With Coinmarketcap having thousands of cryptocurrencies listed, you may end up investing in a coin with a shaky future in terms of its price appreciation. This may be seen from a quick look at its past trading activities coupled with its ‘manifesto.’ The VoteCoin price is a good indicator of where VoteCoin (VOT) is headed in terms of investment opportunities.
What is VoteCoin?
As per its whitepaper:
VoteCoin is an anonymous cryptocurrency best suitable for elections and other voting purposes, based on Zerocoin protocol.
The voting coin aims to improve and make the electoral process more transparent. In doing so, VoteCoin enhances democracy. Unlike in other cryptocurrencies like Bitcoin which do not have privacy already embedded on their platform, VoteCoin employs the zero-knowledge mechanism to ensure all transaction are confidential.
VoteCoin has 3 distinctive advantages over other zero-knowledge based cryptos like Zcash. i.e
- It does not offer rewards to its founder. On other similar platforms, developers and investors get roughly 20 percent of the coins
- Miners on the platform start receiving their full payouts form the very beginning unlike in other zero-knowledge based platforms where miners have to stay on the platform for their payouts to be incremented slowly over time.
- During the launch, the VoteCoin developers noted that they will strive to provide a wallet application that is easy to use by incorporating a friendly graphical user interface.
How VoteCoin Functions
Its whitepaper states that:
When using VoteCoin for a poll, all participating users are required to transfer some coin value in order to express their opinion about inquiry, which makes any attempt to influence the results of the poll costly. That effectively discourages cheating. As a side effect, the poll operator earns a profit with every vote. Thus, public polls conducted through VoteCoin can be considered as a type of crowdfunding campaign. Voting in online polls can be either transparent, by sending VoteCoin to a T address, or private and completely anonymous when sending VoteCoin to a Z address.
VoteCoin price outlook
From the beginning, the developers of VoteCoin anticipated that the VoteCoin price would start low and appreciate in value in close comparison to other zero-knowledge coins like Zcash, Zclassic, Zencash, among others.
More than one year down the line, the VoteCoin price has taken a different trajectory making it not be ideal for anyone looking to invest long term or to invest in the coin at all.
From the official VoteCoin website, VoteCoin is reportedly listed on TradeSatoshi, Crex24, Digital Price and Cratex cryptocurrency exchanges.
On Cratex, VoteCoin is paired with Bitcoin and the VoteCoin price (selling) is 0.00000020 while the VoteCoin price (buying) stands at 0.00000030.
However, at the time of writing, the Crex24 cryptocurrency exchange indicated that the VOT wallets were ‘under maintenance and deposits/withdrawals in this currency are temporarily unavailable.’
MarketBeat, a coin tracking site, lists VOT with a market capitalization of 51,565 U.S dollars. From the projections of the VoteCoin Price, the coin may not be a good addition when seeking to expand your portfolio.
For example, the VoteCoin price outlook for the next five years may see the coin move from the current 0.00 U.S dollars to approximately 0.17 U.S dollars.
This level of appreciation for the VoteCoin price is near to impossible given its current and previous price fluctuations. The 24-hour volume for the VoteCoin price is 3 U.S dollars.
From our discussion above, the chances of acquiring returns from the appreciation of the VoteCoin price is very minimal.
However, this does not imply that the coin will never appreciate in value. When voting systems start relying heavily on the distributed ledger technology, the VoteCoin price will appreciate since VOT has already positioned itself for use in the blockchain-powered voting field.
Also, with the crypto prices fluctuating overnight, the VoteCoin price may see some gains. For now, if looking for a coin to add to your portfolio, VOT should not be one of those coins based on data from exchanges where VOT is listed.