Cryptocurrencies: The Digital Money Revolution

TL;DR: Cryptocurrencies are digital assets that use cryptography for security and operate on decentralized networks, with Bitcoin as the original cryptocurrency, followed by a wide range of altcoins and tokens offering diverse utilities.

Understand Cryptocurrencies

Cryptocurrencies are digital or virtual currencies secured by cryptography, making them resistant to fraud, counterfeiting, or manipulation. Unlike traditional currencies issued by governments (fiat money), cryptocurrencies function on decentralized networks, typically leveraging blockchain technology to operate without the need for a central authority.

Bitcoin, the first and most recognized cryptocurrency, paved the way for a new financial system based on peer-to-peer transactions. Following Bitcoin's success, thousands of other cryptocurrencies, known as altcoins, emerged, each with different functionalities and use cases.

If you're new to blockchain, you might want to explore how blockchain works in How Blockchain Works & Distributed Ledger Technology to better understand the infrastructure behind cryptocurrencies.

Bitcoin: The Original Cryptocurrency

Bitcoin (BTC) was introduced in 2009 by an anonymous individual or group of individuals known as Satoshi Nakamoto. Its' purpose was to create a decentralized digital currency that could bypass traditional financial systems and central banks. Bitcoin operates on a proof-of-work (PoW) consensus mechanism, where participants (miners) validate transactions by solving complex cryptographic puzzles, securing the network.

Bitcoin Key Features

• Decentralization: Bitcoin is maintained by a distributed network of nodes rather than a central entity.
• Scarcity: With a hard cap of 21 million bitcoins, Bitcoin is considered a deflationary asset.
• Store of Value: Bitcoin is often referred to as "digital gold" due to its role as a store of value, similar to gold in traditional finance.

Bitcoin remains the most valuable and widely recognized cryptocurrency, serving as the benchmark for all other digital assets.

Altcoins: Alternatives to Bitcoin

After Bitcoin's creation, developers began exploring other cryptocurrencies, each with unique features, functionalities, or improvements. These alternative cryptocurrencies are collectively referred to as altcoins (alternative coins). Some altcoins were designed to improve upon Bitcoin’s limitations, while others introduced entirely new concepts.

Notable Altcoins

• Ether (ETH): Unlike Bitcoin, which primarily functions as a store of value and medium of exchange, Ethereum serves as a decentralized platform for building smart contracts and decentralized applications (dApps). Its native token, Ether, is used to fuel transactions on the network. Learn more about its functionality and differences in Public vs Private Blockchains.
• Ripple (XRP): Ripple focuses on enabling fast, low-cost international payments. While decentralized to a degree, Ripple operates with a consensus algorithm and is closely associated with financial institutions, setting it apart from Bitcoin’s decentralized ethos.
• Binance Coin (BNB): Originally launched as a utility token for the Binance exchange, BNB is now integral to the BNB Smart Chain (BSC), a blockchain platform optimized for fast and low-cost transactions, though it has been criticized for reduced decentralization compared to Ethereum.
• Solana (SOL): Dubbed the "Visa of Crypto," Solana is recognized for its high-speed transactions and scalability, making it a favorite among developers.
• Toncoin (TON): Developed by Telegram, Toncoin facilitates transactions within the messaging app and has evolved into a community-driven blockchain. Its' fast processing times make it appealing for users.
• Chainlink (LINK): As a leading decentralized oracle network, Chainlink connects smart contracts with real-world data.

Altcoins serve a variety of purposes beyond Bitcoin’s function as a digital currency. Some altcoins focus on improving transaction speed, others on privacy, and some aim to provide utility within specific platforms or ecosystems.

Tokens: Utility, Security, and Governance

Unlike Bitcoin or altcoins that operate on their native blockchains, tokens are digital assets created on existing blockchain platforms, such as Ethereum. Tokens can represent a wide range of assets, from digital ownership in a decentralized finance (DeFi) protocol to voting rights in decentralized autonomous organizations (DAOs).

Types of Tokens

• Collateralized Stablecoins: Maintain their value by being backed by an equivalent amount of collateral. For example, Tether (USDT) which is pegged to the U.S. dollar.
• Utility Tokens: These tokens provide access to a specific product or service within a blockchain network. For example, Chainlink (LINK) is a utility token used to pay for services on the Chainlink network, which provides off-chain data to smart contracts.
• Security Tokens: These are tokenized versions of traditional financial securities (like stocks or bonds) and are subject to government regulation. Security tokens represent ownership in real-world assets or companies.
• Governance Tokens: Governance tokens provide holders with voting power within a decentralized protocol. For example, holders of Uniswap (UNI) tokens can vote on proposals affecting the protocol’s future, including upgrades or changes to fee structures.
• Non-Fungible Tokens (NFTs): Unique digital assets that represent ownership of a specific item, such as digital art, collectibles or in-game assets. Each NFT has distinct properties that differentiate it from others, making them non-interchangeable.
• Meme Coins: Often created as jokes or for entertainment purposes, these tokens can gain popularity rapidly but usually lack serious utility. Dogecoin (DOGE) is a well-known example.

Tokens add flexibility and innovation to blockchain networks, providing various use cases beyond simple currency functions. To learn more about how tokens operate within blockchain economies, check out the upcoming article on Basics of Tokenomics: Market Cap & FDV.

Conclusion

Cryptocurrencies, starting with Bitcoin, have revolutionized the financial landscape by introducing a decentralized, secure, and transparent method of transacting value. Altcoins offer unique functionalities beyond Bitcoin, while tokens expand the possibilities of blockchain technology by providing utility within ecosystems or representing traditional assets.

TL;DR: Stablecoins are the stable sibling of cryptocurrencies, pegged to real-world assets, while Central Bank Digital Currencies (CBDCs) are the government's answer to going digital. Both are reshaping how we see and use money.

What Are Stablecoins

Stablecoins are a class of cryptocurrencies designed to maintain a stable value by being pegged to a reserve of assets, such as a national currency like the US dollar or a commodity like gold. Their main purpose is to provide the benefits of cryptocurrency (such as fast transactions and low fees) without the volatility typically associated with assets like Bitcoin.

Types of Stablecoins

• Fiat-Collateralized: These are backed by traditional fiat currencies (e.g., USDC, USDT), where each coin is redeemable for a certain amount of fiat currency held in reserve.
• Crypto-Collateralized: Backed by other cryptocurrencies, these stablecoins maintain over-collateralization to absorb market shocks (e.g., DAI).
• Algorithmic Stablecoins: These rely on algorithms and smart contracts to adjust supply based on demand, aiming to stabilize their value.

The Role of Stablecoins

Stablecoins are a critical bridge between traditional finance and the crypto ecosystem. They offer:

• Price Stability: Investors and traders often park funds in stablecoins to avoid the volatility of other cryptocurrencies.
• Access to DeFi: Stablecoins power decentralized finance (DeFi) protocols, allowing users to lend, borrow, and trade without the risk of fluctuating asset values.
• Cross-Border Payments: With low fees and fast transfer times, stablecoins are ideal for cross-border remittances, bypassing traditional banking systems.

CBDC Meaning

CBDC, or Central Bank Digital Currencies, is a digital form of central bank money, issued and regulated by a country's monetary authority. Unlike stablecoins, which are created by private companies, CBDCs represent the digital version of a nation's fiat currency. They are intended to complement or replace physical cash while maintaining the stability and trust associated with government-backed currency.

Types of CBDCs

• Retail CBDC: Available to the general public, much like physical cash, for everyday transactions.
• Wholesale CBDC: Used by financial institutions for interbank transfers and large-scale transactions.

The Role of CBDC

CBDC aim to modernize the financial system and increase efficiency in several ways:

• Financial Inclusion: In regions where banking infrastructure is lacking, CBDCs can provide a more accessible way for individuals to store and transfer money.
• Faster Payments: By eliminating intermediaries, CBDCs enable faster and cheaper payments, particularly in cross-border transactions.
• Monetary Control: CBDCs give central banks more control over the money supply and the ability to implement monetary policy directly in digital form.

The Future of Stablecoins and CBDCs

The development of both Stablecoins and CBDCs is being watched closely by financial institutions, governments, and the public alike. Stablecoins have already proven their utility in the DeFi space, but face increasing scrutiny from regulators concerned about their systemic risks. On the other hand, CBDCs are still in the experimental phase, with countries like China and the European Union exploring their implementation.

Potential Outcomes

• Coexistence: Both stablecoins and CBDCs could coexist, serving different purposes. Stablecoins might continue to dominate in decentralized ecosystems, while CBDCs could be integrated into mainstream financial systems.
• Regulation and Compliance: As both digital assets gain popularity, they are likely to face tighter regulatory scrutiny. Governments may implement stricter regulations for stablecoins, while CBDCs will likely be designed to comply with existing financial regulations.
• Technological Advancements: The technology underpinning both stablecoins and CBDCs will evolve, with improvements in blockchain scalability, privacy features, and integration with legacy financial systems.

Conclusion

Stablecoins and CBDCs represent two different approaches to the digital transformation of money. While stablecoins have quickly become an integral part of the cryptocurrency ecosystem, CBDCs are still in their infancy, with central banks carefully considering their potential impacts. Concerns exist that CBDCs could enable governments to monitor and control how individuals spend their money. Potential increased surveillance raises fears about financial freedom and personal privacy.

CBDCs could lead to a system where every transaction is tracked, undermining the anonymity that cash transactions provide. Stablecoins and CBDCs will shape the future of finance, possibly leading to a hybrid system where private and government-backed digital currencies coexist.

TL;DR: Tokenomics is the DNA of any crypto project, while market cap and FDV are the numbers telling you how big it really is. Know them if you don’t want to be rug-pulled!

Introduction

Understanding tokenomics, market cap, and fully diluted valuation (FDV) is essential for anyone diving into the world of cryptocurrency. These concepts form the foundation of how crypto projects are valued and how their tokens function within their ecosystems.

What is Tokenomics

Tokenomics is a merging of "token" and "economics," and it refers to the economic design and functionality of a cryptocurrency. In simpler terms, tokenomics defines how a cryptocurrency works within its ecosystem, its distribution, and how value is transferred or created through it. The tokenomics of a project play a crucial role in its long-term success, as they impact investor behavior, market adoption, and price stability.

Key Elements of Tokenomics

• Supply: How many tokens will be created? This includes both circulating supply and total supply (the total number of tokens that will ever exist).
• Distribution: How are the tokens allocated? Typically, tokens are distributed among developers, investors, community members, and for staking or governance purposes.
• Utility: What can the token be used for? This could include governance rights, staking rewards, transaction fees, or access to specific features of a protocol.
• Inflation/Deflation: Does the project have mechanisms to inflate or deflate its token supply? Some projects introduce more tokens into circulation over time, while others implement burn mechanisms to reduce the supply.

What is Market Cap

Market capitalization (market cap) is one of the simplest yet most important metrics used to gauge the size and value of a cryptocurrency project. It is calculated as:

`Market Cap = Current Price of Token × Circulating Supply`

For example, if a cryptocurrency has a current price of $10 per token and a circulating supply of 1 million tokens, its market cap would be $10 million.

Why Market Cap Matters

Market cap gives investors a rough idea of how large and established a project is. While it doesn’t tell the whole story (especially in speculative markets), it serves as a useful comparison metric:

• Small-cap: Projects with a lower market cap, generally under $1 billion, are often seen as riskier but with higher growth potential.
• Mid-cap: These projects typically have a market cap between $1 billion and $10 billion and represent more established cryptocurrencies.
• Large-cap: Projects with a market cap above $10 billion are generally seen as more stable and less risky, but they also might have slower growth.

What is FDV

Fully Diluted Valuation (FDV) represents the total market value of a cryptocurrency if all its tokens were in circulation. It is calculated by:

`FDV = Current Price of Token × Total Supply`

FDV assumes that every token that will ever exist is already in circulation. This is especially important for projects with token unlock schedules, where only a fraction of the total supply is currently circulating.

Why FDV is Important

FDV can give a clearer picture of how over- or undervalued a project is. For instance, if a project's current circulating supply is only 10% of its total supply, the market cap might look modest, but the FDV could reveal a potentially inflated future value.

Example

Imagine a token is trading at $5, with a circulating supply of 10 million and a total supply of 100 million. The market cap is $50 million, but the FDV would be $500 million. This can help investors evaluate the project's future potential as more tokens are unlocked and released.

Tokenomics vs. Market Cap vs. FDV

While tokenomics defines the rules of the game, market cap and FDV are tools to measure the current and future potential of a cryptocurrency. Here’s a quick breakdown of how they compare:

Factors Influencing Tokenomics, Market Cap, and FDV

• Token Unlocks: Projects often have vesting schedules for early investors, developers, and team members. When these tokens unlock, they increase the circulating supply, which impacts the market cap and can impact the token price negatively. (Check our article on Vesting, Token Unlocks & Token Utility for more details.)
• Burn Mechanisms: Some projects implement token burns to reduce supply, effectively lowering FDV and creating deflationary pressure on the supply which can positively effect the token price.
• Staking and Yield: Many DeFi projects offer staking rewards, meaning token holders can earn more tokens, making the token more valuable but also influences the tokenomics by potentially increasing the circulating supply over time.
• Investor Sentiment: While market cap and FDV provide hard numbers, the speculative nature of cryptocurrency means that investor sentiment can drive prices (and by extension, market cap) far beyond what tokenomics might justify.

Conclusion

Understanding tokenomics, market cap, and FDV is crucial for anyone looking to invest in or evaluate cryptocurrency projects. Tokenomics reveals the long-term vision and mechanics of a token, while market cap offers insight into the current size of a project, and FDV shows the potential future valuation. Taken together, these metrics help investors assess risk, potential rewards, the sustainability of any given cryptocurrency and the token's relative valuation.

TL;DR: Token unlocks can crash prices, and vesting schedules are what keep early investors from dumping on you. Understand these, or risk getting rekt.

Introduction

In the world of cryptocurrencies, vesting, token unlocks, and token utility are essential concepts that play a significant role in a project's long-term health and investor confidence. These mechanisms impact everything from price stability to governance, making them critical to evaluate before investing in any crypto project.

What is Vesting

Vesting refers to the gradual release of tokens to early investors, team members, and other stakeholders over a predetermined period. Instead of releasing all tokens at once, vesting schedules ensure that these parties cannot dump their holdings immediately after a token's launch, which could crash the price and erode investor confidence.

Key Features of Vesting Schedules

• Cliff Period: This is a set time during which no tokens are released. For example, a project might have a 12-month cliff period, meaning that no tokens are distributed to early investors during the first year.
• Gradual Release: After the cliff period, tokens are gradually released on a set schedule. This could be monthly, quarterly, or even daily. For instance, a project might release 10% of tokens every month for 10 months after the cliff period.

Example of Vesting Schedule

Let’s say a developer team holds 20% of a project's total token supply. With a 2-year vesting schedule and a 6-month cliff, they won’t receive any tokens during the first 6 months. After that, the tokens will be released gradually over the remaining 18 months, helping to prevent a sudden influx of tokens that could destabilize the price.

What Are Token Unlocks

Token unlocks occur when vested tokens are released into circulation. These unlocks are often part of a project's vesting schedule, but can also include other forms of token distribution, such as airdrops, staking rewards, or liquidity mining incentives.

The Impact of Token Unlocks

• Price Volatility: A significant token unlock can lead to increased selling pressure, especially if early investors or team members decide to cash out their tokens. This can lead to price drops, particularly if the unlock is not communicated well in advance.
• Market Confidence: On the flip side, a well-structured and transparent token unlock schedule can boost confidence, as investors can anticipate the effects of token releases and plan accordingly.

Example Token Unlock

Imagine a DeFi project where 40% of the token supply is held by early investors with a 1-year vesting schedule. If those tokens unlock all at once, investors may rush to sell, causing a sharp drop in price. A gradual unlock schedule mitigates this risk by spreading the release over time.

What is Token Utility

Token utility refers to the functionality and use cases of a token within its ecosystem. A token's value is closely linked to its utility—if a token has strong use cases, demand for it increases, positively impacting its price and long-term sustainability.

Types of Token Utility

• Governance: Holders can vote on protocol changes, upgrades, or project decisions (e.g., MakerDAO's MKR token).
• Staking: Users lock their tokens in the network to support operations such as securing the blockchain or validating transactions, and in return, they earn rewards (e.g., ETH 2.0 staking).
• Payments: Some tokens are used as a medium of exchange for services, goods, or within specific dApps (e.g., using SAND in The Sandbox metaverse).
• Access: Tokens can grant access to premium features, services, or exclusive content within a platform (e.g., access to special events or features in a gaming dApp).

Why Token Utility Matters

The more utility a token has, the higher the demand will be. If a token is integral to a project’s ecosystem (e.g., for staking, governance, or payments), users are more likely to buy and hold it. A token with limited or no utility, on the other hand, risks becoming a speculative asset with little long-term value.

Relationship Between Vesting, Token Unlocks, and Token Utility

Understanding how these three concepts interact is crucial for evaluating the potential success of a crypto project. Here's how they tie together:

1. Vesting and Token Unlocks Control Supply: Vesting and token unlock schedules determine how much of a token's supply is available at any given time. A well-structured schedule ensures that the market is not flooded with tokens, which could devalue the currency.
2. Token Utility Drives Demand: While vesting and unlocks control the supply side, token utility influences demand. The more essential a token is to its ecosystem, the more demand there will be, which can counterbalance any downward pressure from token unlocks.
3. Investor Confidence: Clear communication about vesting schedules, unlocks, and the token's utility fosters confidence among investors and users. Projects that prioritize transparency in these areas are more likely to retain their user base and attract new participants.

Evaluating Token Unlocks and Vesting

There are many factors to consider when evaluating token unlocks and vesting.

Factors to Consider

• Team and Investor Allocations: Large allocations to team members or early investors can be a red flag, especially if the vesting schedule is short. This could indicate a higher likelihood of a price crash once those tokens unlock.
• Public vs. Private Sales: Tokens sold in private rounds often have shorter vesting periods than those sold in public rounds, which can lead to early investors dumping tokens on retail buyers.
• Utility and Adoption: Projects with strong token utility and widespread adoption are less affected by unlocks, as there is constant demand for the token regardless of circulating supply increases.

Conclusion

Vesting schedules, token unlocks, and token utility are critical components that directly affect the value, stability, and success of a cryptocurrency project. When evaluating a new token, understanding its vesting and unlock plans, as well as how its utility will drive demand, can help you avoid projects that might see rapid price drops after major unlocks.

Ultimately, projects that balance their vesting schedules and token unlocks with strong, well-defined token utility are more likely to build long-term value and sustain investor interest.

TL;DR: Crypto isn't just about Bitcoin and Ethereum. There’s a whole universe of sectors out there, from DeFi to NFTs, each with its own power players. Time to explore beyond the basics!

1. Decentralized Finance (DeFi)

DeFi is one of the fastest-growing sectors in the cryptocurrency space. It aims to recreate traditional financial systems—such as lending, borrowing, and trading—without intermediaries like banks. Instead, DeFi protocols rely on smart contracts to automate these functions, giving users greater control over their assets.

• Ethereum (ETH): The most widely used platform for building DeFi applications, Ethereum is the backbone of the DeFi ecosystem, with ETH being used to pay transaction costs.
• Uniswap (UNI): A decentralized exchange (DEX) that allows users to trade tokens directly from their wallets, bypassing centralized exchanges.
• Aave (AAVE): A decentralized lending platform where users can earn interest on deposits and borrow assets.

2. Layer 1 Protocols

Layer 1 protocols refer to the base layer of blockchain networks that form the foundation for decentralized applications (dApps) and other projects. These protocols are responsible for validating transactions and ensuring the security of the blockchain.

• Bitcoin (BTC): The original cryptocurrency, Bitcoin (BTC) remains the most valuable and widely recognized digital asset. It’s primarily used as a store of value.
• Ethereum (ETH): Besides being a DeFi giant, Ethereum is also a dominant Layer 1 protocol, enabling thousands of decentralized applications (dApps), with ETH being used to pay gas fees.
• BNB Smart Chain (BNB): One of the most popular layer ones by transaction volume and active user base. BNB Coin (BNB) is used for paying transaction costs on BNB Smart Chain, and can also be used to pay fees on Binance's centralized exchange.
• Solana (SOL): Known for its high throughput and low transaction costs paid in SOL, Solana is where most action in Meme Coins taken place.
• Ronin (RON): Optimized for gaming environments, allowing for rapid transactions and negligible fees, essential for play-to-earn models.

3. Layer 2 Solutions

Layer 2 solutions are designed to improve the scalability of Layer 1 blockchains by processing transactions off the main chain, reducing congestion and lowering transaction fees.

• Base (BASE): Developed by Coinbase using Optimistic Rollup. Aims to enhance Ethereum's capabilities by providing fast and cost-effective transactions while ensuring asset security.
• Arbitrum (ARB): A leading Ethereum Layer 2 solution using Optimistic Rollup, widely used for decentralized finance (DeFi) applications and NFT marketplaces. It offers significant reductions in gas fees and is developer-friendly with a robust ecosystem.
• Optimism (OP): Another Ethereum Layer 2 solution using Optimistic Rollup to reduce the computational burden on the Ethereum network.
• Immutable X (IMX): Primarily aimed at gaming and NFTs. Utilizes zero-knowledge (ZK) Rollups to provide Ethereum-grade security with fast transactions and no gas fees, making it a leader in the gaming sector.

4. Non-Fungible Tokens (NFTs)

NFTs represent unique digital assets such as art, collectibles, and in-game items. Unlike cryptocurrencies like Bitcoin, which are fungible and interchangeable, NFTs have distinct value based on their rarity or utility.

5. Stablecoins

Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to an asset such as fiat currency or gold. They are widely used in trading and DeFi to avoid the volatility of other cryptocurrencies.

• Tether (USDT): The most widely used stablecoin, Tether is pegged to the US dollar and is used for trading and as a reserve currency in many crypto exchanges.
• USD Coin (USDC): Another US dollar-backed stablecoin, USDC is popular in the DeFi ecosystem for lending, borrowing, and trading.
• DAI (DAI): A decentralized stablecoin pegged to the US dollar, DAI is maintained by the MakerDAO protocol and is widely used in DeFi.

6. Privacy Coins

Privacy coins are designed to offer anonymous transactions, unlike most cryptocurrencies that record all transaction details on a public ledger.

• Monero (XMR): Widely regarded as the leading privacy coin, utilizing advanced cryptographic techniques such as ring signatures and stealth addresses to ensure complete anonymity for its users. All transactions are private by default, making it virtually impossible to trace transactions back to individuals.
• Zcash (ZEC): Zcash offers the option for private or transparent transactions, giving users the flexibility to choose the level of privacy they need.

7. Gaming and Metaverse

The gaming and metaverse sectors are gaining momentum as blockchain technology enables players to own, trade, and earn real value from in-game assets, creating new economic models in the gaming industry.

• Decentraland (MANA): A virtual world where users can create, buy, and sell digital real estate, Decentraland is a leading metaverse platform.
• The Sandbox (SAND): Another metaverse platform, The Sandbox allows users to build, own, and monetize virtual experiences and assets.
• Gala Games (GALA): A decentralized gaming platform that gives players control over their in-game assets and experiences, using the GALA token as its main currency.
• Axie Infinity (AXS): One of the pioneers in the play-to-earn model and continues to have a strong following. Allows players to battle, breed, and trade creatures called Axies.
• Pixels (PIXEL): An open-universe farming game that allows players to create their own adventures. Rapidly gaining popularity among gamers looking for creative gameplay experiences.

8. Oracles

Oracles are essential to the functionality of smart contracts, providing real-world data to blockchain networks, such as price feeds, weather conditions, or event outcomes.

• Chainlink (LINK): The largest and most widely adopted decentralized oracle network, providing reliable data feeds to smart contracts across various blockchains. Supports over 1,900 projects and 2,300 integrations at the time of writing.
• Band Protocol (BAND): Offers a scalable decentralized data oracle solution, emphasizing flexibility and speed utilizing a delegated proof of stake model for network security.
• Pyth Network (PYTH): Pyth specializes in delivering high-fidelity financial market data, aggregating information from premium data providers. Supports multiple blockchains including Solana.

The Future of Cryptocurrency Sectors

As blockchain technology continues to evolve, we can expect to see even more specialization within the cryptocurrency space. Emerging sectors like Decentralized Autonomous Organizations (DAOs), Decentralized Identity (DID), and Cross-Chain Protocols are already gaining attention, offering new opportunities for innovation and investment.

Each of these sectors has its own set of challenges and growth potential, and their development will likely shape the future of the cryptocurrency ecosystem as a whole.

Conclusion

The cryptocurrency world is vast and multi-faceted, with each sector offering unique opportunities and risks. Whether you're interested in the finance revolution powered by DeFi, the unique collectibles and assets of NFTs, or the futuristic possibilities of the metaverse, there's something for everyone in the crypto space.