Specifications of Cryptocurrency Technology
1. BITCOIN (BTC)
Bitcoin is the first ever cryptocurrency invented in 2009 that followed blockchain and cryptography technique. All the other coins followed the base set by Bitcoin. Bitcoin is an experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world. Now it has become more worthy than an ounce of gold.
Block time of Bitcoin is 600 seconds and reward, coins per block: 50.
Total number of coins limited are 21000000.
Using Proof of Work, Halfing reward cycle, blocks: 210240; Difficulty cycle, blocks: 2016; Txs Confirm: 6; Coin maturity confirm, blocks: 120.
Bitcoin makes mobile payments easier and offers you to work or transact from anywhere in the world.
Provides full security and control over money as well as lower fees.
Ripple is a fundamental infrastructure that improves the payment process. It was launched in 2011. It is a neutral Internet-based protocol for communicating banks and payment systems. Banks can use it as a general ledger to clear and settle transactions in real-time at the lowest-possible cost.
Total number of coins limited are 100000000000
It follows path finding algorithm.
Consensus confirms transactions in an atomic fashion.
3. NXT Technology
NXT was launched in 2013. It is a radically enhanced cryptocurrency built from scratch, to deliver an exclusive and decentralized financial platform. It revealed new ways to use digital cash as well as share transfers. it also points out some drawbacks of other cryptocurrencies and offers improvements through its features.
Total number of coins limited are 1000000000.
Prefers Proof of Work.
Fully reliable and protected services.
Offers asset exchange, data storage, multi-signature and phased transactions facilities.
Nxt enables alias system, voting system as well as monetary system.
4. ETHEREUM (ETH)
It is a decentralized software platform that allows Smart Contracts and Distributed Applications (ĐApps) to be created and work without any fail, hoax, limitation or interruption coming from a third party. The mining process of Ethereum completely depends up on Geth. It is a program that connects with Ethereum network and works as a switch between the server’s hardware and remaining Ethereum Network servers so if a block is being mined by another server, Geth will take it and transfer the information to your CPU/GPU mining.
Using Ethereum, complex applications involving digital assets, are directly controlled by a piece of code implementing arbitrary rules (“smart contracts”).
It enables blockchain-based “decentralized autonomous organizations” (DAOs).
Uses GHOST blocktrees instead of a traditional blockchain for PoW data propagation.
Uses Patricia trees in block data structures.
In Ethereum, transactions that contain loop-enabled programmable instructions for the creation of novel derivatives and functions within the block tree, are called as deemed contracts.