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Top 10 Cryptocurrencies and What they do

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.

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