The not-so-well-known CLAM coin (CLAM) is the highest mover in the last 24 hours on the popular poloniex.com cryptocurrency exchange.
So what are CLAMs?
According to their website:
‘CLAMs are a form of digital value, or currency that is transferred, created, and verified by the collective effort of the computers running the CLAMs software. Similar to Bitcoin, the original technology on top of which CLAMs was created, this network follows a rigorous protocol to ensure that consensus and verification are maintained.’
The key difference lies in how the coins are ‘mined.’
With bitcoin (BTC), only organisations with access to powerful computers can take part in the mining process and win the ‘block reward’ for verifying the transactions on the system.
With CLAMs, anyone can run the CLAMcoin software and potentially win a 1 clam reward for being part of the network. This mining system is referred to as ‘proof of stake’ and the creators of the coin say it is more equitable and fairer than bitcoin’s ‘proof of work’ system.
CLAMs currently has a network valuation of just US$28,000,000 according to coinmarketcap.com.
Here’s a snapshot of the leading cryptos (priced in AUD) as at 1pm AEST.
Bitcoin Price: $5,850, +3.196%
Ripple Price: $0.35, +16.05%
Ethereum Price: $392, -1.3%
Zcash Price: $311, -4.65%
MaidSafeCoin Price: $0.55, -5.22%
In other crypto news…
Fidelity CEO, Abby Johnson, surprised a tech conference this spring by revealing the brokerage giant didn’t just study cryptocurrency. It was also mining the digital assets — and making money while doing so.
It turns out that Fidelity has been at this for three years, using its own computers to harvest the digital currencies bitcoin and ethereum.
Staying in the traditional finance world, bank owned consortium R3 has taken a step forward in launching its own blockchain. Last week it launched Corda, version 1.0 of the much publicised ‘distributed ledge’ technology.
This is the banks’ main weapon to counter decentralised blockchains such as ethereum and bitcoin.
The time for the world of traditional finance to get on board with crypto may finally arrived. CNBC has reported that Dan Morehead, an early crypto investor, has announced that he expects to see bitcoin form part of a traditional diversified portfolio very soon.
‘“Bitcoin’s essentially going to revolutionize currency, or money,” Morehead said on Wednesday at the Sohn Investment Conference in San Francisco, which was attended by portfolio managers and asset allocators.
‘“If it does work, the upside is so high, it’s a rational, expected thing to have in your portfolio,” he said.’
With interest growing around the world there has never been a better time to learn more about cryptocurrency’s incredible potential.
But there’s some very real risks for investors. Read this free report to find out more about the secret world of cryptocurrencies.
Editor, Money Morning