Types Of Cryptocurrencies Widely Traded

Types Of Cryptocurrencies Widely Traded

There are many types of widely used cryptocurrencies.  Let us have a detailed view of the same:

Bitcoin:

Bitcoin was the first and foremost cryptocurrency used.  It was invented by Satoshi Nakamoto in 2008 and released as open source in the year 2009. Bitcoins are traded without using intermediaries.

Litecoin:

Litecoin was released in 2011.  It was created by Charlie Lee, an MIT graduate who formerly worked as a Google engineer.  It has a faster block generation rate than bitcoin and hence the transaction confirmation is faster.

Ethereum:

Ethereum was launched in the year 2015.  It uses a cryptographic token called Ether.  Ether is sought by many digital currency developers to develop and run applications in Ethereum.  In 2016 Ethereum was divided into Ethereum and Ethereum classic.

Zcash:

Zcash defines itself as ‘If bitcoin is HTTP for money, https is zcash’.  It was launched in 2016.  It has extra security provisions and offers ‘shielded transactions’ to its users.

Dash:

The secret version of Bitcoin is known as Dash.  It was launched in 2014.  It was developed by Evan Duffield.  It became very popular in a short span of time.

Ripple:

It was launched in 2012.  It offers low-cost international payments.  It does not require mining which remains its successful unique feature.  Thus it reduces computing and network usage.

Monero:

Monero was launched in 2012 as an untraceable currency. It uses a special technology called ‘ Ring signatures’ for ensuring complete privacy and security of the user. Initially, it was community-driven and donation based.  But later the usage was linked to more criminal operations.

Bitcoin Cash:

In the world of cryptocurrency frequent arguments and debates between miners and developers burst.  One such debate led to the formation of Bitcoin cash.  It is a copy of bitcoin with slight changes in the code of bitcoin.

Neo:

Neo was introduced in 2014.  Initially, it was known as Antshares.  Later it was rebranded as Neo by Da Hongfei. It was introduced from China and known as ‘Chinese Ethereum’.  It supports many of existing programming languages.  It has a positive relationship with the Chinese government.

 

Cardano:

One of the co-founders of Ethereum, Charles Hoskinson, launched Cardano in 2017.  It was introduced with the aim to reduce international payment processing time.

EOS:

It was launched in 2017 by Dan Larimer.  Earlier Larimer founded a digital currency exchange as well as Steemit, which is a blockchain based social media platform

 

 

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