Top 10 Cryptocurrency List.
We all hear about cryptocurrencies, as it is the most prior topic discussed in all over the world.Since the concept of bitcoin set fires on the minds of common people, many people is in research about the bitcoin concept and how to acquire it. so everybody should know, what exactly the bitcoin concept is ? in simple terms it is just like very other currencies that already exist around the world but the important difference is that cryptocurrency exist in a digital form of money that means there is no tangible currency but only some program snippets.
The most beneficial point or aspect of cryptocurrency is that the currency is self-controlled and there is no middleman involved to control the currency.The term “middleman” refers to the central banks or government authorities. Its security is guaranteed by sophisticated cryptographic algorithms.Now the question arising in your minds will be that “ as there is no one to issue and control the currency then How the currencies are generated ?” New units of cryptocurrencies are generated by a process called “Mining”.The first established cryptocurrency was Bitcoin, invented by a mysterious person named ‘Santhosi Nakamoto’.
Another currency named ‘Namecoin’ was created in April 2011.After this invention, many other cryptocurrencies have emerged and many of them became well known.This blog shares you the knowledge about the top ten cryptocurrencies circulating around the web currently.Before that, we can discuss some of the benefits of cryptocurrencies in a border context.
ADVANTAGES OF CRYPTOCURRENCY:
- Cryptocurrencies are global currencies i.e.no individual country or authority can control it.They are accessible and transferred to everyone and anyone around the world
- Cryptocurrencies are free from middlemen like banks and government authorities. So there is no middlemen fee for transactions and transactions are usually done faster.
- It is a more secure asset than traditional currencies. The sophisticated cryptography guarantee that only the sender and receiver can access the data.
- It is a more transparent monetary system now existing. The transaction history and data are stored in public ledger so that it is viewable to all stakeholders.
LIST OF CRYPTOCURRENCIES:
Now in the digital world, there are about thousand plus cryptocurrencies available now on the web and also a new one can be invented any time.The value of cryptocurrency can rise or fall quickly.
Some of the most popular cryptocurrencies are mentioned below :
1. Bitcoin
2. Ether
3. Litecoin
4. Ripple
5. Namecoin
6. Swiftcoin
7. Monero
8. Dogecoin
9. Dash
10. Lisk
1. BITCOIN:
The Bitcoin (BTC) invented by Santhosi Nakamoto is the first famous cryptocurrency.The details of the founder are still unknown and no one is neither sure about his existence.Bitcoin uses peer to peer network for its existance and transaction are done and verified by miners. Mining is the process of solving a complex mathematical problem to verify a transaction.This process needs high amount of computing power.By finishing the process of verifying transaction the miners get a fixed amount of bitcoin as a reward through this newly created coin also gets part of the network.Now in the web there are finite number of bitcoins say 21million is existing and according to the miner more bitcoins will be added to the network by 2024
The hashing algorithm(hashing technology) used in bitcoin is SHA-256 (Secured Hashing Algorithm-256). And POW algorithm is used by the network to decide the next block to be added to the Blockchain.
Mining in Bitcoin
Mining is the process of adding a new block to the blockchain. As a new block arrives the contents of the block is hashed first. This hashed output is concatenated with the nonce and once more it gets hashed.The resulting hash is compared with the difficulty level it is done to identify the block is below or above the fixed difficulty level if it is less, then the block is added, else the nonce gets changed and the process is repeated until it reaches the target.
As the transaction process gets completed in a bitcoin network, the user pushes it to the network. So that the transaction can get verified by some participants in the network called miners.The process is as follows. When a new block arrives, all the contents of the block is hashed first. Then this hashed output is concatenated with a random string called ‘nonce’ and is hashed again. The resulting hash is compared with the difficulty target. If it is less than difficulty level then block is added, else the nonce is changed and the process is repeated till it meets the requirement. This process of verifying the transaction is known as mining.
2. ETHER :
Ethereum is specifically designed to develop and run smart contracts and decentralized apps.So that we say ethereum is another type of decentralized blockchain network.Ether is the fuel of ethereum founded by Vitalik Buterian and launched in 2015.Currently, the total supply of ethereum is estimated to 60million.
Ether is another type cryptocurrency which is used in the distributed application platform Ethereum. Ethereum is specifically designed to develop and run smart contracts and decentralized apps.So that we say ethereum is another type of decentralized blockchain network.Ether is the fuel of ethereum founded by Vitalik Buterian and launched in 2015.Currently, the total supply of ethereum is estimated to 60million.
Like in bitcoin Ether mining also indicate the verification of a transaction is done in Ethereum network. In Ethereum network a new block is added in every 15 seconds and currently, the reward for adding a new block is 3 Ether coins.
3. LITECOIN :
Litecoin was launched in October 2011 by Charles Lee. It is an open source peer-to-peer network that is fully decentralized without any centralized authority. It has a market cap of around $180 million.
LiteCoin little bit complex than previous two. Though the working principles are similar. There are some differences too. Open source Cryptographic protocol is the base of LiteCoin. A new block is processed in every 2.5 minutes and it uses ‘Scrypt’ for mining process. Since the mining is a little bit harder in LiteCoin the miner gets 25 LiteCoins for every new block.
4. RIPPLE:
Ripple is used as both cryptocurrency and open payment network where the currency is transferred. It was released in 2012 and was invented by Chris Larsen and Jed McCaleb. Ripple coin is labeled as ‘XRP’. The current market for Ripple coin is $243 million. The ripple coin is mainly known for its strong focus on banking market and real-time settlement.
Ripple uses a medium known as Gateway that enables any person or organization to put into or take money out of the Ripple pool. Maybe the gateway mechanism is similar to present banking system but the shared open ledger makes the difference.
Ripple is slowly becoming popular. Companies like Santander, UniCredit, UBS have already adopted it and Payment networks and Banks are increasingly attracted towards it.
5. NAMECOIN:
Name Coin is another cryptocurrency which has many similarities with Bitcoin. In fact, it uses the same code of Bitcoin. And just like Bitcoin it also uses the Proof-of-work algorithm and SHA-256 Hash algorithm. The total supply of the Namecoin is limited to 21 million. Namecoin technology solves the problem of Zooko’s triangle, where anyone can register arbitrary human-readable names in a decentralized and secure way. These names can be used to create online identities. Namecoin was invented in April 2011 by Vince. NameID was launched in June 2013.
6. SWIFTCOIN:
Swiftcoin is also another type of cryptocurrency. Like other cryptocurrencies transaction made in Swiftcoins are encrypted and anonymous. And of course, there is no central authority to control the transactions or users. Swiftcoin is the first digital currency in Cuba created by Team Daniel Bruno.
7. MONERO:
Monero is a cryptocurrency that mainly focuses on the privacy using signature technology.It is estimated that Monero has a market cap of $138 million. The privacy of Monero transactions is strengthened using ‘Confidential Transaction’ algorithm which hides the amounts being transacted.
8. DOGECOIN:
Dogecoins are released in December 2013 by Billy Markus as a funny meme on the internet. By the mid of 2015, there were 100 billion Dogecoins has been mined also 5.256 billion coins are mined every year thereafter.
9. DASH:
Dash is open source peer-to-peer cryptocurrency which strongly focuses on speed of transaction and security. The technology used by dash for improving security is anonymization. The estimated market cap of Dash is $77 million. In January 2014 Dash coin was released in the name of ‘Xcoin’. Later in February, the name was changed into ‘Darkcoin’ and in March it was rebranded as Dash. The founder of Dash was Evan Duffield and Kyle Hagan.
10. LISK:
Lisk is modular cryptocurrency which uses side changes .’Side chains ‘ are some of the additional chains connected to the main blockchain it is to avoid bloated network.When many bad transactions occur then blocks are created faster and this block slows down the network.This is called bloated network.Sidechains can be connected to the main blockchain and can provide a place to pull high volume transaction without causing any disturbance with the main blockchain so that it ensures fast network all day.Lisk has market cap of $45 million
