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Brief Intro of few cryptocurrencies
In 2008, the world of digital currencies was forever changed when the mysterious Satoshi Nakamoto released the Bitcoin white paper. The following year, the Bitcoin cryptocurrency was launched. Today, Bitcoin is the most popular cryptocurrency in the world with a market capitalization running into billions of dollars. For a long time, Bitcoin held quite the dominance in the crypto market, controlling about 50 percent of the total market share in terms of market capitalization.
2017 was a particularly stellar year for Bitcoin as it rose from just under the $880 (Rs 45000) mark at the start of the year, to almost crossing the $20000 (Rs 1457000) milestone in December. Uncertainty over strict crypto regulations from a number of countries especially South Korea at the start of 2018 has caused the price of Bitcoin to fall to below $5600 (Rs 400000) in early February. The price has seen rebounded and appears to be consistently maintaining the $7500 (RS 650000) mark.
Ethereum was created in 2014 by Vitalik Buttering. It is essentially more than just a digital currency as it is a framework that supports the creating of decentralized applications (DApps). Ethereum has gone on to become the most popular blockchain platform with most ICOs preferring to use the platform to host their Initial Coin Offerings (ICOs). The popularity of ICOs has contributed to increasing the value of ether, the native currency of Ethereum.
In 2016, after the DAO hack that led to the theft of $50 million (350 Crores) worth of ether, the Ethereum blockchain suffered a hard fork that led to the emergence of Ethereum Classic. The price of ether recovered and the cryptocurrency finished the year 2017 quite strongly. It briefly broke the $1,000 (Rs 68000) barrier but was affected by the massive market capitalization correction of January 2018.
Ripple is one of the few cryptocurrencies to enjoy significant mainstream banking approval and application. The Real-Time Gross Settlement (RTGS) platform is widely adopted by a number of major banks that have begun to build application-specific solutions around the platform for their operations.
Ripple was launched in 2014 and the designation for the cryptocurrency is XRP. For a brief period in 2017, it was the 2nd ranked cryptocurrency in terms of market capitalization before it was overtaken by Ethereum.
Bitcoin Cash grew by more than 600 percent in 2017 becoming one of the top 10 cryptocurrencies on the market. It is currently number 4 on the chart in terms of market capitalization.
Block.one, a company based in the Cayman Islands, started offering EOS tokens using the Ethereum platform in June 2017 and has quickly collected over $700 million. As of January of 2018, EOS token has been trading on a number of popular exchanges, including Kraken, Bitfinex, Binance, and Hitbtc. This article will introduce you to the idea behind the EOS project.Largely considered by some as being grossly undervalued, Litecoin remains one of the most successful Bitcoin-clone cryptocurrencies. Creator Charlie Lee cloned the Bitcoin core client in order to create Litecoin with just a few modifications made to the source code. It is considered to be the silver to Bitcoins gold. Litecoin is focused more on enabling micro transactions offering faster transaction time and a mining algorithm that is resistant to ASIC and FPGA-based centralization and monopoly.
The total supply cap of Litecoin is 84 million LTC which is four times that of Bitcoin the transaction verification time is 2.5 minutes. Litecoin is currently the 6th ranked cryptocurrency in terms of market capitalization.
TRON is a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology. TRON is aiming to create an entertainment platform that allows content creators full control over their content. Think of a decentralized combination of Netflix, YouTube, and the App Store.
Dash is the brainchild of Evan Duffield. The cryptocurrency was initially launched under the name XCoin in January 2014. The name was then changed the following month to Darkcoin. Not wanting to create any false association with the dark web, the developers changed the name to Dash in 2015. Dash is a portmanteau of the words “Digital” and “Cash”.
Dash, like Litecoin, shares a lot of similarities with Bitcoin but with a much faster transaction speed. It is regarded as being the first successfully implemented Decentralized Autonomous Organization (DAO). This is due to the way the cryptocurrency platform is governed. Dash is currently the 11th ranked cryptocurrency in terms of market capitalization.
Zcash is a cryptocurrency that is built on the Zero cash system developed by Zooko Wilcox-O’Hearn. It is based on an improved version of the Zerocoin protocol. Zcash (ZEC) was launched in 2016. The Zcash blockchain has some unique features one of which is the ability to activate complete privacy for a transaction covering both participants and transaction amount. Zcash is currently the 24th cryptocurrency in the cryptocurrency market capitalization log.Ethereum Classic emerged due to the fallout of the DAO hack of 2016. Participants of the Ethereum blockchain who were against the move to carry out a hard fork of the blockchain in order to correct the problems that had arisen due to the DAO hack. On one side was the Ethereum foundation who supported the hardfork and the other side were some participants who were against it.
At the end of December 2017, participants of Ethereum Classic decided to implement the change from an unlimited token supply to a fixed-cap model. The maximum total supply of Ethereum Classic (ETC) tokens is 210 million. ETC occupies the 14th position on the cryptocurrency market capitalization chart.
Monero is one of the most scalable cryptocurrency platforms on the market. Such is the degree of the scalability of the platform that it can run on the Android Operating System. Monero was launched in 2014 and it is a bit like bitcoin in the way it is designed but which a greater emphasis on complete digital privacy.
It is one of the most popular cryptocurrencies to mine. Monero transactions are known for being completely untraceable. The Monero cryptocurrency is designated XMR and it occupies the 12th position in the cryptocurrency market capitalization ranking.
Fondly referred to as the Chinese Ethereum, NEO is a smart contracts blockchain platform as well as a cryptocurrency, just like Ethereum. Unlike Ethereum, NEO smart contracts use a delegated Byzantine Fault Tolerance (dBFT) protocol and it supports almost every computer coding language there is. NEO was established in 2014 by Da Hongfei. In terms of ranking on the cryptocurrency market capitalization log, NEO occupies the 6th position.
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