Cryptocurrencies are not all equal

Bitcoin is most certainly the ’Big Daddy’ of crypto, being the first to market and now with a proven store of value and resilience.  Bitcoin’s value has increased by over 30,000% since creation in 2008 and has taken some heat from governments, regulators, central and commercial banks as they become aware that cryptocurrency cannot be ignored.

 

The success of Bitcoin has prompted more development of alternative cryptocurrencies, some very similar to others and some with specific use cases. The rise in value and adoption of certain altcoins have shown to be much faster than Bitcoin was initially, particularly if a cryptocurrency has a strong use case.  Adoption of cryptocurrencies by developers, merchants, consumers, and institutions is growing rapidly as exposure to the technology escalates.

 

Know your cryptocurrencies, here are a few below:-

 

Bitcoin:-

Created

  • White paper posted 31 Oct 2008 – Open Source and Decentralized

Volume

  • 21 Million capped – Blocks generated every 10 minutes

Use Case

  • Store of Value
  • Digital transfer of funds
  • Independently of a central bank

Highlights

 

Litecoin:-

Created

  • Released via an open-source client on GitHub October 2011 by Charlie Lee, a former Google employee

Volume

Capped at 84 million – Blocks generated every 2.5 minutes

Use Case

  • Based on Bitcoin model
  • The ‘Silver’ to Bitcoin
  • Peer to Peer payment system

Highlights

  • Growth in value after SegWit was implemented – price began to take off in 2017 after SegWit and Lightening activated – A ‘testing ground’ for Bitcoin

 

 

Ethereum:-

Created

  • Ethereum was proposed in late 2013 by Vitalik Buterin Development was funded by an online crowdsale during July –August 2014 and went live on 30 July 2015.

Volume

  • Uncapped – Current circulating volume 94,780,621

Use Case

  • Smart contracts – applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference

Highlights

  • Launch of the Enterprise Ethereum Alliance
  • Over 150 members including Indian Government, Mastercard, Cisco Systems, Scotiabank, Loyyal Corporation
  • ICO tokens developed on Ethereum Network
  • Secure Ethereum Wallet and Vault on Swiss Bank In Your Pocket

 

Dash:-

Created

  • Released as XCoin (XCO) in January 2014 – then 28 February, the name was changed to ‘Darkcoin.’ March 2015 – Darkcoin was rebranded as ‘Dash’, Digital Cash

Volume

  • Capped at 18,900,000

Use Case

  • Instant, private payments online or in-store using secure open-source platform hosted by thousands of users around the world

Highlights

  • Dash trading pairs on exchanges growing
  • Dash payment solutions such as CoPay (DashPay) and a Debit/Credit card being introduced
  • Blockchain Research Lab in partnership with the Ira A. Fulton College of Engineering at Arizona State University

 

 

NEO:-

Created

  • Antshares rebranded as NEO in June 2017 – Developed in China

Volume

  • Capped at 100 000 000

Use case

  • The ‘Chinese Ethereum’/Smart Contracts – the first open-source blockchain platform – “distributed network for the smart economy”
  • Digital Assets- NEO aims to convert traditional assets into digital ones using smart contracts
  • Digital Identity– NEO will enable the creation of identity information of organizations, individuals, and entities in electronic form

Highlights

  • NEO collaborating with certificate authorities in China to map real-world assets using smart contracts
  • NEO has received a new patent for cross-chain distributed interoperability
  • NEO’s recent new startup partners include Bancor, Agrello, Coindash, Nest Fund, and Binance

 

Bitcoin Cash:-

Created

  • A MAHF, Miner Activated Hard Fork, occurred at 12:20 UTC on 1 August 2017, creating Bitcoin Cash. People who held Bitcoin received an equal value of Bitcoin Cash – Open Source and Decentralized

Volume

  • 21 million capped volume, as per Bitcoin

Use case

  • The same as Bitcoin – a digital payment system, however, BCH increased the block size limit to 8MB – two million transactions to be processed per day which translates into fast payments, low transaction fees

Highlights

  • BCH increased the block size limit to 8MB – two million transactions to be processed per day – fast payments, low transaction fees
  • Bitcoin Cash is being listed on more exchanges
  • Hardware wallets such as Swiss Bank In Your Pocket support Bitcoin Cash

 

EOT:-

Created

  • July 2017 – Open Source and Decentralized

Volume

  • Capped at 200 000 000 – Blocks confirmed every 90 seconds

Use Case

  • Encryption using Cryptography, EOT – The huge surge in devices connected to the internet [IOT – estimated 30 billion objects by 2020] constant hacking, and cyber attacks have increased not only the demand but the necessity of secure solutions
  • Fast, secure transactions

Highlights

  • The first product enabled using EOT shipping from Nov 2017 – BitVault® is the World’s first blockchain crypto communicator. Other devices using EOT being developed.
  • Swiss Bank In Your Pocket offers EOT wallet and vault
  • EOT mining pools set up
  • Tokens exchanged for EOT coins from 1 Nov 2017
  • Trading of coins on various exchanges to commence 1 Nov 2017

 

 

Observations:-

  • The Cryptocurrency total market reached all-time high over $175 Billion recently with Bitcoin dominance varying around 50%. Over 1100 cryptocurrencies are listed on coinmarketcap.com – many without use cases
  • ICO (Initial Coin Offerings) are listed on coinmarketcap.com  – China has taken steps to ban all ICO’s in their country as regulators globally start to focus in this area.  Approximately $2 Billion in capital has been raised with this model.
  • Due to the value growth of Bitcoin, ‘altcoins’ have also grown in value during 2017 – a cryptocurrency boom has occurred. The volatility of Bitcoin has been reported on by mainstream media exposing more people to cryptocurrency
  • Various Central Banks are considering developing their own cyrptocurrency such as India, Singapore, Nigeria and Uruguay
  • It is evident that cryptocurrency is being adopted more readily (particularly in 2017) More people are open to getting involved in the digital economy as economies struggle globally
  • Governments globally are focusing on regulation of Cryptocurrency Enterprises such as Exchanges and FinTech business such as loan platforms are gaining more interest by authorities – regulation will reduce volatility and attract investors

New cryptocurrencies are gaining popularity quicker than the previously introduced currencies which could mean the specific coin value increases quicker too, particularly if a coin has a strong use case.

  • Bitcoin, Bitcoin Cash, Dash, and Litecoin are all payment systems
  • Ethereum and Neo designed for smart contracts
  • EOT developed for encryption of Internet-connected devices and objects

 

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