A cryptocurrency is usually generated in the form of a coin which is stored and then securely transferred. It is transferred anonymously. This currency is free from state manipulation, and it is designed for this purpose.
There are more than 1500 cryptocurrencies in the world right now. Below is the explanation of the top ten cryptocurrencies in the world.
It is a decentralized digital currency that was created by Satoshi Nakamoto. The main features of the Bitcoin are as follows:
Not controlled by the state
Transactions are secured
Parties to the transactions are anonymous
Bitcoin is produced through mining of powerful computers via the internet
In 2011, Charlie Lee, a former Google engineer, created and launched Litecoin. Any state of the world does not control Litecoin, and it forms part of the network of global payments. Litecoin is similar to Bitcoin but offers a quick transaction confirmation. Litecoin is accepted throughout the world by plenty of merchants.
Zcash is a cryptocurrency created and launched in 2016. Zcash allows the parties extra level of privacy when dealing. These parties can also choose their transparency level. Every transaction on Zcash is recorded and subsequently published on its platform without any details of sender, recipient and amount. In this way, Zcash claims to have the most secure cryptocurrency transactions.
If you want a more secure and private deal with your cryptocurrency, you need to use Dash. Dash is created in 2014 and has a significant number of users worldwide. It was initially called as Darkcoin, but then the name was converted to Dash which implies digital cash.
Ripple is created in 2012 and is known as a global payment settlement network. Ripple offers lower costs, and greater transparency for cross border payments.
In 2014, there was a significant advancement in cryptocurrency with the introduction of Monero, which is an untraceable cryptocurrency that offers maximum security and privacy. Monero is said to be used in all criminal operations throughout the world.
7) Bitcoin Cash
Bitcoin cash was introduced in 2017 as a split of bitcoin. Bitcoin has a size of 1MB while Bitcoin cash has a size of 8Mb, Engineers who split the bitcoin cash from bitcoin believe that a larger block size of a cryptocurrency will allow a faster transaction.
In 2014, Da Hongfei created a digital coin NEO. NEO had a shallow market cap when it began in 2014, and within three years it’s market value, and popularity has increased significantly. NEO has also formed a good relationship with the Chinese government.
In 2017, Charles Hoskinson produced Cardano which is a smart contracts platform. Cardano deals with the major issue of international payments. Meanwhile, global payments are now processed in seconds with Cardano.
Dan Larimer introduced a new form of cryptocurrency known as EOS. It allows developers to build decentralized applications. EOS has the most valuable coins in the history of cryptocurrency.
There are over 1500 different types of cryptocurrencies that exist in the world right now. Most people are only familiar with the Bitcoins. Moreover, some currencies offer maximum security like Darkcoin, some offer quick transactions like Litecoins, and some currencies are more profitable like EOS.
It is now a matter of time to ascertain whether how many of the cryptocurrencies will stay on the top because of the fierce competition in the market.