The Most Important Cryptocurrencies

Posted by himeed49 on in Bitcoin & The Blockchain
  • Font size: Larger Smaller
  • Hits: 608
  • 0 Comments
  • Subscribe

Cryptocurrency, or electronic Currency, is the invention of the Internet. Fundamentally, someone in there believed, hey, what if we could create a system where money isn't bound by geography, like the World Wide Web.

Today we've got over a thousand of crypto currencies going around. Some are fairly useless to keep as they're perceived as worthless - any cryptocurrency is only as valuable as the value assigned to it with a mass audience. Similar to any other assets, its cost may rise and fall fast, which makes them extremely volatile and risky investments. Below are the most important crypto currencies.

Name Description Pros Cons Where to buy Similar to
Bitcoin (BTC) Bitcoin is a cryptocurrency and a digital payment system • Most widely accepted cryptocurrency in the world • Slow transaction time
• Not as decentralized as people think due to the fact that majority of miners are Chinese
Coinbase Litecoin
Ethereum (ETH) Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. • Programmable money
• Smart contracts
• Ability to issue your own tokens • Huge community - Ethereum Enterprise Alliance consists of companies like Microsoft, Intel, and more
• Higher inflation than bitcoin
• Scalability is still a challenge-entire blockchain can be clogged if faced with a large number of concurrent transactions
Coinbase Waves
Ripple (XRP) Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network operated by Ripple. • Math-based currency
• Free from DoS attacks
• Its settlement infrastructure is used by the banks
• Founders of Ripple control ~60% of XRP Bittrex, Poloniex Stellar
Litecoin (LTC) Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. • Faster transaction time than bitcoin.
• Also can handle more transactions than bitcoin.
• Segwit-ready
• Weak marketing Coinbase Bitcoin
Ethereum Classic (ETC) Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. • Continuation of the original Ethereum blockchain - the classic version preserving untampered history • Community of developers vehemently against Ethereum Bittrex, Poloniex Ethereum
Dash (DASH) Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency that offers instant transactions (InstantSend), private transactions (PrivateSend) and token fungibility. • Instantaneous transaction time about 1.2 seconds
• Private transaction possible with privatesend
• Low transaction fee
• Core team is secretive about their roadmaps
• Decentralized governance is immature - few masternode owners make the decision
Bittrex, Poloniex Stellar, NEM, Ripple

NEM (XEM) NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multi-signature accounts, encrypted messaging, and an Eigentrust++ reputation system. • Unique proof-of-importance (POI) algorithm
• Variety of usecases - can send payments and messages securely globally and is recognized by some Japanese banks
• Incredibly scalable - 3000 transactions/sec/
• Low transaction fee - 0.01% fee
• No private transactions
• No mining available
• Unclear roadmap
• Lack of enterprise features
• No substantial development updates recently
Bittrex, Poloniex Stellar, Dash, Ripple
Iota (MIOTA) Iota is a cryptocurrency that aims to establish itself as the fuel for efficient machine-to-machine (M2M) transactions • No transaction cost
•Scalability due to "Tangle" which forces every new transaction to verify two previous transactions
• Offline transaction
• All the tokens are premined
•Lack of marketing talent in the team.
Bitfinex Ethereum
Monero (XMR) Monero (XMR) is a privacy-focused cryptocurrency that is not based on Bitcoin's code. • Unttraceable payments & Unlinkable transactions
• Second most used cryptocurrency in the dark web.
• Cryptonote-based
• Untraceability makes it challenging to go mainstream Bittrex, Poloniex Bytecoin, Zcash
EOS (EOS) EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications (the “EOS.IO Software”). The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. • Allows developers to develop on the blockchain without the hassle of dealing with account recovery, permissions, etc
• Much more scalable - millions of transactions/sec
• No need to spend tokens to rent the computing power on EOS
• Experienced founder behind the team who contributed to Bitshares and Steem
• No mining available
• Founder is known for abandoning projects
• DPoS can result in centralization
Kraken Iota, Ethereum
Bitshares (BTS) BitShares offers a stack of financial services including exchange and banking on a blockchain. • Allows for trading on its decentralized exchange
• Extremely fast transaction time - handles tens of thousands/sec
• Allows for creation of smartcoins and user-issued assets akin to Waves' custom tokens
• Declining developer interest. Main developer left to work for Steem Poloniex Waves, Lykke
Stratis (STRAT) Stratis offers full-service capabilities for the development, deployment, and management of blockchain applications and solutions utilizing C# on the .Net framework. • Block chain as a service. (Private & public blockchains for corps)
• Segwit-ready.
• Master nodes provide extra services like making the network transactions more private, enabling instant transactions, etc.
• Smart contracts using C#
• No actual corporate customers as of May 30th 2017
• Smart contracts available only on sidechains

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Monday, 26 October 2020