK) have.

Klangaverse (KLG)

Website: http://klangaverse.com/