Top 10 CryptoCurrency

  • By xcrypto
  • October 10, 2018
  • Comments Off on Top 10 CryptoCurrency

 Top 10 Cryptocurrency? 

 Cryptocurrency is a digital or virtual currency designed to work

as a medium of exchange.

 

The process of securing and verifying  transactions even more to control

the creation of new units of a particular cryptocurrency is known as Cryptography.

 

Essentially, cryptocurrencies are limited entries in a database

that no one can change unless specific conditions are fulfilled.

For creating digital currency or cryptocurrency, there have been

many attempts with the systems like Flooz, Benz and also Digi-Cash.

 

But they emerged with the failures such as fraud, financial problems

and also frictions among corporate.

 

Finally in 2009, Satoshi Nakamoto introduced Bitcoin.

Satoshi described it as a “peer-to-peer electronic cash system”,

similarly that implies the concept of peer-to-peer networks for file sharing.

 

Bitcoin arrived as completely decentralized which seems like there are

no servers involved and no central controlling authority.

 

In a decentralized network like Bitcoin, every single participant

needs to do this job.

 

This is done via the Blockchain – a public ledger of all transaction

that ever happened within the network, available to everyone.

 

Therefore, as a result everyone in the network can see every account’s balance.

 

Cryptography:

The transactions is a file that consists of the sender’s and recipient’s

public keys hence also is the wallet addresses.

Then the transaction need to be signed off by the sender

with their private key.

This is basically the process of encryption and decryption of cryptocurrency.

Although, the transaction is broadcasted in the network but it need to confirm first.

This is the basic Cryptography.

Cryptocurrencies are so called secured because the consensus-keeping

process is ensured with strong cryptography.

Almost, along with aforementioned factors, makes third parties and also

blind trust as a concept completely redundant.

crypto

Cryptocurrency use:

In past, it was difficult to find any merchant who accepts

cryptocurrency.

However, these days the scenario is completely different.

Now, Cryptocurrency can be used to pay for bars, restaurants, hotels,

flights, jewelry, apps, electronics and even more for a college degree.

Hence, there are lot of merchants one can find  both Online and Offline

that accept Bitcoin probably as the form of payment.

Big online retailers like Overstock, Newegg to small local shops,

bar and also restaurant similarly in a massive range for accepting crypto.

However, You can also refer- Where you can spend cryptocurrency?

Most noteworthy, there are Gift Card selling websites like Gift Off, which accepts

around 20 different cryptocurrencies.

Also, the marketplaces like Bitify, X Crypto Market  and OpenBazaar

only accept crypto currency.

Bitcoin is highly trending cryptocurrency among all.

Other digital currencies are not widely accepted yet.

Since,  last year it was a great year for cryptocurrencies while their

market capitalization grew.

About $18 billion in January 2017 to $800 billion in January 2018.

Although, there was also crash in the crypto market as $254

billion in April 2018.

But early it has been picked up again with a bang where it is

going good in these year.

When its comes to investing in Cryptocurrency, trending

Bitcoin and Ethereum tend to dominate the headlines.

Each cryptocurrency has a slightly different make-up and functioning

from the people’s favorite bitcoin to the banking-focused Ripple XRP.

Where there are around 1,500 crypto-assets in circulation and

more are adding all the time.

 

crypto

The most popular Top 10 Cryptocurrencies in circulation today: 

Bitcoin

Bitcoin the very first top cryptocurrency ever among other.

Credit of invention goes to Satoshi Nakamoto who is

the father of Bitcoin, 2009.

There are currently more than 16.8 million bitcoin tokens in circulation,

against a present limit of 21 million.

It is the centralized and digital mode, certainly it aims to create

an alternative for flat currencies like USD, GBP, JPY etc,.

In 2010, you could get 1 BTC for less than 1 dollar and in December 2017,

the price of one BTC reached a high up to $19,000.

As BTC grew by almost 2000% in 2017 alone.

There is day to day variation in Bitcoin’s market capitalization

hence its highest hit is of more $200 bn.

 

crypto

Pro’s:

-Has biggest the oldest community of developers and investors

-Supported by all top exchanges and wallets

-Marketplaces like Overstock.com, bitify, openbazar

 and even more accepting it in a wide range

Con’s:

-Slow transaction speed

-Also, Expensive mining

-High Transaction fees

-Less feasible

Ethereum

 

Ethereum is the second most valuable cryptocurrency after Bitcoin.

Vitalik Buterin created in 2015.

 

It is originally developed as a “world computer” also a super network.

It is an  ‘decentralized app’ provider likewise is blockchain-based platform.

Ethereum is the native cryptocurrency used for all transaction

on Ethereum’s blockchain.

The apps developed on Ethereum are on distributed public platform

also miners can earn “ether” to fuel the networks.

However, Ethereum has been on one of the best performance of 2017.

As the price of Ethereum grew from $9 in January 2017 to $1389 in January 2018.

Hence, it is second only to the Bitcoin with the market capitalization

of $77.5 billion.

crypto

Pros:

-Transaction speed of a few seconds against Bitcoin

-Likewise, most popular platform for building Smart Contracts

-Great platform for launching the Initial Coin Offerings (ICOs)

for other block-chain projects

Cons:

-Demands a lot of Electricity

-Supports only one coding language i.e., Solidity

-Also, facing tough competition as other coins

are offering improved technology

Bitcoin Cash

As the name suggests, Bitcoin Cash is the branch from Bitcoin itself in 2016.

It is launched as when the developer of Bitcoin community

could not come with any changes regarding the required

changes in Bitcoin’s code, similarly Bitcoin Cash (BCH) formed.

A little like a share split, there is now approximately the same

amount of bitcoin cash in circulation as bitcoin.

Nevertheless, there are key differences most notably,

bitcoin cash has an 8MB block size compared with 1MB

for the original bitcoin.

Bitcoin Cash grew about $500 in July 2017 to $4000 in December 2017.

Also, it has grown very quickly to make it to the top cryptocurrency list.

Pros:

-Faster speed of transaction

-Average transaction fees

-Network runs without congestion

-Most robust blockchain technology

Cons:

-Mining is expensive as Bitcoin

-Gives lesser returns,

not a favourite among the miners

-Not easily available on cryptocurrency exchanges

Litecoin

Litecoin was created in 2011 by Charlie Lee, an ex-Google employee.

It was built on blockchain of Bitcoin itself

with the purpose of improving it.

Known as “bitcoin’s little brother”, Litecoin resembles

its older sibling in that it is a peer-to-peer cryptocurrency,

but has faster transaction speeds as well as a substantially

higher token limit of 84 million.

 

Litecoin had a great 2017 as its price grew

from $4 in January 2017 to $350 in December 2017.

 

It has a market capitalization of $9.64 billion.

crypto

Pros:

-Takes 2.5minutes to complete the transaction

 while Bitcoin takes 10 minutes

-Transaction fees is less than Bitcoin

Cons:

-No other offering like Offer Privacy, Smart Contracts

and International payments

-Expensive Mining

-Restricted with specialized powerful hardware

Ripple (XRP)

Ripple was founded in 2012 with the aim to make

international transaction both fast and cheap.

 

Ripple has been designed as a centralised transaction network.

Banks used it for money transfers in much the

same way as, say, SWIFT.

 

It uses the XRP currency money is converted to the XRP token

to be sent via the Ripple network and then also converted

back to money when it is withdrawn.

 

Of the total number of 100 billion XRP that will ever exist,

50 billion are owned with Ripple labs which is the

company behind Ripple.

 

XRP was among the top performer in 2017 however its grew up

from 0 in January 2017 to $3.65 in January 2018.

crypto

Pros:

-International Payments

-Deliver targeted best solutions

-Strategic ties with major financial institutions

-Currently being used by American Express and also Santander

Cons:

-Criticized being centralized

-Ripple’s biggest users started developing

their own cryptocurrencies for international payments.

Cardano (ADA)

Charles Hoskinson, the co-founder of Ethereum, in 2015,

launched Cardano.

 

 As It is an another platform used to send and receive digital currencies,

also including its own cryptocurrency,

 

Scientists and academics accessed the first peer-blockchain.

 

It being considered as the 3rd most advanced generation of blockchain.

 

The Cardano network also aims to run decentralised apps on the blockchain.

It currently has a market capitalisation of around $16bn.

 

Pros:

-Likewise Scaleable than Ethereum with current capability

of 257 transactions per second

-Supported by an academic community of global researchers

and also scientists contributing to its blockchain development

-Interoperability

Cons:

-Huge competition

-Ideas are yet to developed

Monero (XMR)

Monero is a open-source cryptocurrency created in April 2014

that focuses on Fungibility and Decentralization.

It is designed to be private, secure and untraceable cryptocurrency.

Monero uses a special kind of cryptography to ensure that all

of its transactions remain 100% unlink able and also untraceable.

In an increasingly transparent world and hot in demand.

Pros:

-User can have complete control over their transaction

-Also, Fungible  property

-Dynamic Scalability

Cons:

-Popularity is not growing

because of the attention from black market

-Large amount of people not fond of coming in front of governments, hackers, and corporations

NEO

Da Hongfei created Neo, a Chinese Cryptocurrency in 2014; .

It was officially called AntShares and got rebranded to NEO in June 2017.

The group is in the Ethereum model but aims to

be the platform of choice for the new smart economy.

Neo is often referred as the “Chinese Ethereum” due to its similarity.

 It also offers advancement of Ethereum.

 

Pros:

-Complete 10,000 transaction per second

-Also, Supports multiple languages like C++, C#, Java.

-Go against Ethereum

-Massive advantage to Chinese and Asian market.

 

Cons:

-Dependent on Government support

-Facing competition among other coins

 

 

Stellar (XLM)

Jed McCaleb launched Steller in 2014, who is also the founder of Ripple.

Like Ripple, it is a transaction network for fast

and efficient cross-border money transfers.

The Stellar Development Foundation is a non-profit organization

these thing stands out for Stellar as compared

to all other Top 10 CryptoCurrency.

 

Stellar price grew from $0.0039 in April 2017 to $0.85 in January 2018.

Stellar plans to bring financial inclusion to remote areas and also

revolutionize the payment industry has made it one of the

Top 10 CryptoCurrency available.

 

Pros:

-More decentralized compare to Ripple its closest competitor

-Being a Non-Profit Organisation

-Strategic partnership with over 30 banks and

with organisation like Deloitte and IBM

Cons:

-International payments

 

Tron

TRON is a platform which allows you to build and store the applications.

It also allows you to execute the smart contracts based on its blockchain.

Moreover, it makes it easier for you to freely

publish the content as well as data.

Hence, It is one of the largest blockchain based operating system in the world.

 

Pros:

-High Throughput

-Scalability

-Highly Reliable

Cons:

-Steady rate

Today, cryptocurrency forms a major part of their portfolio as experts in trading, spread betting and managing risk effectively.

Hence, these are the Top 10 CryptoCurrency

Also read : How to protect your crypto wallet?