What are cryptocurrencies?
Before talking about Bitcoin the famous crypto giant firstly talked about the cryptocurrency and altcoin. A cryptocurrency is virtual decentralized money which is in the form of coins or tokens. While some cryptocurrencies already ventured with the physical world with credit cards and additional projects.
The word crypto refers to the creation or processing of digital currencies with the transactions beyond the decentralized system. The cryptocurrencies are ought to design so that it is free from the control of the government. The modified currencies after bitcoin are collectively known as an altcoin and they are the improved versions of bitcoin. Afterall the other currencies then bitcoin can mine easily. The modified currencies can include higher risks on lower levels of liquidity.
It is a decentralized platform which provides smart contracts and building decentralized applications (DApps) and can run without any downtime, fraud, control, interference within the third party. The cryptographic token is the platform that runs the applications of Ethereum. ETH is just like a vehicle for moving throughout the Ethereum platform and also the developers look to develop and run the applications for Ethereum.
Ethereum had recorded an effective response when launched a presale in 2014. According to Ethereum, it can be used to “codify, decentralize, secure and trade just about anything.” from the attack in 2016 the ethereum was split into Ethereum ETH and Ethereum Classic ETC.
The ripple offers instant international payments at a lower cost. It is a real-time global network. It was launched in 2012 “enables banks to settle cross-border payments in real-time, with end-to-end transparency, and at lower costs. It does not require mining as it is a reminder coin before its launch as there is no creation of XRP over time. As mining is not required by Rippe thus in this way it can save the use of processing and power of the computer. Ripple has the market capitalization of $9.2 billion with the per coin of $0.21 as of June 8, 2020.
Litecoin originated in 2011, was amongst the initial cryptocurrencies to accompany in the footprints of bitcoin also it is correlated as “silver to bitcoin’s gold.”. Litecoin is based on an open-source global payment system which is not regulated by any principal authority and utilises "script" as a proof of work, which could be decoded by the help of CPUs of consumer-grade.
Though Bitcoin has some features of bitcoin in it consists of faster block generation including faster transactions with time. Litecoin has the market capitalization of $3.0 with a per token value of $46.92.
The ORMX coin runs on the basis of ORMX core. It has the configuration characters of the two most modern blockchains to create a hybrid core. The ORMX core will rely on proof-of-stake as the agreement model managed to accomplish smart contracts on the blockchain. The ORMX core will additionally include value transfer to help some industries which require value transfer.
ORMX core also solves the affinity of bitcoin and ethereum, both the platform uses the UTXO and smart contract amalgamation for different notes as well as e-wallets. The ORMX core technology will utilise not only for the evolution of bitcoin and ethereum but for developing smart contracts.
The Binance coin BNB was launched in 2017, it has become an official token on a crypto platform. Binance has speedily progressed to become the most considerable exchange of its class globally in terms of the overall trading volume. The Binance platform allows users for trading numerous distinctive cryptocurrencies. BNB is practiced to promote transaction fees on the exchange and besides it is used to pay for certain goods and services, combining travel fees and more numerous.
The market capital of BNB as of Jan 8, 2020, was $2.3 billion with a token value of $14.71.
It was launched in 2014 and is secured private and untraceable currency. The currency has gained so much enthusiasm. The advancement of this cryptocurrency is totally donation-based and community-driven. The coin has launched with the focus of decentralisation and privacy by utilizing the special technique called “ring signatures”.
By this method, there seems a collection of cryptographic signatures including at least one authentic member. The market capital of Monero as of Jan 8, 2020, was $994.0 million with the token value of $57.16.
The earliest and the most successful cryptocurrencies in the history of altcoins is Bitcoin cash. The BCH enlarges its block size from one MB to eight MB with the concern of that large block size will provide quicker transactions. Indeed it removes the segregated witness protocol that impacts the size of the block. However, the Bitcoin network has limited the size of blocks i.e one megabyte (MB).
As of Jan 8 2020, the market cap of BCH is valued at $4.4 billion per token of $240.80.
It is one of the latest digital currencies and is launched in June 2018. It is designed by Pioneer Dan Larimer. The EOS provides the platform for which developers can build decentralised applications. It is the longest and the most profitable coin in history which has ranked $4 billion. The EOS provides a proof-of-stake mechanism which it expects to be smart to offer scalability beyond its competitors.