Almost everyone has heard of Bitcoin and its meteoric rise has been in the news the last few years but what other cryptocurrencies are out there and what are the top 10?
Bitcoin is the “big daddy” of all cryptocurrencies and Bitcoin was introduced in 2008 by Satoshi Nakamoto (alias) and released publically as open-source software in 2009, as an innovative payment network and a new kind of money called cryptocurrency. In recent years Bitcoin has had meteoric rise in value and has captivated the public imagination.
Read more here: – What is Bitcoin
Ethereum is similar to Bitcoin – a public, peer-to-peer network or blockchain with its own digital currency called Ether – Ethereum is intended to be a world computer. The Ethereum blockchain stores different types of data which can be accessed and used by computer programs that are running on the Ethereum blockchain – these programs are called decentralized apps, dApps.
Read more here: – What is Ethereum – Explaining the World’s Super Computer
Ripple is a technology company and the inventor of XRP, an independent digital asset. XRP is not similar to most cryptocurrencies, for example, Bitcoin which uses a proof-of-work algorithm and new coins are generated through a mining process, becoming more difficult over time. XRP transactions are powered through a “centralized” blockchain.
Read more: – What is Ripple / XRP?
The Bitcoin Blockchain underwent a User Activated Hard Fork (UAHF) on 1 August 2017 creating two cryptocurrencies – Bitcoin and Bitcoin Cash. Due to the community not reaching consensus on increasing the network capacity, Bitcoin Cash was introduced.
Read more: – What is Bitcoin Cash – BCH?
EOSIO – EOS is a cryptocurrency token and blockchain developed to operate as a smart contract platform to enable development, hosting, and execution of commercial-scale decentralized applications ( dApps ) on its platform. EOSIO has a similar function to Ethereum.
Read more: – What is EOS?
What is Stellar Lumen – XLM: Stellar is an open-source payment technology similar to Ripple. Jed McCaleb, the founder of Stellar, also co-founded Ripple. Stellar aims to connect financial institutions to reduce the cost and time required for cross-border transfers and initially, they used the same protocol until a fork in November 2015.
Read more: – What is Stellar – XLM?
Litecoin – LTC is a peer-to-peer Internet currency that enables instant, near-zero cost payments and almost identical to Bitcoin. Litecoin is an open source, decentralised global payment network and was released on GitHub on 7 October 2011 by Charlie Lee, who at the time, was a Google employee. Litecoin network went live a few days later, 3 October.
Read more: – What is Litecoin?
What is Cardano – ADA: Cardano is a decentralised public blockchain and cryptocurrency project that is open source. Cardano is a smart contract platform that offers scalability and security through layered architecture. The cryptocurrency is known as ADA was officially launched in Japan on 29 September 2017.
Read More: – What is Cardano – ADA?
Tether – USDT is a cryptocurrency developed as a proxy for the US Dollar i.e. the value of Tether is designed to be one dollar and can thus be used as a digital dollar. Some of the popular cryptocurrency exchanges use Tether as a dollar replacement on their trading platforms.
Read more: – What is Tether?
IOTA is a cryptocurrency that will enable data exchange between sensor-equipped machines that populate the Internet of Things. A distributed ledger will be created for these transactions.
Read more:- What is IOTA
There you have it, the top 10 cryptocurrencies, however, these might change as time goes on and surely will, so we will keep updating this post.
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This e-book on Amazon explains what Bitcoin is, it explains that Bitcoin (BTC) is a virtual currency, digital, not physical, and independent of banks. Useful links and resources for the newbie and advanced Bitcoiner or cryptocurrency enthusiast.
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