Home / SPECIAL REPORTS / Top 10 global cryptocurrencies to watch in 2018

Top 10 global cryptocurrencies to watch in 2018

by Partner content on Apr 30, 2018

Cryptocurrency transactions are said to be cheaper than traditional options.
Cryptocurrency transactions are said to be cheaper than traditional options.

RELATED ARTICLES: Saudi’s ACWA Power adopts solar cryptocurrency | 50 units of Bitcoin-priced homes sold out in Dubai | Pinsent Masons: Projects backed by tech firms more likely to get funding

From solar projects to real estate developments, cryptocurrency is rapidly being adopted by the Middle East's business community. 

This January, ACWA Power adopted SolarCoin, becoming the first utility-scale generator to implement the blockchain-based digital asset and currency.

The Saudi Arabia-headquartered developer, owner, and operator of power generation and water desalination plants said in a statement that its adoption of the cryptocurrency would provide it with digital tokens for every MWh of solar energy it produced.

In February, it was revealed that up to 50 luxury apartment units in Dubai, priced in Bitcoin currency, had been sold out.

Entrepreneurs Michelle Mone and Doug Barrowman are the UK-based development team behind the Dubai Science Park homes. 

Of the 1,300 homes under development as part of Mone and Barrowman's project, 50 were available for purchase through Bitcoin

Home prices started at 15 Bitcoins ($120,000; AED450,000), with an upper limit of 45 Bitcoins ($360,000; AED1.35m). 

What are cryptocurrencies?

Cryptocurrencies are encrypted digital currencies that are transferred between peers.

In essence, they are a sequence of encrypted codes transmitted and stored over a network. All transactions are confirmed and stored on a public ledger, and the system uses other complex techniques to certify and validate the record-keeping process.

Cryptocurrency transactions are also said to be cheaper than traditional options. 

In the following pages, Construction Week rounds up the top 10 cryptocurrencies to look out for in 2018. 

This list has been produced in collaboration with online trading broker, Avatrade