Table of Contents
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Bitcoin: The First and Most Popular Cryptocurrency
In 2009, the cryptocurrency known as Bitcoin (BTC) was launched. Transactions are tracked using a decentralized record known as the blockchain. A global network of computers is responsible for maintaining the blockchain, which is a public record. Blockchain records transactions that have been validated by network nodes. The hashing method used by Bitcoin is SHA-256. Using a predetermined quantity of computer processing power, this technique produces verifiably random numbers.
Ethereum: A Platform for Decentralized Applications
The development of decentralized applications is facilitated by the decentralized Ethereum platform (DApps). Canadian programmer Vitalik Buterin developed it in 2015. The Ethereum blockchain is a decentralized ledger that is used to keep track of transactions and uses Keccak-256 hashing algorithm. Smart contracts are self-executing agreements that can be programmed to automatically execute when specific criteria are met. Ethereum (ETH) is a blockchain platform that can be used to create these contracts.
Ripple: A Payment Protocol for Banks
For banks and payment processors, the Ripple (XRP) payment protocol was created. It was introduced in 2012 and is based on the XRP Ledger, a decentralized ledger. Instant, safe, and affordable international money transfers are made possible by ripple. Ripple does not rely on mining to validate transactions, in contrast to other cryptocurrencies. Instead, a network of reliable validators verifies transactions.
Litecoin: A Faster and Cheaper Alternative to Bitcoin
Former Google employee Charlie Lee developed Litecoin (LTC) in 2011. Peer-to-peer cryptocurrency Litecoin is based on the Bitcoin technology, however there are several significant distinctions. It is quicker and less expensive to mine Litecoin than Bitcoin because it utilizes a different hashing algorithm called Scrypt. Also, Litecoin processes transactions more quickly than Bitcoin since its block time is shorter.
Bitcoin Cash: A Fork of Bitcoin
A hard split of the Bitcoin blockchain resulted in the creation of the cryptocurrency known as Bitcoin Cash (BCH) in 2017. Bitcoin Cash has a bigger limit on how many transactions can be processed per block, which means it can handle more transactions per second than Bitcoin. Also, Bitcoin Cash offers a bigger block reward, which compensates miners for protecting the blockchain.
Monero: A Privacy-Focused Cryptocurrency
Monero is a cryptocurrency that was created in 2014 and uses a hashing algorithm called RandomX. This makes it more resistant to ASIC mining and makes the transactions more private and untraceable, making it an ideal cryptocurrency for those who value privacy.
Dash: A Faster and More Private Version of Bitcoin
Dash is a digital currency that was launched in 2014. It is based on the Bitcoin protocol, but with some key differences. Dash uses a two-tier network that allows for faster and more private transactions. The first tier consists of miners who validate transactions and secure the network. The second tier consists of master nodes that provide additional services such as instant transactions and private transactions.
Stellar: A Payment Network for Developing Economies
Stellar is a payment network that was launched in 2014. It is designed to facilitate low-cost, cross-border transactions. Stellar’s native currency is Lumens (XLM), which is used to facilitate transactions on the network. Stellar is designed to be accessible to everyone, including those in developing economies who may not have access to traditional banking services.
EOS: A Platform for Decentralized Applications
A decentralized platform called EOS makes it possible to develop decentralized applications. EOS is a cryptocurrency that was introduced in 2018 and is scalable and user-friendly. DPoS is a consensus mechanism used by EOS that can speed up transactions. EOS could provide a platform that is more user-friendly than current blockchain technologies.