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1 – Bitcoin (BTC)

  • Synonymous with “cryptocurrency”, Bitcoin has proudly claimed its place as the king of the crypto world.
  • The cryptocurrency’s main purpose   is to provide a peer-to-peer electronic version of cash that will allow payments to be sent online without any requirement for a third party (such as Mastercard).
  • Bitcoin is fast moving towards its goal of becoming a currency accepted worldwide. The rapid rise in Bitcoin’s price has brought about an explosion of new Bitcoin investors
  • A large number of merchants are now accepting Bitcoin as a legitimate form of payment.

2 – Ethereum (ETH)

  • Ethereum is the revolutionary platform that brought the concept of “ smart contracts” to the blockchain.
  • It came into existence in July 2015, by 21-year-old Vitalik Buterin.
  • It possesses the ability for processing transactions more cheaply and rapidly.

3 – Ripple (XRP)

  • Ripple aims to improve the speed of financial transactions, specifically international banking transactions.
  • Anyone sending money internationally is well aware that it takes anywhere from 3-5 business days for a transaction to clear adding to that is the exorbitant transaction fees.
  • Ripple’s aim is to make these transactions fast and cheap.
  • Led by CEO Brad Garlinghouse, Ripple team currently comprises over 150 people, making it one of the biggest in the cryptocurrency world.

4 – Bitcoin Cash (BCH)

  • For years, a debate has been thriving in the Bitcoin community on whether to increase the block size.
  • Bitcoin Cash was created after a “ hard fork” of the Bitcoin blockchain.
  • As no consensus could be reached, the original Bitcoin blockchain was forked, leaving the Bitcoin chain untouched.
  • Creating a new blockchain will allow  developers to modify some of Bitcoin’s original programmed features.
  • By allowing the block size to increase, more transactions can be processed in the same amount of time.
  • Those opposed to Bitcoin Cash argue that increasing the block size will increase the storage and bandwidth requirement.
  • Consequently it will price out normal users which would lead to increased centralization, the exact thing Bitcoin set out to avoid.

5 – Litecoin (LTC)

  • Litecoin is a peer-to-peer transaction platform specially designed to be utilised as a digital currency.
  • It has been designed to handle more transactions at lower costs, it is used to process the small transactions we carry out daily.
  • It is also referred to as “digital silver” while Bitcoin is known as “digital gold”.
  • The reason being conventionally,  silver was utilised for small daily transactions while gold was used to store wealth and was not put to use in daily life.
  • It was initially launched in 2011 when its founder, Charlie Lee, was still working for Google.
  • The Litecoin blockchain is also a fork from the Bitcoin chain.

6 – Cardano (ADA)

  • Cardano is a smart contract-oriented blockchain.
  • It has tried to fix some of the most significant problems the cryptocurrency world aka scalability issues and democratized voting.
  • It has massive potential to challenge Ethereum’s dominance in the smart contract world.
  • It is quietly focusing on a strong software which will be completely open-source.

7 – NEO

  • It is also  referred to as “China’s Ethereum”NEO is a leading platform for smart contracts.
  • It hopes to digitise many types of assets which were earlier kept in more traditional means, thus making it possible to use them in smart contracts.
  • It has been found by Da Hongfei, a leading figure in the cryptocurrency world.

8 – Stellar Lumens (XLM)

  • Stellar Lumens seeks to use blockchain to make lightning-fast international payments with a small fee.
  • The network has the ability to handle thousands of transactions a second with only a 3-5 second confirmation time.
  • Stellar Lumens is focussed on the developing world especially the multi-billion dollar industry of migrant workers who spend their hard-earned assets back to their family in under-developed countries.

9 – EOS

  • EOS proposes improvements which can challenge Ethereum as the leading smart contract platform.
  • EOS seeks to address the scalability problems in Ethereum network during times of high transaction volume.
  • With Ethereum whenever you make an alteration or have an interaction with the system, you need to shell out a fee.
  • With EOS, the creator of DAPP will pay the bill, while the user doesn’t pay anything.
  • EOS  also has a technical edge over Ethereum such as delegated proof of stake and other protocol changes. It was created by Dan Larrimer who is no stranger to blockchain or start-ups.

10 – Monero (XMR)

  • Monero has been designed to be used as a completely anonymous payment system.
  • A common misconception with Bitcoin is complete anonymity, but all the payments processed on the Bitcoin network are recorded on a public ledger.
  • This Bitcoin is only partially anonymous, thus in theory, every transaction can be traced back.
  • Though users can’t link the public key on the blockchain with the private keys used to store the coins themselves, there will always exist a correlation between the two.
  • The problem has been solved by implementing cryptonic hashing of receiving addresses, thus separating coin from the address it is going to.
  • It is hugely valuable for anyone wishing to conceal their purchases.

Supriya Saxena

Supriya holds a masters degree in Applied Physics. She has a keen interest in exploring new technologies and expresses her curiosity by writing for various technology platforms. She is an avid follower of Blockchain technology. She strongly believes that blockchain will bring lasting transformations in people's lives in the years to come.

Supriya Saxena

Supriya holds a masters degree in Applied Physics. She has a keen interest in exploring new technologies and expresses her curiosity by writing for various technology platforms. She is an avid follower of Blockchain technology. She strongly believes that blockchain will bring lasting transformations in people's lives in the years to come.

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